Authorisation
In order to conduct financial or ancillary services in or from the AIFC, firms need to obtain a licence from the AFSA.
The authorisation process enables the AFSA to identify, prevent significant misconduct or harm from occurring and to ensure that firms and individuals meet threshold conditions before a firm carries out financial or ancillary services from the AIFC.
How to apply:
1. Contact AIFC Business Connect team of the AIFC
We strongly recommend that firms, in the first instance, engage with the Business Connect unit of the AIFC. They will help you understand the value proposition of the AIFC to assist your evaluation of whether a presence here will make business sense for your firm.
Please contact Business Connect team by emailing [email protected].
2. Prepare to apply
Some firms go straight to attempting to complete the application forms. This often results in a poor application and can lengthen the application process. Here are some recommended preparation steps:
3. Complete the Application forms
It is vital that you supply all relevant information. Openness and honesty are essential. Should we need to examine your application more closely because of any disclosures you make, this will not necessarily count against you. However, deliberately withholding information or providing false or misleading information will adversely impact the success of your application.
You should also start the registration process with the AIFC Registrar of Companies at the same time as you submit your AFSA application. This will help you to avoid delays at the end of the authorisation process.
For your convenience, we have launched the online submission of Ancillary Services application via our Self-service Portal.
To start using the portal all you need is to follow these 4 steps:
1. Open the Portal;
2. Register on the portal using a valid email address, upon provision of necessary information, please verify your account by clicking the link sent to the provided email address;
3. Login to the portal and click the "New application" button;
4. Choose ‘Authorisation’ in the menu and within it choose ‘Ancillary Services’ application.
Once an application is ready (all sections will be colored in Green), you can submit it to AFSA via the Self-service portal.
Ancillary Services application fee - $2000
4. Application processing
A successful application will result in the AFSA issuing you an in-principle letter which will allow you to complete the registration process. We will then issue you with your AFSA Licence once you can demonstrate that you have successfully registered with the Registrar of Companies, have sufficiently capitalised the firm and have met any other outstanding matters.
We endeavor to process all licence applications promptly, however, the actual process times depend on the complexity of the applicant’s proposed operations and the quality of the application itself. Average application processing time, from the time the AFSA receives a materially complete application, is around two to three months. This does not include anytime the AFSA is awaiting information or a response from the applicant.
While members of the AFSA Authorisation team might be able to assist applicants regarding the application process and AFSA’s requirements relating to the application, the AIFC’s Business Development team can provide more hands-on assistance. Applicants are therefore urged to speak to a Business Development Officer prior to submitting an application. Alternatively, there are a number of AFSA authorised Consultants listed on the AFSA’s Public Register that can provide a service.
5. Currency Regulation
Please note that the AFSA and the National Bank of Kazakhstan have signed Rules on Currency Regulation and Provision of Information on Currency (“the Rules”). The Rules, amongst other things, detail the list of the financial services that AIFC Participants can provide to residents of the Republic of Kazakhstan, that are not AIFC Participants. It also includes details of when and how AIFC Participants can transact business in the local currency (Tenge) or foreign currency. Please familiarize yourself with the Rules and how they might apply to your business going forward.
6. How to contact us:
Please feel free to contact us at any time by clicking here.
Email: [email protected]
For technical queries of AIFC Self-service Portal please contact us through the following email: [email protected] or send us a message in Live chat of AIFC Self-service Portal.