Launching a Business Abroad as an Expat: The Kazakhstan Case Study

Published on January 25, 2026 and written by Cyril Jarnias

Setting up in Kazakhstan to launch a business is no longer a far-fetched idea. With a growing economy, competitive taxation, double taxation treaties, openness to international talent, and status as a regional hub between Europe and Asia, the country is attracting more and more expatriates, “neo nomads,” and investors. But starting a business abroad remains a demanding journey, involving immigration, corporate law, taxation, banking, cost of living, and cultural codes.

Understanding the Entrepreneurial Landscape in Kazakhstan

Before starting any administrative procedure, it is essential to understand the local context: economic structure, business climate, role of banks, exchange rate regime, standard of living, financial sector, and the place of foreigners within this system.

Kazakhstan is the largest economy in Central Asia and the largest landlocked country in the world. The economy was built on natural resources (oil, gas, uranium, metals), but the government is actively seeking to diversify into industry, finance, agri-food, technology, logistics, services, and renewable energy. The country ranks highly in international business climate rankings: 25th out of 190 in the World Bank’s Doing Business index, with particularly strong performances in protecting minority shareholders (7th), enforcing contracts (4th), and registering property (24th).

An Advanced Banking System, But More Demanding with Foreigners

The Kazakh banking sector is both developed and under strong regulatory oversight. Authorities have tightened controls since 2022, in response to the regional geopolitical context and risks of sanctions circumvention. Result: on paper, there is no legal restriction for a non-resident to open an account, but in practice, banks filter much more heavily.

For an expatriate entrepreneur, this means anticipating thorough checks (sanctions, anti-money laundering, proof of real economic activity in Kazakhstan) and sometimes rejections, even when the legal framework seems clear. Banking strategy must therefore be considered from the very conception of the business project.

Entrepreneurial Visas, Expatriate Status, and Relocation

Entrepreneurship abroad rarely starts with legal structures: it begins with the visa, regularity of stay, and obtaining local identifiers (IIN, BIN, electronic signature). Kazakhstan has developed an arsenal of business-oriented visas for work, investment, and digital nomadism, among which the Neo Nomad Visa, widely used by international remote workers and freelancers.

In the case of a long-term establishment project, company formation, or opening a bank account, a few key elements emerge from regulations and practice.

IIN, BIN, Electronic Signature: The Keys to Accessing the System

Anyone wishing to open an account, create a company, rent an office, electronically sign a tax return, or use online public services must have an Individual Identification Number (IIN). A company will have a Business Identification Number (BIN). In the case of a foreign entity, the bank will often require both the company’s BIN and the IIN of the General Director.

For an expatriate entrepreneur, this almost always implies an on-site trip, even if just for a few days, to obtain the IIN, BIN, and digital signature. Specialized service providers assist with this process: they offer packages including advice on bank selection, appointment booking, obtaining a Kazakh SIM card, physical accompaniment to the branch, interactions with the bank, etc. These services can range from basic support to “turnkey” services, sometimes billed several thousand euros for a fully remote setup (up to 5,500 EUR for a corporate account opening without visiting the country, with a lead time of 2 to 3 weeks).

Non-Resident Status, Residence, and Personal Taxation

From a tax perspective, a non-resident who does not receive income from Kazakh sources is exempt from tax in Kazakhstan. However, opening an account or a company still requires registration as a non-resident with the tax authorities and obtaining an IIN/BIN. Therefore, one must distinguish between “obligation to report” and “effective taxation.”

Choosing the Right Legal Structure as an Expatriate

Once the matter of stay is settled and identifiers obtained, the next step is to choose the legal form. Kazakh law does not distinguish between a local company and a subsidiary with foreign capital: an expat can therefore use the same forms as Kazakh entrepreneurs, with some restrictions around the status of an individual entrepreneur.

The most common forms are:

– the Limited Liability Partnership (LLP, very similar to an LLC) ;

– the Joint Stock Company (JSC) for larger projects, with share issuance ;

– a branch of a foreign company, authorized to conduct commercial activity ;

– a representative office, limited to promotion and liaison functions (no revenue-generating activity).

Registration and Required Documents

The registration of an entity is done either online via the eGov.kz portal (for simple structures) or physically at a public service center. Authorities announce a timeframe that can range from one business day to a week for an LLP, and up to two weeks when including document preparation, translations, legalizations, and obtaining tax codes.

