Bank accounts in Kazakhstan

The jurisdiction has formed a two-tier banking system consisting of the National Bank of Kazakhstan and private banks. The Jurisdiction reviews and improves regulations annually to improve business standards and customer service while raising the world's ranking of local banking institutions. Opening а bank account in Kazakhstan as a non-resident provides options for domestic and international activities, making it easier to make payments to foreign partners

Advantages of jurisdiction

Opening a bank account in Kazakhstan as a non-resident is promising due to the following benefits:

• the stable banking system with access to Visa and Mastercard payment options;
• regulated list of documents and procedures for opening a bank account in Kazakhstan;
• The Russian-speaking staff of local banks provides full support at all stages of opening a bank account in Kazakhstan;
• no bans on payments in foreign currency;
• an ability to open a bank account in Kazakhstan remotely;
• a relatively low percentage of refusals in opening a bank account in Kazakhstan as a non-resident ;
• the opportunity not only to open a bank account in Kazakhstan remotely, but also to close transactions online through modern Internet banking;
• azakhstan is a signatory to 50+ double taxation agreements;
• high level of bank secrecy.

For more information about the benefits of opening a bank account in Kazakhstan, which will be open for your business case, please contact the lawyers of Prifinans.

How to open a bank account in Kazakhstan as a non-resident?

The options for opening an account vary, taking into account the rules of the chosen bank. It is necessary to provide complete information about the individual/legal entity and information about the planned activities. A prerequisite for submitting documents for consideration by a Kazakh bank is to obtain an identification number from the tax service.

Opening a foreign currency bank account in Kazakhstan online is possible (in dollars, euros, pounds sterling). For this purpose, a specific package of documents and data is submitted for consideration. Naturally, the detailed list depends on the institution you plan to register. Nevertheless, there is a detailed general list that Kazakh banking institutions require in each case:

• application for the review of documents and the processing of the account;
• identification documents of an individual or constituent documents of a legal entity;
• form with several specimen signatures, passport data of the persons authorized to execute settlement documents, as well as documents confirming the provision of such right;
• documents of registration in the jurisdiction as a taxpayer.

If documents issued abroad are submitted, they must be executed. Kazakhstan is a signatory to the 1961 Hague Convention, so documents from countries that have signed this convention are apostilled. Consular legalization is required. PriFinance lawyers can provide detailed advice on the nuances of document legalization.

In addition, you should also prove compliance with currency control requirements by confirming the legality of the origin of the funds placed in the account. Prifinance lawyers will be glad to advise you on whether it is possible to open a bank account in Kazakhstan in your specific case, how to do it, and execute the necessary documents. Based on previous experience, we note that opening an account in Kazakhstan, on average, takes 1-2 months.

How Prifinance lawyers can help

Suppose you intend to simplify your business and make settlements in a reliable jurisdiction. In that case, the lawyers of Prifinance will advise which bank to open an account in Kazakhstan, how to prepare and submit documents, and provide full support for the process of opening an account, including negotiations with representatives of the authorities and banking institutions. Send the lawyers an introduction to your case for detailed advice on the issue.