Due to the geopolitical situation in the region, there has been a sharp increased interest in opening a bank account in Kazakhstan by foreign legal companies.
In turn, since April 2022, Kazakhstani banks have been conducting more thorough compliance checks regarding the opening of accounts for foreign legal entities.
In Kazakhstan, there are no restrictions on currency transactions: funds can be received in foreign currency, currency operations can be conducted for export-import contracts, foreign currency can be exchanged, bought, and sold.
Bank transfers are carried out entirely online through the application. If you are not a resident of Kazakhstan and do not derive income from sources in Kazakhstan, you are exempt from taxes, even though to open an account, you need to undergo the procedure of registering a non-resident for tax purposes and obtain an Individual Identification Number (IIN) / Business Identification Number (BIN).
What are requirements to open an account for a non-resident legal entity?
- Obtain BIN for the legal entity and IIN for the legal entity's director. Please note that according to new rules from February 2024, IIN can only be obtained in person by the applicant.
- Choose a bank; you can submit documents online to several banks simultaneously.
- To open an account for a foreign legal entity, the bank requires the following documents:
- BIN and IIN;
- Constituent documents of the legal entity;
- Extract from the trade register;
- Passport of the legal entity's director;
- Documents containing information about the ultimate beneficiary of the legal entity.
This list is not exhaustive, and depending on the bank, additional documents and information about the company may be requested.
Usually, documents can be submitted to the bank online. If the bank approves the account opening, notarized copies of documents with an apostille or legalization will be required. Documents issued in CIS countries are provided without apostille and legalization.
Personal presence of the legal entity's director is required for opening an account. Typically, the client needs to come to Almaty for account opening and obtaining IIN for 3-5 working days.
In practice, there are many questions about the document list, requests for additional documents, some banks practice video calls with the management of the foreign legal entity. Additionally, depending on the bank, an Electronic Digital Signature (EDS) for the legal entity may be required. Therefore, it is recommended to immediately obtain BIN, IIN, and EDS for the company.
We will support the entire account opening process from start to finish.
The service package includes:
- Obtaining IIN, BIN, and Electronic digital signature.
- Consultation on choosing a bank and documents for opening an account.
- Communication with the bank.
- Accompaniment to the bank when opening an account.
- Kazakhstani SIM card.
Notary services, postal deliveries, etc., are not included in the price.
Result of the service:
Opened bank accounts in the selected currencies.
We provide services in English, Kazakh, and Russian.
Contact us to discuss the details and receive a commercial offer.
Leave a request, and we will contact you.
