Registrar of Companies Strengthens Efforts to Update Public Register and Enhance Oversight of AIFC Participants

Since its establishment, the Astana Financial Services Authority (AFSA) has been actively fulfilling its mandate, including the registration and supervision of the Centre’s participants. Since 2017, more than 4,600 companies have been registered in the AIFC.

The AIFC’s legal framework, based on the principles of common law, makes it attractive to both financial and non-financial companies. Among its participants are major operating companies, IT startups, mining and oil and gas enterprises, endowment funds, and organisations from various other sectors.

As in many other international jurisdictions, the AIFC Public Register may include companies with limited operational activity. Such entities are often set up for various administrative purposes. The role of AFSA is to ensure that the information in the public register remains current and accurately reflects the actual state of affairs, thereby strengthening transparency and promoting trust in the AIFC ecosystem.

In this regard, the AIFC Registrar of Companies is launching a scheduled initiative to update company information and verify their operational status, including checks on the submission of annual reports and the accuracy of registration details; confirming actual operational activity through supporting documents; verifying the validity of existing licenses; and ensuring compliance with AIFC Acts and reporting deadlines.

All companies identified as requiring a status update will be sent official notifications containing explanations and guidance on how to verify their operational activity.

Companies that fail to provide confirmation of their activity may be removed from the register (struck off) in accordance with Article 167 of the AIFC Companies Regulations.

The strike-off procedure is a common international practice adopted by leading jurisdictions such as Singapore, the United Kingdom, Delaware, Australia, and others.

This initiative is aimed at ensuring the accuracy and transparency of the Public Register, enhancing the AIFC’s business reputation, and aligning with international standards for anti-money laundering and counter-terrorist financing (AML/CFT).

For active and compliant AIFC participants, this process will not create any difficulties. Upon completion, the companies identified through this review will receive clear guidance and ample time to submit the required information.

Reference:

The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), which is established in accordance with the Constitutional Law of the Republic of Kazakhstan “On the Astana International Financial Centre” for the purposes of regulating financial services and related activities in the AIFC. AFSA administers the AIFC Regulations and Rules and is responsible for the authorisation, registration, recognition and supervision of financial firms and market institutions in the AIFC.

Over 4,600 firms from 88 countries are registered in the AIFC. These firms provide banking, insurance, investment, professional and other services. The range of financial services offered at the AIFC is comparable to the list of services available in long-established financial centers of the world, such as London, Hong Kong, Singapore, Dubai and others. www.afsa.kz

The Astana International Financial Centre (AIFC) is an independent jurisdiction with a favourable legal and regulatory environment and a developed infrastructure for starting and doing business, attracting investment, creating jobs and developing Kazakhstan’s economy. https://aifc.kz/ 

Contact information:

Public Relations and Communications Division of AFSA: +7 (717) 264 73 43; +7 7172 61-37-45 email: [email protected]