Payment-service providers need to choose the right place of territorial location of their legal entity. This will determine the speed of processing necessary documents and the start-up of the company. If everything is done in the respectable countryside, the company will quickly start to pay for itself, and within a year it is possible to start receiving a net profit from its activity.
Many co-founders of payment-services corporations open their corporations in different parts of the world. For some people, Europe is more profitable, while others are interested in Eastern countries and offshore zones. Among all these places Kazakhstan is undeservedly lacking attention.
This country can provide good conditions for the development of enterprise in the field of payment-services supply no worse than others. This market is actively developing in Kazakhstan and the number of corporations in this area is only increasing. The prerequisites of the local controller are not much higher than in other countries, and obtaining a license can take less time than in many alternative regions.
Why pay attention to the PSP-license in Kazakhstan
It is very profitable to engage in such business in this country. Already today many companies are ready to provide clients with the service of processing transactions in electronic format.
In Kazakhstan, payment service providers can process credit card-payments, process classic money-transfers, and help with utility expenditures. They will also help process transactions related to the purchase of interests or usefulness, the purchase of transport credentials, and ensure that transactions between buyers and sellers are conducted in an online format.
Kazakh payment service providers have more opportunities than in some countries. For example, having the necessary license will allow them to:
- provide services for storing electronic currency in the relevant electronic wallets;
- to carry out currency-exchange operations;
- provide consulting-services;
- conduct-activities with safeness;
- to furnish depositary and agency-services;
- to issue bank cards;
- to process transactions with crypto-currency.
Compared to other countries, in Kazakhstan, you can get access to the above-mentioned pastureland of services after acquiring a single appointment. In other countries, you will need to obtain several types of licenses with different functionality.
Advantages of acquiring a due in Kazakhstan
In addition to the fact that this assignment has the same format for all providers of payment-services, its issuers may receive several interesting advantages, which are not provided to companies in other countries. First of all, in Kazakhstan, it is possible to obtain 100% ownership of the business by non-residents. In many countries with cheap licenses, there is a requirement to obligatory employ the locals for managing positions and operations control departments.
Also, representatives of business in Kazakhstan can take advantage of tax structuring. As a result of such operations, tax rates can be equal to zero. Undoubtedly, there are similar offers in other countries, but here it is especially beneficial for those who would not like to hire local employees.
As of today, Kazakhstan’s market for payment services supply has good technical capabilities. Therefore, clients who have a legal entity in the territory of this state will be able to make payments quickly and without paying additional commissions. When working with foreign corporations companies usually need IBAN SWIFT codes. And if in many countries they cannot be technically assigned, in Kazakhstan there are no problems with the provision of such identifiers. As you can see, it is profitable to obtain a permission from a expenditure service-provider in Kazakhstan.
Prerequisites and stages of licensing
In fact, in Kazakhstan, the controller applies min prerequisites for those who want to get a license to provide payment usefulness. Frequently, a corporation only needs to:
- undergo enrollment;
- to appoint one director with any citizenship;
- provide information about the director;
- execute a notarial power of attorney for the director.
In Kazakhstan, there are no prerequisites for having an office in the country, hiring employees, or the amount in the company’s accounts. These issues are considered insignificant when applying for a license. However, the company must file an annual report. But unlike in other countries, the regulator can provide contact information about appropriately qualified English-speaking accountants in the country and recommend their usefulness.
Enrollment of the authorization takes place in several stages:
- collecting the necessary registration docs;
- going through the registration-procedure and the creation of a legal entity;
- acquiring approval from the Ministry of Economy to set up a bank arrangement and applying the controller;
- completing the warranty procedure of the legal entity and issuing a license or refusing to issue a license.
After obtaining the license, one can start to work in full to provide the necessary services.
Who can help with obtaining a permission
In Kazakhstan, there are not many prerequisites for those wishing to obtain a permission for payment-activities. However, inexperienced co-founders may take a long time to collect unnecessary in fact documents and prolong the licensing process. To prevent this from happening, we recommend that you consult with professionals.
In our team only experienced legal advisors have repeatedly submitted documents for such permits. We are ready to not just provide advice on the pack of docs and to prescribe your actions and pre-check the package of documents you provide. With our help, you willpower get a license in the most straightforward conceivable juncture and be able to start working before your competitors. In the end, when they enter this market, you will already have a strong position in it.