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Non-residents can open corporate bank accounts in Kazakhstan without visiting the country in person within 14 to 20 days. The main requirement that must be fulfilled when opening a current account for a non-resident individual or legal entity in the Republic of Kazakhstan is to obtain an individual identification number (RNN) for an individual and a business identification number for a legal entity. In order to obtain this number, the applicant must submit the copies of corporate documents, the power of attorney per sample and a passport copy to the tax authority of Kazakhstan.
Please do not hesitate to contact us via online chat or email to: firstname.lastname@example.org right now to get your urgent business issues resolved. We will help you open a bank account remotely, register a company without you visiting the country in person, pick up real estate and commercial property to purchase, apply for a residence permit, permanent residence and citizenship.
If you need to open a corporate account with a bank in Kazakhstan to operate an offshore or onshore company, our specialists will carry out all the paperwork without your personal involvement. The service is provided remotely, its cost is from 5500 EUR, the term is no less than two weeks.
Open a Corporate Bank Account in Kazakhstan. Advantages of the Jurisdiction
Kazakhstan is one of the countries with a reasonable average income per capita where the economy has been booming in recent years. In particular, the country is characterized by increased oil exports, which promotes instant development of the financial sector and improved financial literacy.
At the moment, non-residents who wish to open a corporate account with a bank in Kazakhstan to operate an offshore or onshore company can receive a full range of banking financial services, as well as a fairly high level of service. Measures taken by the Government are aimed at improving the position of financial institutions, which in the near future will result in stronger positions of banks in terms of stability and reliability.
The main advantage of Kazakhstan’s banking system still is a close cooperation with the international organizations and coordination centers. Other advantages of the financial sector of the Republic of Kazakhstan are the following:
- Training in finance as the basis for enhanced financial accessibility;
- Expanding knowledge of financial products that correlates with financial literacy and accessibility;
- Applying the other countries’ best practices to shape an ideal understanding of the local features;
- Expanding the list of instruments in the financial services to remove barriers for accessing financial/banking services;
- Improving service conditions in the long run.
You can open a corporate bank account in Kazakhstan without having to visit the country in person and even without leaving your home. Our specialists will prepare your documents online (including legalization and apostille). For you, it is enough just to contact our lawyers via a chat or email us to the address specified above. At the same time, the specific financial institution in the Republic of Kazakhstan is selected solely depending on the needs of a foreign investor or businessman, and it will offer a full range of functions and services for comfortable business operations regardless of this business’s jurisdiction.
Open a Corporate Bank Account in Kazakhstan for a Non-Resident Company. Financial System of the Republic
Compared to other CIS and European countries, Kazakhstan’s banking sector is rather small-sized, while still providing absolutely all the necessary instruments and services to control your assets. If we consider financial availability, it is quite comparable to the one found in developed European countries. Yet in 2017, the World Bank noted that 92% of small- and medium-sized businesses of the country are clients of the local banks.
We should also take into account a regular growth of engagement in banking services among non-residents (both legal entities and individuals). As of 2019, the total number of cards issued to foreigners exceeded 30 thousand. Among Kazakhstan’s residents, 59% of citizens over the age of 15 do use banking services.
When considering opening a corporate bank account in Kazakhstan for a non-resident company, please keep in mind the following points:
- The total number of banks is 27;
- As for state-owned financial institutions, there is just one;
- Financial institutions with foreign participation amount to 15;
- The banking sector system in Kazakhstan is two-tiered;
- On January 1, 2020, the Financial Market Regulatory and Development Agency of Kazakhstan started working;
- The number of transactions with e-money has almost tripled in 2019;
- Inflation risks are at the moderate level.
It is important to bear in mind that when opening a corporate bank account in Kazakhstan, non-residents may face the underdeveloped insurance sector. However, if need be and upon your request, our lawyers will promptly resolve the issue of choosing a responsible insurance company able to protect your funds and savings.
Almost all the banks have a large number of branches and offices in the largest cities of Kazakhstan, Nur Sultan, the capital, and Almaty. Southern regions account for the lowest number of offices. The country has two national inter-banking systems, for money transfers and interbank settlements. Here you can also find the international payment systems:
- American Express.
The first two systems account for about 95% of all transactions, these cards are the most popular in Kazakhstan and are also used outside the country.
Open a Corporate Bank Account in Kazakhstan for a Non-Resident Company. The List of Documents Required
Depending on the bank, the list of documents for opening a corporate account in Kazakhstan may change. The standard requested package for a non-resident company is as follows:
- Company’s Certificate of Incorporation;
- Company’s Memorandum and Articles of Association;
- Document appointing the director and secretary (not always required);
- Proof of legal address;
- License (if the company’s operations require obtaining licenses).
The beneficiary must submit the following package of documents:
- Copy of their valid passport;
- Copy of the document confirming the actual residence (the document must be no older than 3 months).
If the documents submitted are not in English, legalization and apostille will be required. Please feel free to contact our lawyers for proper preparation of your documents including notarized translation before submitting them to the bank.
In certain cases when the director or a shareholder is a non-resident legal entity (corporate official), it will be necessary to provide the following papers:
- Copies of the Articles of Association and Certificate of Incorporation;
- Document confirming the actual position of the company;
- Copy of the company’s register that lists the shareholders, directors and the secretary.