Banks, for their part, often require a more comprehensive file for opening a corporate account for a foreign entity or one with significant foreign participation. In practice, the following are systematically required:

– Company BIN and director’s IIN ;

– Charter and founding documents ;

– Extract from the trade register of the country of origin (for a corporate shareholder) ;

– Director’s passport ;

– Documents related to the ultimate beneficial owner.

Documents must be translated into Russian and/or Kazakh, notarized, then apostilled or legalized, unless they come from a CIS country, where this step may be avoided. Some banks also require the physical presence of the director for the final signature, even if they accept an initial submission of documents online or by video conference.

The underlying logic is clear: to show that the company is not an empty shell serving only as a transit vehicle, but a real economic player, with an office, business plan, contracts, or letters of intent in Kazakhstan.

Opening a Business Bank Account: A Key and Often Tricky Step

In any entrepreneurial adventure abroad, opening a bank account is one of the most sensitive stages. In Kazakhstan, the paradox is clear: there is no prohibition for a non-resident at the level of the National Bank or official texts; yet, in practice, many banks refuse or multiply additional requests, especially since 2022.

What the Regulations Say… and What Banks Do

Legally, any individual, including a non-resident, can open an account in a Kazakh bank. Similarly, no official provision prevents opening an account for a company whose founders are non-residents. The National Bank reiterates this principle, and the reference texts do not contain explicit discrimination.

But since April 2022, institutions have been monitoring much more closely the files of non-residents, whether individuals or foreign companies. We observe:

– In-depth compliance checks (international sanctions, anti-money laundering, nature of flows, source of funds) ;

– Requirements for physical presence (of the director for legal entities, of the individual for a personal account) ;

– Frequent refusals, sometimes without explanation, for recent entities or those without local activity.

The Strengths of the Kazakh Banking Hub for Foreign Entrepreneurs

Once the account is opened, the advantages are far from negligible. Local banks offer a full range of services to businesses:

– Multi-currency accounts, without restrictions on foreign currency operations for transactions between residents and non-residents ;

– Ability to receive funds in foreign currency, conduct exchange operations, manage export-import contracts ;

– Fully digitized transfers via mobile apps and web platforms ;

– Deep integration with international payment systems (Visa, MasterCard, UnionPay, American Express, over 95% of payment operations go through Visa/MasterCard).

In terms of pricing, opening a business account typically costs between 10,000 and 20,000 KZT, approximately 22 to 44 USD. Monthly maintenance fees commonly range from 5,000 to 15,000 KZT (11 to 33 USD). Interbank transfers are charged 0.1% to 0.2% of the amount, while currency exchange is typically between 0.5% and 1%.

These elements can be summarized in a comparative table.

Bank Cards and Non‑Residents: New Rules and Local Fintech

Beyond the account, obtaining a local payment card has become a central issue, especially for expatriates under the Neo Nomad Visa or IT freelancers. Investigations by local press, such as The Astana Times, show sometimes chaotic journeys for foreigners seeking a Kazakh card, despite theoretically open regulations.

The ARDFM has proposed tightening conditions for non-residents without permanent residence permits. Among the main measures considered or already implemented:

– Mandatory two-factor authentication, with submission of a passport photo at least once a month ;

– Limitation to one active card per foreign individual ;

– Prohibition of remote issuance or re-issuance: the client must appear in person at a branch or authorize a designated representative ;

– Systematic monitoring, during the first three months of the card’s life, of all incoming and outgoing flows to detect suspicious transactions ;

– Enhanced control of the legal status of foreigners, especially when they do not reside in Kazakhstan or request a card in border regions.

These restrictions explicitly aim to reduce the risks of document falsification, “financial mule” schemes, and more broadly, financial crime.

– Halyk Bank (the country’s largest bank by assets) requires a residence permit to open an account for a non-resident ;

– Kaspi Bank, a fintech heavyweight, distributes its Kaspi Gold card to citizens of Eurasian Economic Union (EAEU) countries and foreigners with a Kazakh residence permit. Applicants without a residence permit must appear in person at a branch to sign a data processing consent via Kaspi electronic signature; the card is valid for one year for these profiles ;

– VTB Bank (Kazakhstan) has resumed issuing Mir system cards to non-residents, with a standard validity of 12 months, which can reach three years for diplomats and certain investors.

Kaspi.kz, very popular with expatriates for its integrated banking app (payments, transfers, consumer credit, e-commerce), requires all foreigners to have:

– A local phone number ;

– A valid passport ;

– An IIN issued by a public service center ;

– A document proving the right of stay (visa, entry stamp for EAEU citizens, temporary registration, work permit, student card, or other official proof).

Each application is scrutinized against sanctions lists and anti-money laundering procedures before validation.

