Remittance and Payment is a major business worldwide with funds close to US 700 billion transmitted worldwide. A Kazakhstan Remittance and Payment Institution License is a door to enter into this lucrative business.
With a remittance license, the holder will be able to receive and transmit funds worldwide in compliance with the terms of the license. The associated payment institution license means that the business can also be involved in the transfer of payments to goods suppliers and service providers.
For businesses willing to expand beyond remittance and payment services, the flexible nature of the license means that businesses can provide a wide range of additional services including cryptocurrency transactions, foreign exchange, and securities dealing, financial consulting, depository agent activities, and merchant services, through a single license.
A license for a Remittance and Payment Institution is issued by the Kazakhstan National Bank and the Ministry of Economy of Kazakhstan. The documentation requirements for a License are minimal. There are no requirements for office, staff, business references or a compliance officer. There is also no minimum paid-up capital requirement. There is a possibility of 100% foreign ownership and the Tax rate can be reduced to close to 0% through permitted structuring
The fee for an application for a license varies on a case to case basis but is considered being among the most cost-effective in the world. A license is generally granted within 6–8 weeks of submission of a fully completed application.