Kazakhstan will simplify online banking requirements for legal entities



Remote opening of a bank account for legal entities is simplified again. The amendments were made to the Statement on the State Registration of the Business Entity for the opening of a bank account, where six items will be cancelled. Requirements such as information about the entrepreneur's jurisdiction, residency, source of funding, actual location (doubled twice), employee information and FATCA data have been reduced.
The decision to simplify registration procedures was unanimously taken by the participants of the meeting held at the site of the Association of Financiers of Kazakhstan on April 5, 2018 - representatives of the National Bank of Kazakhstan, second-tier banks, insurance companies and other financial market organizations.

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It was necessary to simplify the application form after analyzing the appeals. According to the Ministry of Justice of Kazakhstan, out of 7,579 registered legal entities have applied to open a bank account online only 140, filled out the questionnaire correctly - 18.
«Composite services are convenient. This is one service, one statement. That is, the entrepreneur closes three questions with one click - opens a company, opens a bank account and applies for compulsory insurance. The issue is that earlier this service was inconvenient. The application had to fill out 32 paragraphs, many of which were banking terms. For example, the requirement to calculate risks. They should be calculated by the banks themselves, not by entrepreneurs. The program's developers, representatives of the National Information Technology Center, who were present at the meeting, will make changes to the form, and we hope that the procedure for registering legal persons will be simplified. Kazakhstan, which is striving to improve its position in the international ranking of DoingBusiness, has taken a course to convert all state services into composite services. Thus, doing business will be facilitated already at the stage of its registration procedure. Therefore, today's meeting will certainly be effective for the entire business community,» said Olzhas Nurmukhametov, a senior analyst at the Almaty City Development Center group.

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Earlier, when opening an online bank account, a charter and a document confirming the registration of a legal entity were removed from the list of documents. The requirement for notary identification of the document with samples of signatures and print of the seal by legal entities - residents of the Republic of Kazakhstan - was also abolished.