Cost of Living and Operating Costs: Almaty vs Nur‑Sultan

Creating a business abroad also means choosing your operational base. In Kazakhstan, the two cities that concentrate most of the economic and financial activity are Almaty (economic capital) and Nur-Sultan (political capital, which also hosts the Astana International Financial Center). For an expatriate, the cost of living, salary levels, real estate, and service prices directly impact the business plan.

Cost of Living Indices and Average Salaries

Recent data shows that Almaty is generally more expensive than Nur-Sultan, with a cost of living about 21% higher. Aggregate indices confirm this hierarchy, although both remain far from major Western metropolises in terms of expense.

For an expatriate entrepreneur, it is striking to note that the average net salary does not even cover a full month of standard expenses in these cities. This explains a large part of the appeal for better-paid profiles, coming from abroad or affiliated with international companies, who have significantly higher purchasing power.

Housing, Utilities, Transportation: Item by Item

Rents are often the heaviest budget line, whether for personal expenses or professional premises (even if the levels are not directly comparable). Data for residential apartments gives a first idea of the scale.

Basic utilities (water, electricity, heating, garbage, for an 85 m²) remain relatively modest:

Public transportation is very affordable: approximately 0.22 USD per ticket in Almaty, 0.21 USD in Nur-Sultan, with monthly passes at 16.3 USD and 13.6 USD respectively. An 8 km taxi ride costs around 7.35‑7.92 USD depending on the city, but using apps like Yandex Taxi often reduces the bill, with an average 3 km trip costing about 2 USD in Almaty.

For overall cost of living, estimates for Almaty show a fairly wide spectrum:

These amounts should be compared to the standard of living of the entrepreneur or expatriate team, and the compensation policy if you plan to hire locally. The average net salary in Almaty (656–837 USD depending on sources) and Nur-Sultan (598 USD) provides a basis for building a competitive salary grid.

Managing Cash Flow and Company Taxation

Setting up a structure abroad is not limited to opening an account: you must then ensure tax compliance, optimize transaction costs, comply with currency regulations, and leverage double taxation treaties.

Basic Rules on Currencies and Payments

Kazakhstan applies a relatively liberal regime for currency operations but clearly distinguishes transactions between residents and those involving non-residents:

When working with Russian counterparts, an additional technical point: it is recommended to check whether the counterparty’s bank is on sanctions lists, via the OFAC database or through your bank relationship manager. Ignoring this check can lead to payment blockages, or even compliance issues.

Corporate Taxation and Exemptions for Non‑Residents

The country applies a standard corporate income tax rate of 20%, with some reduced rates for particular sectors (e.g., 6% on certain agricultural income). VAT is at 12%, with a zero rate for certain exports and international transport operations. Payments of dividends, interest, royalties, and capital gains to non-residents are, by default, subject to 15% withholding tax, adjustable by the many double taxation treaties signed with over 50 countries.

The existence of double taxation treaties with more than 50 countries allows, for an entrepreneur officially residing elsewhere, to avoid in most cases the double taxation of their dividends or capital gains, provided they correctly use tax residency certificates and comply with the beneficial owner criteria imposed by new standards (BEPS, MLI, “principal purpose” test of treaties, etc.).

Establishing in Strategic Hubs: AIFC, Special Economic Zones, and Major Banks

Within the country, certain platforms play a special role in welcoming foreign investors and structuring international projects: the Astana International Financial Center (AIFC), special economic zones (SEZs), and some major banks.

The Astana International Financial Center (AIFC): A Hub Apart

Located in Nur-Sultan, the AIFC has its own jurisdiction based on English common law, its own court, and international arbitration center. It hosts banks, fintechs, investment companies, professional service platforms, and offers a highly advantageous tax regime (exemptions from corporate tax, VAT, certain incomes, for a duration that can reach 50 years in some cases). For an expatriate entrepreneur with a fintech, investment, or financial services project, the AIFC offers:

Some real estate investors have already used the AIFC as a base to structure vehicles like REITs (real estate investment trusts), such as TSPG, the first Kazakh REIT specialized in shopping malls.

Special Economic Zones: Tax Advantages, But Caution on Implementation

SEZs hold a central place in the country’s diversification strategy. There are about twelve to fifteen depending on sources, each with a specialization: chemicals, metallurgy, textiles, logistics, IT, tourism, etc. They offer in principle powerful incentives: full exemption from corporate tax, property tax, and land tax, zero VAT rate on certain imported inputs used in the zone’s activity, exemption from customs duties on equipment.

