Your own bank is a tool of a strategically thinking person. Creating a bank get you a chance to speed up your business, reduce costs, and provide access to interesting and profitable sources. Kazakhstan is one of favorable jurisdictions for opening an institution of this type, in addition, if we “Eternity Law International” have many offers of a ready bank for sale in this country and in many others around the world.
Key components for opening your own banking establishment in Kazakhstan: application submission
Of course, you can’t expect this path to your own banking to be easy. The banking industry is one of the most regulated and controlled in the world. Regulators and auditors study every step of the bank. New players who decide to enter the market are also studied up and down. Thus, to get a bank from scratch in Kazakhstan is very complicated issue that require implementing additional forces to be resolved.
The procedure for creating a bank in Kazakhstan basically corresponds to the procedure set forth in such a “combined” normative act, which is Instruction No. 109. This procedure consists of three main stages: preparatory work; state registration of a bank as a legal entity; obtaining a license (the right to conduct banking operations).
To get a possibility to open bank, founders of bank submit application following next requirements:
- it is submitted in Kazakh or Russian and must contain the address of the applicant.
- the document is submitted by the founders in a special form and is considered by the authorized body within three months from the date the applicant submits the latest additional information or the document requested by the authorized body, but not more than six months from date of receipt of requisition.
Documents required applying for a banking license
Documents to be attached for obtaining banking license in Kazakhstan:
- constituent documentation: constituent agreement, charter, minutes of adoption of the charter and appointment (election) of the bank’s bodies;
- founders data (according to the list determined by the authorized body), financial statements, including consolidated ones, for the last two completed financial years, a report of audit as for financial condition of the founders;
- documents of persons proposed for the positions of executive officers of the bank, including at least three members of the bank’s board;
- detailed organizational structure of the newly created bank, and some others.
The business plan of the newly created bank, approved by the person authorized by the founders to sign documents, revealing the strategy of activity, directions and scope of activities, prospects (budget, balance sheet, profit and loss account for the first three financial (operating) years, marketing plan (formation clientele of the bank), a plan for attracting labor sources, organizing risk controlling is also required to be presented.
As can be noted, there are quite a few requirements and documents, which speaks of the complexity of such a procedure as opening a bank in Kazakhstan. You need the support of experienced professionals such as representatives of the Eternity Law company. They have extensive experience in accompanying entrepreneurs when setting up a bank in different jurisdictions. Eternity Law specialists will provide you with comprehensive advice on any issue and will become your reliable companion on such a difficult path.
