Corporate account in Kazakhstan: requirements in 2024

Over the past two years, Kazakhstani banks have become incredibly in demand due to increasing sanctions and tightening requirements for CIS citizens worldwide. The widespread use of the Russian language and international accessibility to transactions make Kazakh banks one of the most convenient and popular financial institutions in the post-Soviet space.

Antwort Law specialists work closely with banks in this region, which allows us to carefully and promptly respond to any changes and trends in opening accounts. With the advent of the new year, 2024, diverse opportunities have opened up, and the need to strategically adapt to advanced trends in banking services has arisen. Let's take a closer look at what innovations can already be noted when opening a corporate account in Kazakhstan.

The main trend covering changes in Kazakhstan's banking sector is the complications of opening corporate accounts. Banks are becoming more selective and strict with potential clients. Before you begin submitting your application, we recommend that you prepare the following documents, which many banks in Kazakhstan may already request from the applicant:

1) Provide substance. The substance of a company is its real presence in the country of opening an account or registering a business. A foreign company in Kazakhstan may not have a local director (a citizen of Kazakhstan or its resident), but it is advisable to have a real office.

... Requirements for real economic presence are becoming standard practice around the world, and Kazakhstan was no exception.

Any business that uses foreign companies should already think about how to ensure an economic presence in the country of registration of your business.

The Antwort company helps in solving this issue in many countries, providing staff recruitment, office selection and solving other related issues. ...

Vladyslav Makarenko, Managing Partner, Antwort Law

2) Ask for letters of recommendation from Kazakh companies. It will emphasize your partnership and be a significant element of the same substance necessary to create an impression of the company's real work in the region.

3) Make a detailed map of payments (planned operations). In it, write down what turnover per month and year is designed, what size of the minimum and maximum payment will be, where, how much, and on what basis the first payment will be made, how many incoming and outgoing payments and from which countries your counterparties are. It will help the bank better understand your activities and assess risks.

4) Write a clear business plan explaining how your company plans to do business in the CIS countries, especially Kazakhstan. Justify your choice of opening an account in this country and present your projected income.

In the context of the rapid development of Kazakhstan's financial sector in 2024, it is important to have a reliable partner to resolve legal issues related to opening international corporate accounts. Antwort Law experts are ready to provide professional support in international business and financial law. Contact us for expert advice and the successful development of your business on a global scale.

Lidia Ivanova

International Lawyer
Antwort Law

What changes will there be in the banks of Kazakhstan in 2024?
The procedure for opening corporate accounts is becoming more complicated. Local banks are becoming more selective and strict when choosing clients, which requires companies to carefully prepare documents.
What do you need to prepare to open an account in Kazakhstan?
In addition to the standard package of documents, which is listed on the bank’s website, we also recommend: Provide substance (real presence of the company in the country), for example, if possible, rent an office. Receive letters of recommendation from Kazakh companies, with which you will highlight partnerships in the region. Draw up a detailed map of payments describing the volume of transactions, the amount of payments, their sources and purpose. This information will help the bank assess risks and understand the essence of your activities. Prepare a business plan in which you justify the choice of Kazakhstan for opening an account, present the projected turnover and income of the company.
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