If you need to open a corporate account, the first thing to do is to find a suitable jurisdiction and a suitable bank. The account should serve the purpose. For instance, you have at least three options: open an account in your country of residence, in the country of company incorporation, and outside these countries. Which one is better? If your main goal is the diversification of risks, opting for a third country would be reasonable. And if your business involves cryptocurrencies and their exchange, you will need to find a crypto-friendly bank.
This post is focused on a payment system in Kazakhstan where you can open a corporate account. Payment systems can be more convenient and liberal than an ordinary bank, so we recommend taking a good look at this opportunity as it may satisfy your business needs quite well. Read our more detailed article on the benefits of opening a corporate account in Kazakhstan on our portal called International Wealth.
Our portal provides a lot of information on banks, payment systems, and all aspects of business registration and conducting. You will also find qualified experts there who will answer any questions you may have and help you with account opening. Some of our services are free (for example, we will not charge anything for choosing a suitable jurisdiction and bank for you), while others are fee-based: if you want to set up a corporate account, you will only need to collect documents in accordance with our recommendations, and we will do the rest for you.
Kazakh Payment System: Details
We offer the services of a global fintech company that has subsidiaries not only in Astana (the capital of Kazakhstan) but also in Canada, Kenya, Cyprus, and Israel. Our experts will help you set up an account remotely, and the result is 99% guaranteed.
The Payment Service Provider (PSP) in Kazakhstan makes it possible for you to set up a multicurrency account and make and receive payments from your counterparties located in different parts of the globe. And if you need to deal with cryptocurrencies, you can easily add them to your wallet and convert them into fiat currency.
The Kazakh Payment Service Provider works with offshore destinations and high-risk companies as well, so do not miss out on the opportunity.
Kazakhstan PSP: Characteristics
Let’s look at some features of Kazakh PSP that may be useful to you:
- The financial institution has an appropriate license and is regulated by Astana Financial Services Authority.
- Entrepreneurs from almost any country can use the corporate account opened in this payment system (there are very few restrictions, and we will discuss them below).
- The account is set up online and you will not have to travel at any stage.
- There are banks and electronic wallets through which you will receive payments.
- If you need a payment card, you can order one from the PSP.
- Those dealing with cryptocurrencies will find the system very convenient as it works in cooperation with a large crypto exchange which allows you to easily convert your crypto assets.
- SWIFT transfers will be available to you.
- You will exchange currency almost instantly if you need to.
- You can order debit prepayment cards for your needs.
- Benefit from convenient online and mobile banking
In a nutshell, you will take advantage of all the major services you need at a reasonable fee. However, if you need some specific services, please contact our experts for more information – we are sure to find a solution for you!
Kazakh PSP: Restrictions
While the fintech company we are talking about is ready to onboard most customers from the majority of locations, and it is suitable for high-risk businesses like forex or gambling that are often frowned upon by ordinary banks, it still sets some rules and restrictions.
If your company is registered in North Korea, Syria, or Iran, the PSP will not open an account for you.
However, this is the only restriction of that kind.
When the payment system decides to onboard your company, it will assign a certain level of risk to it: high, medium, or low. The rates and fees applicable to each category will be different – naturally, they will be a little higher for high-risk entities (see the exact figures on our portal by following the above link). Here is just one example: the minimum deposit required to be kept in the account equals USD 1,000 for low-risk companies, USD 3,000 for medium-risk ones, and USD 5,000 for the highest-risk category.
High-risk companies are the following ones:
- Offshore companies
- Companies engaged in gaming, crypto, forex, precious metals, pharma, and some other high-risk activities
- Companies registered in jurisdictions under the tight scrutiny of FATF, like the Cayman Islands, Vanuatu, or Seychelles.
- Companies on the list of high-risk jurisdictions compiled by the Kazakh PSP
However, the good news is that high-risk companies can still use the full range of the payment system’s services while they would be denied the opportunity in many other banks.
Documents Required to Open a Corporate Account
The exact list of documents may vary, so you’d better check up with our experts for an up-to-date one. The only detail that does not change is the certification: all the documents you submit have to be certified.
On the whole, there are three groups of documents you will need to submit:
- Corporate documents (like the Certificate of Good Standing, Memorandum/Articles of Association, and so on.
- If the company owner is a legal entity, the corporate documents for such an organization will have to be submitted.
- The third group of documents concerns the individuals that will serve as company owners and directors.
Be prepared to provide additional documents upon request.
Opening a Corporate Account with the Kazakh PSP: Steps
- Follow the above link to our portal and use any convenient communication channel to tell us that you want to know more about the Kazakh PSP (or are ready to open an account)
- Pay for our services (after you get answers to your questions)
- Send us all the required documents prepared according to our recommendations
- We will set the ball rolling
- We will provide you the data to log in to your ready-to-use corporate account
Visit our portal to get more than you have now! We do help entrepreneurs make the world a better place.