For more information, please check out the following video (do not forget to subscribe to the channel to stay up to date):
Open a Corporate Bank Account in Kazakhstan for a Non-Resident Company. The Most Popular Banking Institutions of the Republic
When choosing a financial institution for opening a corporate account for a non-resident legal entity (or an individual), we recommend considering the following institutions:
- Sberbank with their special offers and payroll projects for international clients;
- RBK Bank that is a retail institution offering special packages for corporate clients of the Gold, Platinum, Infinite categories.
In order to choose the right bank in Kazakhstan and open a corporate account for a non-resident company, foreigners should send their requests to our e-mail or online chat. Next, we will ask you to clarify all the details and requirements to the banking services you need. Depending on the type of business and the client’s wishes, we will consider each case individually. This allows us to choose the ideal option for serving international or local business. The cost of our services starts from 5500 EUR. Your bank account will be opened in no less than two weeks. Please note that you do not have to visit Kazakhstan in person in order to open the bank accounts or register a company. All the procedures will be carried out by our lawyers remotely.
Open a Corporate Bank Account in Kazakhstan for a Non-Resident Company. What Do the Country’s Financial Institutions Offer?
First of all, we would like note the possibility of opening corporate and private accounts with the banks in Kazakhstan in any currency. For example, let us take the RBK Bank, a financial institution that offers quite interesting and unique instruments for managing private and corporate accounts. You can also control your accounts remotely via Internet banking. Here you can find a special VIP Banking package including financial and advisory services for setting up and launching your business in a fast way. You can get the following cards issued:
- Visa Instant
- Visa Classic
- Visa Gold and Virtuon
- Visa Planinum and Infinite
- Priority Pass (with the airport VIP lounges access)
All these cards support 3D-Secure, remote control is available via SMS and Mobile banking.
Should foreign investors and businessmen wish to open a corporate account with Sberbank of Kazakhstan, here there are the following instruments for business operations:
- Payroll projects and corporate cards;
- Encashment, acquiring, remote service;
- Import and export operations service and currency control;
- 4 types of deposits, deposits in escrow;
- Brokerage and custodian services;
- Corporate lending, government funding;
- Special instruments for exporters/importers;
- Comprehensive accounting and accounting for certain business segments;
- Outstaffing and recruitment, HR management.
If a potential client decides to open a corporate bank account for a non-resident company in Kazakhstan, they need to obtain an individual identification number (RNN). We fully accompany and facilitate the procedure of opening an account for an offshore and onshore company, and our clients do not need to visit Kazakhstan. This registration is carried out remotely.
We will also help you resolve the following issues:
- Register a business in the jurisdiction of Kazakhstan;
- Pick up commercial and residential real estate in the Republic in accordance with your preferences and priorities;
- Apply for a residence permit or citizenship of the Republic of Kazakhstan;
- Open a private account for a resident or non-resident, and also open a corporate account for a legal entity founded by a resident or non-resident;
- Obtain entry visa (for foreigners who require this document to stay in Kazakhstan);
- Prepare a full package of documents for filing with the Migration Service, banking institutions, cadastral and tax authorities;
- Acquire a ready-made profitable business in Kazakhstan and beyond (in more than 30 jurisdictions).
You can also seek advice on registering companies, starting a business on a large and small scale in Kazakhstan, moving to the permanent place of residence or emigrating to other countries. Almost all of our services are provided remotely, do not require you to spend your time and money on flying to the Republic. All the procedures are as transparent and clear as possible. Please do not hesitate to contact us by email to: email@example.com to open a corporate bank account in Kazakhstan remotely within two to three weeks to operate a company from another jurisdiction. The cost of this service is 5500 EUR.
What can Kazakhstan’s Banks Offer? What Makes them Attractive?
Kazakhstan’s financial institutions provide an opportunity to receive a full range of corporate services including the design of individual packages to develop a growth strategy. In addition to payroll projects and corporate cards, Kazakhstan’s banks work with currency control and maintenance of export and import operations, provide custodian and brokerage services, financing for government programs, and corporate lending. In addition, foreign companies can order acquiring, encashment, accounting services, audit outsourcing and recruitment. Outstaffing is available as well.
What International Systems Operate in Kazakhstan?
Kazakhstan’s financial sector is fairly developed, comprising 27 banking institutions, one of which is state-owned, and 15 organizations with the foreign participation. As for international payment systems, you can use MasterCard, Visa, American Express and UnionPay in Kazakhstan. Any of these cards can be issued by the banks of the Republic. The most popular of these among non-residents are Visa Instant, Visa Classic, Visa Gold and Virtuon, Priority Pass with the airport VIP lounges access, as well as Visa Planinum and Infinite.
What Documents Are Required to Open a Corporate Account with a Kazakhstan Bank?
Opening of a corporate account for Kazakhstan’s companies is possible if you provide the following documents: company’s Memorandum and Articles of Association;
Certificates and licenses (if the company’s operations require obtaining licenses);
Certificate of Incorporation of a legal entity;
Order to appoint a director and a secretary (according to the Minutes of the Meeting);
Document confirming the company’s legal address.
If there is a beneficiary, passport copies are to be submitted for individuals. A similar package of documents is to be provided when there is a legal entity (or several) among the participants. The beneficiary is also required to submit a document confirming their actual residence. The document must not be older than 3 months.