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Opening a bank account in Kazakhstan for foreigners and companies

23.10.2026

An account with a Kazakhstan bank is needed by a foreigner who lives, works or does business in Kazakhstan, by an LLP with foreign participants, by a branch of a foreign company and by a foreign company itself that receives or pays money in Kazakhstan. KORGAN Law Firm prepares the documents for the bank, helps choose a bank and accompanies the account opening, and if needed first obtains an IIN or a BIN.

What we do

We check which number the account requires and obtain an IIN for a foreigner or a BIN for a foreign company.
We prepare the documents under the National Bank Rules: translations, notarized copies, apostille or legalization of foreign documents, powers of attorney.
We help choose a bank and prepare answers to the bank’s questions about beneficial owners, business and source of funds.
We accompany the client at the bank, and if the bank refuses, we find out why and look for another bank.

Which rules apply

An account is opened under a bank account agreement or a bank deposit agreement on the basis of the client’s application, on paper or in electronic form (paragraph 5 of the Rules for opening, maintaining and closing clients’ bank accounts, Resolution of the National Bank Board of 31.08.2016 No. 207). Accounts are current or savings accounts, in tenge or in foreign currency (paragraph 3 of the Rules).

Before opening an account, the bank checks the client, its representatives and beneficial owners under Article 5 of the Law “On Countering the Legalization (Laundering) of Proceeds from Crime…” (paragraph 10 of the Rules). The bank may request information about tax residency, type of activity and source of funds (paragraph 5 of Article 5 of the Law); for an individual, it establishes tax residency from the information the individual provides (paragraph 21 of the Rules). In the cases established by law, the bank notifies the tax authority of an account opened by a legal entity, an individual entrepreneur or a foreigner no later than two business days after opening (subparagraph 1 of paragraph 2 of Article 55 of the Tax Code).

An account for a foreigner

A current account requires an IIN: under the Law “On National Registers of Identification Numbers”, the identification number is used when opening and maintaining bank accounts, except savings accounts of foreigners, stateless persons and non-resident legal entities (subparagraph 5 of paragraph 4 of Article 3). A foreigner’s IIN is generated when the foreigner is in Kazakhstan and applies to the registering authority in person (paragraph 6 of Article 9).

For the account itself, a non-resident individual submits an identity document, for both a current and a savings account (subparagraph 1 of paragraph 26 and subparagraph 1 of paragraph 32 of the Rules). A current account in a foreigner’s name can also be opened by a representative with the client’s identity document (or its notarized copy), the representative’s own identity document and a notarized power of attorney to open the account and dispose of the money (paragraph 29 of the Rules).

An account for a company

An LLP in Kazakhstan with foreign participants is a resident legal entity. It submits a document with specimen signatures and copies of the identity documents of the persons who will sign payment documents (subparagraph 3 of paragraph 26 of the Rules). If the bank obtains these documents from government information systems, they need not be submitted (paragraph 26 of the Rules). The bank identifies beneficial owners from the constituent documents, the register of beneficial owners or other sources (subparagraph 2-2 of paragraph 3 of Article 5 of the Law on Countering the Legalization). To register an LLP, see “Company registration in Kazakhstan: LLPs, branches, re-registration“.
A branch or representative office of a foreign company submits the same documents and a copy of the power of attorney issued by the company to the head of the branch or representative office (subparagraph 3 of paragraph 26 of the Rules).
A foreign company without a branch first obtains a BIN: it registers with the state revenue authority as a taxpayer opening a current account with a resident bank (paragraph 8 of Article 9 of the Law on National Registers), and the application is filed at the location of the bank (paragraph 10 of Article 9). The bank receives documents with specimen signatures or on the powers of representatives, notarized, legalized or apostilled; the original or a notarized copy of an extract from the trade register with a notarized translation into Kazakh or Russian; and copies of the signatories’ identity documents (subparagraph 4 of paragraph 26 of the Rules).

If the client already has an account with the bank, a company opens a second account with the same bank without submitting the documents again (paragraph 17 of the Rules), and an individual only with an identity document (paragraph 16).

Why banks refuse

The grounds for refusal are listed in paragraph 25 of the Rules:

the documents required by the Rules have not been submitted;
the bank cannot complete the client check or identify the beneficial owner, or suspects that the account is needed for money laundering (paragraph 1 of Article 13 of the Law on Countering the Legalization);
another account of the client is subject to decisions suspending debit transactions, third-party claims to withdraw money or an arrest, and there is not enough money on it; or the client is an inactive taxpayer (paragraph 2 of Article 27 of the Law “On Payments and Payment Systems”);
the client has tax arrears or arrears of social payments: with the client’s consent the bank may open the account, but debit transactions are allowed only after the arrears are paid (subparagraph 19 of paragraph 2 of Article 55 of the Tax Code).

In practice, banks also refuse under their internal policy, so with the same documents one bank may refuse and another may open the account.

Timing and practice

In our practice, an account for a company with foreign participation is opened within one to seven business days. A client from Russia, after registering an LLP with us, went to a bank on his own and was refused under the bank’s internal policy. We found another bank, and the account was opened in an hour.

Cost

The cost depends on who the account is for and whether an IIN or a BIN has to be obtained first. We agree on it before starting work. Notary fees, translation, apostille and legalization are paid separately. The bank sets its own fees for opening and maintaining the account.

Frequently asked questions

Can a foreigner open an account with a Kazakhstan bank?

Yes. A current account requires an IIN (subparagraph 5 of paragraph 4 of Article 3 of the Law “On National Registers of Identification Numbers”), and the account itself an identity document (National Bank Rules No. 207). A foreigner’s IIN is generated when the foreigner is in Kazakhstan and applies to the registering authority in person. A foreigner can open a savings account without an IIN.

Can an account be opened without visiting the bank in person?

A current account in a foreigner’s name can be opened by a representative with the client’s identity document or its notarized copy, the representative’s own identity document and a notarized power of attorney to open the account and dispose of the money (paragraph 29 of the Rules).

How can a foreign company without a branch open an account in Kazakhstan?

First obtain a BIN: the company registers with the state revenue authority as a taxpayer opening a current account with a resident bank, and the application is filed at the location of the bank (paragraphs 8 and 10 of Article 9 of the Law on National Registers). The bank receives legalized or apostilled documents on the powers of representatives, an extract from the trade register with a notarized translation and copies of the signatories’ identity documents (subparagraph 4 of paragraph 26 of the Rules).

Why can a bank refuse to open an account?

If the required documents are not submitted, the bank cannot verify the client or identify the beneficial owner, another account of the client is subject to claims or an arrest, or the client is an inactive taxpayer (paragraph 25 of the Rules). In practice, banks also refuse under their internal policy, so one bank may refuse and another may open the account.

How long does it take to open an account for a company with foreign participation?

In our practice, one to seven business days. Once, after one bank refused, we found another, and the account was opened in an hour.

To open an account in Kazakhstan, call us: +7 700 500 05 53, or leave a request on the website.

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