Establishing A Corporate Account With A Kazakh Payment System

Today, many people are exploring the option of opening a corporate account through a Payment Service Provider (PSP) based in Kazakhstan for their international business activities. The global presence of this reputable Fintech entity extends way beyond Kazakhstan to encompass offices in Cyprus, Canada, Kenya, and Israel. This PSP serves individuals and entities from various regions, including offshore jurisdictions and high-risk countries. Furthermore, they offer the convenience of setting up a multicurrency account, streamlining international fund transfers, and even integrating cryptocurrency holdings. Our experts can facilitate your work with Kazakh PSP remotely, regardless of your geographical location.

Key Features of the Kazakh Payment System

  1. Regulatory Compliance: The company is authorized and supervised by the Astana Financial Services Authority in Astana, ensuring adherence to regulatory standards;
  2. Global Accessibility: the PSP extends its services to a diverse clientele, irrespective of nationality or residence;
  3. Versatile Payment Channels: Users can choose between traditional banking channels and electronic wallets;
  4. Payment Cards: For added convenience, the PSP offers the option to procure payment cards;
  5. Cryptocurrency Integration: Notably, the system seamlessly interfaces with a prominent cryptocurrency exchange, performing cryptocurrency conversions.

The Kazakh PSP emerges as an all-encompassing financial platform, providing access to a broad spectrum of financial tools, including payment accounts, fund transfers, payment processing solutions, etc.

Services Offered by the Kazakh PSP

The global Fintech entity offers a wide range of financial services:

  • SWIFT transactions;
  • Instant currency exchange;
  • Debit and prepaid cards;
  • Streamlined remote accounts;
  • Comprehensive account management;
  • Various Internet banking services;
  • A dedicated blockchain module enabling cryptocurrency transactions and conversion.

This PSP stands out by offering cryptocurrency transaction capabilities, a feature that is not usually available with other financial service providers.

Eligibility Criteria for a Kazakh PSP Account

With its inclusive approach, the PSP welcomes companies from various business sectors, including IT, e-commerce, Forex trading, and online gambling. The majority of its clients include:

  • Offshore-registered entities;
  • Companies incorporated in European, Asian, Middle Eastern, and Far Eastern jurisdictions.

It is worth highlighting that the PSP classifies account holders based on their associated risk level:

  • Risk Level A – low risk;
  • Risk Level B – medium risk;
  • Risk Level C – high risk.

Risk categorization is based on the nature of the business and the jurisdiction of incorporation. However, you must note that risk categorization does not inherently lead to service denial. The PSP has certain restrictions for high-risk countries.

Restricted Countries: Iran, North Korea, and Syria.

Countries under Enhanced Scrutiny: jurisdictions subject to diligent monitoring by such organizations as the Financial Action Task Force (FATF), including Seychelles, Mauritius, Malta, Cayman Islands, Cyprus, Georgia, Latvia, Vanuatu, Saint Vincent, Dominica, and others. Additionally, the Kazakh PSP maintains its own list of high-risk countries.

Documentation Necessary to Apply

The following documents must be submitted to start a corporate account with the Kazakh PSP:

  1. Corporate Documentation: This includes the Certificate of Incorporation, Memorandum, and Articles of Association, providing the legal name, registration number, registered and operational addresses, business activities, contact details, and place and date of registration. The financial institution may also require an Extract from the Public Company Register with pertinent corporate information;
  2. Verification of Operational Address: Usually some utility bills;
  3. Licensing and Deed Records: Any relevant licenses or deeds linked to business operations;
  4. Registers of Company Shareholders and Directors: Comprehensive records that accurately reflect the names of the company’s directors and shareholders;
  5. Sources of Funding and Operational Capital: This category encompasses a range of materials, including company bank account statements, client and supplier agreements, and invoices;
  6. Documents on Beneficial Ownership: constituent records, an Extract from the Public Company Register, utility bills confirming the beneficial owner’s address, and a list of shareholders.
  7. Documents Confirming Personal Identities of Company Owners and Directors: This category includes:
    • Legible color copies of the passports;
    • Utility bills over the last three months as verification of residential addresses.
    • Professional resumes.

All the applicant’s documents, except the application forms, should bear proper certification. Additionally, the PSP reserves the right to request supplementary documentation during the application phase for purposes of wealth source verification and partnership inquiries. Please bear in mind that for certain jurisdictions, the PSP can enforce payment restrictions.

The Kazakh PSP: Fees and Tariffs

Our professional services of facilitating the opening of corporate accounts with the Kazakh PSP cost 2,999 EUR. The fees charged by the PSP are categorized according to the client company’s risk level:

A-Level Clients (Low Risk):

  • Account opening and maintenance: 199 USD;
  • Monthly maintenance: 30 USD;
  • Various transaction fees.

B-Level Clients (Medium Risk):

  • Account opening and maintenance: 200 USD;
  • Monthly maintenance: 55 USD;
  • Various transaction fees.

C-Level Clients (High Risk):

  • Account opening and maintenance: 499 USD;
  • Monthly maintenance: 75 USD;
  • Various transaction fees.

The Kazakh PSP extends additional paid services, such as:

  • Online banking;
  • Personal account manager;
  • Anti-Money Laundering (AML) and Know Your Customer (KYC) inspections;
  • Currency exchange services;
  • Issuance of a Letter of Recommendation;
  • Bank statement issuance;
  • Cancellation of SWIFT transactions;
  • SWIFT transactions with OUR instructions;
  • Deal verification;
  • Annual payment processing fee;
  • Account closure;
  • Amending Ultimate Beneficial Ownership (UBO) information;
  • Inactive account service (for accounts with fewer than three transactions).

The Kazakh PSP Tariffs: Additional Information

  • There is a one-time account opening fee;
  • Transactions conducted after 16:00 incur an additional fee of 250 USD;
  • There may be an additional fee (15%-18%) for instant BTC-to-Fiat currency exchange to mitigate volatility risk.

Read additional information about setting up an account in Kazakhstan and contact our experts for detailed information on the terms and conditions of working with the Kazakh PSP.

Establishing a Kazakh PSP Account Securely and Remotely

  1. Start by requesting a consultation to assess your eligibility for an account with the Kazakh PSP;
  2. Once eligibility is confirmed, pay the service fee of 2,999 EUR;
  3. Compile the necessary documentation to launch account opening;
  4. Upon successful approval, access your account via a secure online application.

For further inquiries, please do not hesitate to email us at [email protected]