How to open a non-bank exchange office? Printable versionLast update: 25.08.2021
In Kazakhstan, second tier banks, JSC "Kazpost" as well as 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 opening a non-bank foreign currency exchange office is quite simple and regulated by the Rules for foreign currency exchange transactions in the Republic of Kazakhstan, approved by the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated April 4 , 2019 No. 49 (hereinafter referred to as the Rules).
The first step “Legal entity foundation"
In the beginning you should found a legal entity in the organizational legal form of limited liability partnership. As the foreign currency exchange operations is 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, with the exception of 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 offices activities”.
The authorized capital of the exchange office is in monetary form in full before the legal entity applies for the foreign currency exchange license and an annex thereto.
The minimum authorized capital of the exchange office is:
- 100 000 000 (one hundred million) KZT for each exchange office, headquartered in Nur-Sultan 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 Nur-Sultan city.
When the exchange office opens an additional currency exchange office, its authorized capital, formed in cash shall be increased in accordance with the established requirements.
If you have exchange office in the city, and the city is referred to the city of republican, regional significance, or administrative center of the region then within six months it is required to bring the authorized capital in accordance with the requirements for such areas accordingly.
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
Refined gold bullion operations
The rules governing the opening of the non-bank exchange offices are available on the official Internet resource of the National Bank at: www.nationalbank.kz => “Regulatory Legal Framework” => “RLA NBK” => “Cash operations”.
Information on the location and contact details of the territorial branches of the National Bank are available on the official Internet resource of the National Bank at: www.nationalbank.kz → section “For the service consumers” → «State services» → “Service provider contact phone numbers”.