Open a Corporate Bank Account in a Bank in Kazakhstan

Opening a bank account for a company in Kazakhstan is one of the first tasks when planning settlements within the country or with foreign counterparties. This financial instrument is necessary for receiving payments from clients, transferring money to suppliers, paying salaries, paying taxes, and carrying out other business operations.

To open a corporate bank account in Kazakhstan without any problems, it is important for an entrepreneur to understand the specifics of the procedure in advance and be aware of the legal nuances that may arise specifically in their situation.

Advantages of Opening a Corporate Bank Account in Kazakhstan

The Republic of Kazakhstan (RK) is of interest to companies that want to build flexible international logistics. Thanks to the neutrality of local banks and strict compliance with global compliance standards, a Kazakhstani account is suitable for working with counterparties from Asian countries, the European Union, the CIS, and others.

The main advantages of the jurisdiction include:

1. A developed banking system. Kazakhstan has a two-tier banking system. The National Bank performs the functions of the central bank, while financial institutions of the second tier provide services to businesses.
2. The possibility of making settlements in different currencies. Legal entities can open accounts in tenge and foreign currencies. This is convenient when working simultaneously with Kazakhstani and foreign counterparties.
3. Loyalty towards non-residents. If, due to the nature of its activities, a company is interested in opening an account with a foreign bank, Kazakhstan can be safely considered. Local legislation allows non-residents to receive banking services.
4. A favorable tax regime. The country has an extensive network of double taxation avoidance agreements, incentives for technology projects, and special conditions for participants of the economic zone of the AIFC.
5. Convenience for foreign economic activity. Kazakhstan is recognized as a key transit hub between China and Europe. The country combines membership in the Eurasian Economic Union (EAEU) with freedom of currency settlements and its own English law.

A corporate bank account in Kazakhstan makes it possible to separate personal and business finances, make cashless payments and tax settlements, and work with counterparties around the world.

Who Can Open a Corporate Bank Account in Kazakhstan

Local companies and foreign legal entities can open a corporate bank account in Kazakhstan. At the same time, the requirements depend on the company’s status and the documents confirming its registration and the authority of its representatives.

The main categories of clients of Kazakhstani banks include:

• legal entities that are residents of Kazakhstan;
• legal entities that are non-residents;
• branches and representative offices of foreign companies;
• other organizations and institutions that are granted the right to have bank accounts by law.

For each category, the state establishes the required list of documents and carries out client verification.

Specifics of Opening an Account for Non-Residents

For a foreign company, opening a corporate bank account in Kazakhstan involves additional verification of its status and documents. The critical specifics of the procedure for non-residents include:

1. Mandatory obtaining of a BIN and IIN. Before contacting a bank, a foreign company must register for tax purposes in the Republic of Kazakhstan in order to obtain a Business Identification Number (BIN). Its foreign director must also obtain an Individual Identification Number (IIN).
2. Localization requirement (Economic Substance). Most banks require confirmation of a genuine connection between the business and Kazakhstan. For example, the presence of a local office, resident employees on staff, or contracts with local counterparties.
3. Enhanced KYC and AML compliance. Banks conduct a detailed review of the ownership structure, the sources of funds, and the nature of the planned transactions.
4. Confirmation of representatives’ authority. The bank must receive documents confirming the right of specific individuals to manage the account.
5. Translation, legalization, or apostille of documents. Documents of a foreign company must have a notarized translation into Kazakh or Russian. Depending on the country of issuance, their legalization or apostille may be required.

The main difficulty when opening an account for a non-resident company is the proper preparation of the required documents. To avoid mistakes, it is advisable to seek assistance from lawyers in this matter.

Types of Corporate Accounts in Kazakhstan

Bank accounts in Kazakhstan are classified according to their purpose. The main instrument for day-to-day settlements is a current account. However, a company may also use other types of accounts.

This variety of accounts makes it possible to separate funds according to their purpose and work with foreign currencies. The company determines a specific set of financial instruments taking into account the nature of its activities and the terms of the selected bank.

Requirements of Kazakhstani Banks for Opening a Corporate Account

To open an account for a company in Kazakhstan, a legal entity must comply with a number of requirements and undergo the verification procedures established by the bank. They may differ depending on the company’s status, its activities, and the financial institution selected.

The main requirements are as follows:

• having a registered legal entity;
• providing the required package of documents;
• confirming the authority of the persons who will manage the account;
• providing information about beneficial owners;
• undergoing client identification and verification;
• providing information about the nature of the business activities;
• complying with the requirements of legislation on combating money laundering and terrorist financing;
• for non-resident companies – complying with additional requirements for foreign corporate documents.

In other words, the bank comprehensively assesses the potential client: the documentation, information about the company, its representatives, beneficial owners, and the nature of its activities.

What Documents Are Required to Open an Account for Companies in Kazakhstan

The list of documents depends on the company’s status and the type of account being opened. In most cases, banks require:

• confirmation of the state registration and legal status of the legal entity;
• specimen signatures of persons authorized to manage the account;
• identification documents of company representatives who have the right to sign payment documents;
• confirmation of the authority of the head and other representatives of the legal entity;
• information about beneficial owners and the ownership structure;
• an extract from the commercial register or an equivalent registration document (for non-resident legal entities);
• confirmation of the registration of a branch or representative office (if the account is opened for a subdivision of a foreign company).

This is important: documents issued abroad must be translated into Kazakh or Russian. In certain cases, their notarization, apostille, or legalization may be required.

