The Astana Financial Services Authority (AFSA) has been awarded the Corporate Registers Forum (CRF) 2023 Innovation Award – Commendation. AFSA received the award for the project of digitalisation of registration services.
Over four years, AFSA has achieved fully automated services provided by its Registration Division. These include registration, event-driven filings, annual report filings, name reservation, receipt of extracts from the public register, certificates and receiving reminders. The digitalised services, conducted entirely online, allow AIFC participants and potential participants to receive services from 30 minutes to 3 hours depending on the type of services. The services are designed very simply with maximum convenience and business-oriented approach, as well as maximum logic to prevent errors and mistakes by the applicants while filling out the application forms. Since the services have been digitalised, 98% of applications for registration are carried out online, which helps reduce the application processing time by staff. Some of the processes, such as event-driven filings, receiving Certificate of Good Standing, extracts from the Public Register or name reservation are processed instantly without the involvement of employees.
“AFSA has completely digitised company registration services thanks to the Digital Resident self-service portal. This has helped us to reduce the registration process for participants from five days to just 3 hours maximum. 98% of all AIFC company registration applications are submitted online, which leads to speedier turnaround times for applicants. Last year, the number of registered firms reached 1738 by the end of 2022, representing an 68% increase compared to 2021. Since registration is the point of entrance to the AIFC, automation plays an especially important role in making sure that participants receive fast and quality services,” said AFSA Registrar of Companies Laura Nurgaliyeva.
The CRF is an international association for administrators of corporate and securities registers involving over 70 countries as member jurisdictions, such as the UK, Singapore, Hong Kong, USA, Australia, UAE and others.
The CRF Innovation Awards celebrate the spirit of innovation and honours CRF jurisdiction members which have successfully put in place world-class initiatives, as well as those which have creatively implemented customised solutions, to make a real difference to their stakeholders. The award recipients are annually recognised as a frontrunner or innovator by having their achievements acknowledged and celebrated.
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 1,800 firms from 72 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 that began operations in 2018. In accordance with the 2025 Development Strategy, the key task of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and South Caucasus. www.aifc.kz
Contact information:
PR and Communications Division of AFSA
+7 (717) 264 73 43; +7 7172 61-37-45, [email protected]
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