AFSA has further Digitalised its Post-registration services and enabled digitalised Currency Reporting

AFSA has made significant new steps in further digitalisation of its post-registration services. From now on, services of the Transfer of Shares and Alteration and Reduction of Share Capital are available online through one’s personal account on the Digital Resident platform.

Within the Transfer of Shares[1], applicants can now add or remove a Shareholder in their respective legal entity. These options may be accessed as a sub-process in the drop-down menu at “Change of registered details” under the category “Transfer of Shares.”

Similarly, a series of services are now available online within the activities relating to the process of the Transfer of Contribution[2], namely:

• Adding and/or removing Members of a Legal Entity;
• Adding and/or removing Founders of a Legal Entity;
• Adding and/or removing Founding Members of a Legal Entity;
• Adding and/or removing General Partners of a Legal Entity.

These services can be found as a sub-process in the drop-down menu under the category “Transfer of Contribution.”

Moreover, to register the alteration of share capital or contribution, companies may submit an online application for Alteration of Share Capital / Contribution event within their respective legal structure. In the same way, companies may reduce share capital by submitting an online application for Reduction of Share Capital   event via their personal account on the Digital Resident platform. Besides, updating the details of the head company or partnership may also be done online via the portal.

Prior to this change applications for these services had to be submitted offline, while the introduced online submissions will be processed faster, with a turnaround time of one to five business days (as opposed to the previous 7-10 business days), depending on the quality of the information submitted to AFSA.

AFSA is also pleased to announce on change in the process of currency reporting[3], which is now accessible via the Digital Resident Portal. To use these services, participants need to ensure that their organisation has an account on Digital Resident Portal, use an Electronic Digital Signature (EDS) registered to an employee of the reporting organisation, log in to the Portal and go to the Reporting section. For further technical assistance, participants may contact our support team at [email protected].

In addition to these changes, we also updated the Guidance on the Registration Process in the AIFC and the Guidance on Post-Registration Applications. Updated documents aim to enhance the clarity and efficiency of the registration and post-registration procedures for offline applications.

The key updated information from both pieces of guidance includes a detailed description of each event-driven application process for both online and offline (paper-based) submissions, references to the applicable AIFC Regulations, and a list of required documents and links. Additionally, it provides a list of the Extracts of Information available for obtaining and their examples.

We encourage you to get acquainted with the updated guidance to be up to date with the latest procedures and requirements. This will improve operational efficiency and strengthen overall compliance with the AIFC regulations.

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 3,600 firms from over 80 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]

[1] The movement of ownership from one party to another.

[2] various options to manage legal and organisational forms of a legal entity.

[3]   According to the AIFC Currency Regulation Rules, AIFC Participants and Second-Tier Banks of RK (commercial banks) submit reporting on currency transactions to the AIFC .