How to open a non-bank exchange office? Printable versionLast update: 27.07.2020
In Kazakhstan, the following organizations have the right to open exchange offices: second-tier banks, Kazpost, as well as legal entities, whose exclusive activity is the organization of exchange operations with cash foreign currency, the so-called non-bank exchange offices. At the same time, the procedure for opening a non-bank exchange office is quite simple and is regulated by the Rules for the organization of exchange transactions with foreign currency in cash in the Republic of Kazakhstan, approved by the Resolution of the Board of the National Bank No. 144 of July 16, 2014.
the first step "Establishment of a legal entity"
First, a limited liability partnership should be created in a legal form.
Authorized capital of an authorized organization is formed in cash in full before the application of a legal entity for obtaining a license to organize exchange operations with cash foreign currency and an appendix to the license .
The minimum authorized capital of an authorized organization is:
- KZT 30 000 000 (thirty million) Kazakhstani tenge for each exchange office located in Nur-Sultan, as well as cities of republican significance;
- KZT 20 000 000 (twenty million) for each exchange office with the location in the administrative centers of the regions;
- KZT 10 000 000 (ten million) for each exchange office with a different location.
When opening an additional exchange office authorized by the organization, its authorized capital, formed in cash, must be increased in accordance with the requirements .
If you have an exchange office in a city of regional importance, and the city has been transformed into a city of republican significance, then within six months it is necessary to bring the authorized capital in line with the requirement of a city of national importance
As a confirmation of compliance with the qualification requirements, the authorized organization sends the following documents through the “electronic government” web portal:
- An application for obtaining a license for the organization of exchange operations with foreign currency in cash and its annex in form according to Appendix 2 to the Rules (in the case provided for in paragraph 9 of the Rules), an application for obtaining an application to a valid license for the organization of exchange operations with foreign currency in cash for the exchange office that is additionally opened, in accordance with Appendix 5 to the Rules (in the case provided for in paragraph 13 of the Rules);
- A document of the second-tier bank (including an extract on the movement of money in the client’s bank accounts), confirming that the money was credited to the bank account of the authorized organization as a contribution to the authorized capital in accordance with the requirements of clause 6 of the Rules, issued not earlier than thirty (30) calendar days prior to the date of applying for a license and (or) annex to the license, or financial statements as of the first day of the month of application for obtaining an application to a valid license for the organization of exchange operations with foreign currency in cash for additionally opened exchange office in the form, according to Appendix 5 to the Rules, which confirms the compliance of the size of the authorized capital of the authorized organization with the established requirements, taking into account the additional exchange office (in the case provided for in paragraph 13 of the Rules);
- A copy of the document confirming the cashier's training in working with cash foreign currency, or a copy (notarized) of the document provided for by the labor legislation of the Republic of Kazakhstan and confirming the employee's labor activity for at least six months as a cashier for work with cash in foreign currency.
- Electronic copy of the document disclosing the source of the contribution to the authorized capital of the authorized organization (loan agreement, property purchase and sale agreement, income statement). Electronic copies of other documents disclosing the source of origin of the contribution to the authorized capital of the authorized organization may be submitted.As a confirmation of compliance with qualification requirements at the opening of the automated foreign exchange bureau, the authorized organization shall send through the web-portal of the "electronic government" the electronic document specified in sub-item 1) item 13 of the Regulation, the electronic copies of documents specified in sub-items 2) and 4) item 13 of the Regulation, as well as the electronic copy of the document confirming the technical characteristics and compliance of the automated foreign exchange bureau with the requirements established by the Regulation.
the second step "Arrangement of an exchange office"
the third step "Obtaining a license and a supplement to it"
Opening of an additional exchange office
Fine gold bullion operations
The rules regulating the opening of non-bank exchange offices are available on the official website of the National Bank at the address: www.nationalbank.kz => "Regulatory Legal Framework" => "Laws of the Republic of Kazakhstan and NBK PPA" => "Currency Regulation and Currency Control". Information on the standard of state service "Issuance of the license for carrying out activities on organization of exchange operations with foreign currency in cash to authorized organizations" is available on the official web-site of the National Bank at the address: www.nationalbank.kz => "Public services" => "Public services" => "Currency regulation and registration of microfinance institutions".
Information on location and contact details of territorial branches are available on the official website of the National Bank at: www.nationalbank.kz → Section "Public services" → "Contact numbers of service providers".