Process of Opening a Corporate Bank Account in Kazakhstan

For a local company, the procedure usually begins with the preparation of corporate and identification data. To open an account with a bank in Kazakhstan for a non-resident legal entity, additional steps will have to be completed.

Obtaining an IIN for the Director

An IIN is required for a foreign director to interact with Kazakhstani government and digital services. It is important to note that as of January 1, 2026, consulates, embassies, and other foreign institutions of Kazakhstan have ceased issuing IINs to foreigners. It can be obtained in the territory of the Republic of Kazakhstan or through government-provided digital mechanisms, including eResidency.

Obtaining a BIN for a Non-Resident Legal Entity

The assignment of a BIN to a foreign legal entity is a mandatory requirement for its registration for tax purposes in the Republic of Kazakhstan and subsequent opening of bank accounts. The procedure is carried out free of charge through Public Service Centers (PSCs) or the e-government portal egov.kz under a power of attorney issued to a local representative.

Obtaining an Digital Signature

An digital signature allows the director or another authorized person to sign electronic documents and use government services in Kazakhstan. To obtain the certificates, the director’s IIN and the legal entity’s BIN are required.

Bank Compliance Check: What Is Checked and When a Bank May Refuse

When opening an account, the bank assesses the legality of the business and AML risks. Therefore, developing and complying with an AML policy should become a priority before contacting a financial institution.

The ultimate beneficial owners, sources of capital, the legitimacy of counterparties, and the economic connection with the Republic of Kazakhstan are subject to verification. Grounds for refusal may include an opaque ownership structure, problems with documents, the transit nature of transactions, dealings with sanctioned countries, or the absence of a genuine business in Kazakhstan.

Signing the Documents and Activating the Account

After successfully passing the verification, the company enters into a banking services agreement with the financial institution. From this point, the bank opens the account and provides the client with the ability to manage the funds in accordance with the terms of the agreement and established procedures.

Is It Possible to Open an Account in Kazakhstan Remotely?

A non-resident can open an account for a company in Kazakhstan without a personal visit to the country. Under the remote procedure, the director or another identifiable person undergoes remote biometric authentication through the Identification Data Exchange Center (IDEC).

To establish a business relationship remotely, the client must not be included in the list of persons associated with the financing of terrorism and extremism or subject to international sanctions. In addition, the remote format does not apply to clients with a risk level requiring enhanced measures during verification.

To prepare documents and interact with the bank, a company may engage a representative in Kazakhstan. Among other things, their powers may include obtaining tax identification numbers and undergoing preliminary verification.

Which Banks in Kazakhstan Can Foreign Companies Open an Account With?

Many major banks in Kazakhstan work with non-resident legal entities. However, the availability of such an option does not mean that an account will be opened automatically. The bank makes a decision after reviewing the specific company, its ownership structure, activities, and the information provided.

Below are several financial institutions that are accommodating to foreign legal entities, along with some specifics of working with them:

To choose a bank that best meets your company’s needs, contact AA Lawrange for a consultation.

Timeframe and Cost of Opening an Account in Kazakhstan

The timeframe and cost of opening a corporate account depend on several factors. The following should be taken into consideration:

• Company status. For non-residents, the bank conducts a more thorough review and may request additional information.
• Completeness of the documents. Errors, missing required documents, or the need for their legalization and translation increase the time required for the procedure.
• Results of the compliance check. A complex ownership structure, foreign beneficial owners, non-standard activities, or cross-border transactions may require additional verification.
• Method of opening the account. A remote procedure may take less time than applying at a branch if it is available to the particular client.
• Selected banking product. Fees depend on the type of account, currency, service package, and additional services.
• Account transactions. After the account is opened, fees may be charged for payments, foreign currency transactions, cash withdrawals, transfers, and other banking services.

Thus, it is impossible to determine the exact cost and timeframe for opening a corporate account in Kazakhstan in advance. Contact the lawyers of AA Lawrange to assess the time and financial costs in your particular case.

Is It Necessary to File Reports and Pay Taxes After Opening an Account?

The mere opening of a bank account for a company in Kazakhstan does not automatically create tax obligations. Everything depends on the company’s status, the nature of its activities in Kazakhstan, the income it receives, and the specific transactions.

The main factors determining the obligation to pay taxes and file reports in the country include:

• the company’s tax status (resident or non-resident);
• whether the company conducts business activities in Kazakhstan;
• the type and source of income;
• the presence of employees (when income is paid to employees, corresponding tax agent obligations arise);
• transactions with local counterparties (in certain cases, the company must withhold and remit tax on income received by non-residents);
• the selected tax regime and applicable taxes;
• the existence of transactions subject to declaration.

The conclusion is as follows. A non-resident opening an account with a Kazakhstani bank is subject to tax registration. Further reporting and tax payment obligations are determined by its activities. An attorney for International Tax Planning from AA Lawrange can help clarify your specific situation – contact us to operate without violations or claims from the government authorities of Kazakhstan.

Why You Should Contact Lawrange

Opening a corporate account in Kazakhstan involves a number of legal and tax nuances, especially when it comes to a foreign business.

Mistakes at the stage of preparing documents or undergoing bank compliance may result in delays and additional requests from the bank. Professional support makes it possible to take into account the requirements applicable to a particular company in advance and structure the account-opening procedure without unnecessary risks.

AA Lawrange has been assisting foreign businesses for more than 10 years and has expertise in legal, financial, and tax matters. Our team offers an individual approach and comprehensive support – from preparing the necessary documents to interacting with the bank.

Submit a consultation request to Lawrange to complete the necessary procedures faster and start working with a corporate account in Kazakhstan.

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