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Establishment of a non-bank foreign currency exchange office Printable version

Last update: 19.06.2024

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In Kazakhstan, second tier banks, Kazpost JSC and financial institutions of the Republic of Kazakhstan not being the banks and having the license on foreign currency exchange transactions from the National Bank of Kazakhstan have the right to open so-called non-bank foreign currency exchange offices. The procedure for establishing a non-bank currency exchange office is quite simple and is governed by the Regulations on Foreign Exchange Transactions in the Republic of Kazakhstan approved by the Decision of the Board of Directors of the National Bank of the Republic of Kazakhstan as of April 4, 2019 No. 49 (hereinafter - Regulations).

The first step is "Establishment of a legal entity"

Start by establishing a legal entity in the form of a limited liability partnership. As the foreign currency exchange operations are the sole activity of the legal entity, a legal entity is affixed with economic activity code 66.12.2 "Brokerage of transactions with securities and commodities, except for the activities related to the management of National Fund assets, gold and foreign currency of the National Bank, pension fund assets", including a subclass “Foreign currency exchange office activities”.

Before the legal entity applies for a foreign exchange license and an annex thereto, the authorized capital of the organization is fully formed in monetary terms.

The minimum amount of the authorized capital of an organization should be as follows:

  • 100 000 000 (one hundred million) KZT for each exchange office, headquartered in Astana city, cities of republican significance, administrative centers of the regions, cities of regional importance; 
  • 50 000 000 (fifty million) KZT for each currency exchange office within the other than Astana city. 

When an authorized organization establishes an additional exchange office, its authorized capital formed in monetary terms, should be increased in accordance with the established requirements.

If you have an exchange office in the city, and the city has been classified as a city of republican, regional significance, or recognized as the administrative center of the region, then within six months it is necessary to bring the amount of authorized capital in accordance with the requirements for such localities.

The second step is "Infrastructure development at a foreign currency exchange office"

The third step is "Obtainment of a license and an annex thereto"

Establishment of an additional foreign currency exchange office

Carrying out operations with refined gold bullion

The rules governing the establishment of non-bank currency exchange offices are available on the official website of the National Bank at: => "Regulatory framework" => "Laws and regulations of the National Bank of RK" => "Cash operations".

Information on the location and contact details of the territorial branches of the National Bank are available on the official website of the National Bank at: → section "About the National Bank" → "For citizens and businesses" → "Public services of the National Bank of the Republic of Kazakhstan" → "Contact details of service providers".

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