Astana International Financial Center through the eyes of a lawyer

15.11.2023

• TOP 10 questions and answers about the AIFC
• ​​​​​​​​​​​​​​​​​​​​​Conclusion

Our colleague visited the Astana International Financial Center (hereinafter - AIFC) and shares her impressions with you in 10 questions and answers. 

General conclusion: an excellent tool for business. The overall conclusion is that it's a great tool for businesses. Now, let's start from the beginning.

In the AIFC, there are two significant approaches to domestic regulation, for the financial sector and for the non-financial sector.

For the financial sector, there are different types of licenses that need to be renewed annually100% of the license fee and 70% of the cost annually.

In addition, the AIFC offers a well-developed infrastructure and reasonable prices for renting office space from $ ≈20 per sq.m.

TOP 10 questions and answers about the AIFC

1. What is the amount of the registration fee in the AIFC?
    
   • Registration fee: $300, re-registration fee is $50.
      
2. What are the rules of currency regulation in the AIFC?
    
   • Only AIFC participants have access. There is an internal document on currency regulation.
      
3. Can AIFC participants use multiple currencies for transactions?
    
   • Yes, they can pay and receive both in US dollars and in tenge, there are no restrictions.
      
4. Do businesses within the AIFC have the ability to raise capital through listing, bond issuance or other financial instruments?
    
   • Yes, through the AIFC exchange. 
      
5. How can AIFC participants contact potential investors or financial institutions?
    
   • Through the public register on the AIFC website. 
      
6. How does the AIFC take care of data privacy and cybersecurity of companies?
    
   • There is an IT department that ensures the security and protection of confidential information of AIFC participants.
      
7. How does the AIFC protect intellectual property rights?
    
   • The AIFC does not have the tools.
     Participants independently obtain titles of protection through patent offices or by filing documents for international registration.
      
8. Are there any special visa or immigration conditions for foreign entrepreneurs or employees working in the AIFC?
    
   • These issues are dealt with by the AIFC Expat Centre.
      
9. How is supervision carried out within the AIFC?
    
   • The AIFC Supervision Department performs a supervisory function over both the financial and non-financial sectors.
      
10. What options are available for business when it decides to leave the AIFC?
     
    • The exit process takes place through the AIFC Arbitration Court.

​​​​​​​​​​​​​​​​​​​​​Conclusion

The AIFC as a platform for business offers a favorable tax regime, including exemption from an impressive list of taxes for legal entities and individuals, as well as for foreigners. At the same time, the AIFC has its current right based on the principles of English law, providing a stable legal environment for business. The AIFC also establishes regulatory standards and requirements for its participants, which must be carefully implemented. An excellent tool in terms of corporate structuring of management bodies in the Company. There is no requirement for the minimum amount of authorized capital for private companies. And one of the important points in the AIFC is the Company's redomicitation from any other jurisdiction where redomicitation is also allowed.

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