http://nationalbank.kz

Legal and started working conditions in the Regional Financial Centre of Almaty city

Publication date: 27/12/2013 Change date: 27/12/2013 15:35

Regional Financial Centre of Almaty is a special legal regime governing the relationship of participants of the financial centre and other stakeholders, aimed at the development of the financial market of the Republic of Kazakhstan.

Financial centre operates on the following principles:

- Equality of all participants;

- The movement of capital in accordance with the currency legislation of the Republic of Kazakhstan.

In order to create favorable conditions for the implementation of activities in the Regional Financial Centre of Almaty city, Kazakhstan legislation preserve certain advantages for issuers, investors and professional participants (brokerage and dealer organizations). In this connection, the National Bank is endowed with public functions of several ministries, including the state registration of legal entities, labor control, visa support and other.

The presence of a “one stop shop” for state registration (re-registration) of legal entity - participant of the Regional Financial Centre of Almaty city. Registration deadline - one working day.

The authorized body, in order to stimulate the securities issuance of small and medium-sized businesses on the stock market, provides reimbursement for audit expenses for issuers that conducted the offering of its financial instruments on the special trading floor of the financial centre and has not previously audited the financial statements according to international standards.

Implementation of the authorized officials of state control over the observance of the participants of the Regional Financial Centre of Almaty city labor legislation of the Republic of Kazakhstan, who are empowered to carry out the appropriate inspections, issue orders to eliminate violations, as well as to consider cases on administrative offenses referred to in Section 550 of the Code of the Republic of Kazakhstan on administrative offenses, in violation of the participants of the financial centre of labor laws and to impose administrative penalties.

A simplified regime for issuing visas to foreigners coming to work in the companies of the financial centre. Foreigners and individuals without citizenship arriving in the territory of the Republic of Kazakhstan, to carry out activities in the financial centre, get a visa on arrival at the international airport of Almaty city. In addition, extension of visas, as well as change in the category of visas for individuals by the request of the National Bank may be made without departure from the Republic of Kazakhstan.

In addition, the Law of the Republic of Kazakhstan “On Employment” provides rules under which foreign labor quotas and licensing for its involvement does not apply to foreigners and individuals without citizenship who work in the financial centre as managers and professionals with post-secondary and higher education (with confirming documents).

Tax control of the participants of the financial centre is carried out in accordance with the laws of the Republic of Kazakhstan.

Participants of the financial centre has the legal rights to keep documentations and make transactions in the Kazakh and (or) Russian, and (or) English languages.

When participants need to submit financial documentation into the state bodies the authorized body translates it from English to Kazakh and Russian languages.

Currency obligations of the participants of the financial centre can be expressed in Tenge (local currency) and foreign currency.

Participants of the financial centre has the legal rights to trade on the special trading floor of the financial centre, stock exchanges, including foreign stock exchanges, and on over-the-counter market.

Income (interest and dividends) of trade transactions made up with securities that are listed in the official list of a stock exchange, is exempted from individual and corporate income taxes, as well as a number of financial transactions are exempted from value added tax. There is a special section for derivatives in the official List of Stock Exchange.

Authorized body explains the rights and obligations of the participants of the Regional Financial Centre of Almaty, advise a wide range of issues of securities market, supports by providing them legal assistance.