The duration of benefits often depends on the investment volume, calculated in multiples of the Monthly Calculation Index (MCI):

In return, companies must generate at least 90% of their revenue from the priority activities of the zone (70% for the “Innovative Technology Park” near Almaty) and accept enhanced reporting obligations. A 2021 national audit highlighted many governance flaws, massive reliance on quasi-public investments, and limited impact on innovation and exports. For a starting expatriate, these zones remain interesting, but more for heavy industrial or structured IT projects than for a small consulting boutique.

Choosing Your Bank: Halyk, Kaspi, VTB, and Others

In the banking sector, a few players concentrate a significant share of flows:

Other banks recommended for non-residents include Sberbank Kazakhstan and RBK Bank, which offer full ranges of Visa cards (Instant, Classic, Gold, Platinum, Infinite, Priority Pass) with 3D Secure security and mobile management.

Major generalist banks like Halyk, Bank CenterCredit, Kazkommertsbank, or Sberbank Kazakhstan offer, for business accounts:

– Service packages combining corporate cards, payroll projects, cash collection, acquiring, foreign exchange, deposit management, corporate credit, solutions for import/export ;

– Sometimes ancillary services like accounting outsourcing, HR management, payroll, or even support to access public funding.

From the expatriate’s point of view, bank choice should consider: banking fees, branch accessibility, and ease of use of online banking services. It is also essential to consider the ability to conduct international transactions without high fees, as well as customer service adapted to expatriate needs.

– Policy towards non-residents (requirement for residence permit, local establishment, justified activity) ;

– Quality of the online interface (applications in English, multilingual support) ;

– Processing times and transparency of criteria ;

– The ability to work with your country of residence regarding potential sanctions.

Business Culture and Negotiation: Succeeding in Local Relationships

Beyond forms and regulations, starting a business abroad means entering a new cultural universe. Kazakhstan combines nomadic heritage, Soviet tradition, and international influences. This hybridization is reflected in the way of doing business, negotiating, and maintaining trust.

Hierarchy, Patience, and Relationships

Kazakh culture is strongly hierarchical and collectivist. Respect for age, rank, and position is central. Decisions follow a top-down pattern: even if you interact daily with mid-level managers, the final decision will rest with the most senior person. Hence the importance of “matching ranks”: sending to meetings an interlocutor of comparable level to the Kazakh counterpart, and providing in advance mini-CVs or bios of your team members.

Personal trust carries great weight. One opens up more easily to a partner recommended by a trusted third party (chamber of commerce member, lawyer, known local entrepreneur) than to a stranger, even if highly technically competent. Meals, invitations to homes, cultural or sporting outings are all levers to build this relational capital.

Communication, Gifts, Business Cards

Communication combines a share of directness, especially in the north and west of the country, and a strong dose of indirectness in the south. Raising one’s voice to argue a point is not necessarily a sign of aggression, but rather of involvement. The unspoken, silences, non-verbal signals (gaze, posture, facial expressions) count as much as words. An ability to “read between the lines” is essential, especially if your exchanges are in Russian or Kazakh via an interpreter.

The business card carries even more weight than in Western Europe. It is advisable to have it printed in English on one side, Russian on the other, clearly stating your position. Many are distributed, not necessarily with a ritual, but it is good to take a moment to read the received card and possibly comment on the position or organization.

Building Your Team: Banks, Lawyers, Service Providers, and Public Programs

For an expatriate, trying to do everything alone is rarely a good idea. The administrative, tax, and banking landscape is complex, constantly evolving, and often tinged with varying interpretations by different actors. It is therefore strategic to build a support ecosystem.

On the public side, the country has agencies dedicated to investment promotion, chambers of commerce, an investors’ ombudsman, bodies like the AIFC and Astana Hub for technology projects. These structures can provide information on available incentives (tax exemptions, grants, access to special economic zones), support programs, sector risks, useful contacts.

Conclusion: A Demanding Destination, But Rich in Leverage for Expatriates

Creating your business in Kazakhstan as an expatriate means accepting a certain initial complexity: appropriate visa, in-person obtaining of IIN and BIN, electronic signature, careful bank selection, solid compliance file, demonstration of real economic activity. The international context has considerably hardened banking and migration filters, especially for non-residents and recent foreign structures.

For an expatriate willing to invest time in understanding local codes, to surround themselves with reliable advice, and to build real relationships on the ground, Kazakhstan can become much more than a simple geopolitical “Plan B”: a sustainable platform for business development on a Eurasian scale.

Cyril Jarnias

Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.

On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.

Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.

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