World Monitor Mag, Digitalisation WM_June 2019 web | Page 17

INVEST TO KAZAKHSTAN
United Kingdom Supreme Court. Legal
proceedings are conducted in the official
language of the AIFC, which is English.
Together with the AIFC court, the
International Arbitration Centre was
established, which deals with disputes
more quickly and less costly, if there is
an arbitration agreement between the
parties using best arbitration practices
and the participation of experienced
international arbitrators. The arbitrators
themselves can be chosen by the
disputing parties.
The AIFC also has an independent
Financial Services Regulatory Committee,
which ensures fairness and efficiency of
the financial market.
Special attention in the AIFC is given to
the development of a capital market.
The strategic partners of the high-tech
Astana International Exchange (AIFC
Stock Exchange) are the New York Stock
Exchange Nasdaq, Goldman Sachs, the
Shanghai Stock Exchange, and the Silk
Road Fund. AIX will provide a financial
mechanism for financing infrastructure
projects under the PRC's ‘Belt and
Path’ initiative, which will cover about
60 countries of the world, with a total
population of over 4 billion people with
WFP of about 2 trillion US dollars.
Simplified visa regime
Work visas, at the invitation of the bodies
and participants of the AIFC, are issued
with a validity of up to five years. AIFC
participants are exempt from issuing a
work permit for attracting foreign labor.
Citizens of OECD countries, Malaysia,
Monaco, the United Arab Emirates and
Singapore are exempted from visa
requirements for staying in the Republic
of Kazakhstan for up to 30 days.
And in order to facilitate the ease investors
and expats arriving to Kazakhstan, a
specialized Expat Centre was created in
the AIFC, where, according to the one-
window principle, foreigners can issue
and receive all necessary documents.
It is worth noting that within the region
covered by the Expat Centre there are
representative offices of all necessary
state services, including the migration
police, administrative police, tax and
public service centres.
Additionally, family members of investors
and expats will not be left without help.
Centre staff will provide assistance in
choosing a real estate agency to rent
or buy a house, find a kindergarten or a
school for minor children and advise on
any other issues.
Securities can be listed on the stock
exchange in four currencies: KZT, RUB,
USD and RMB. The chairman of the
exchange, Timothy Bennet, previously
served as chairman of the board for the
New Zealand Stock Exchange. AIFC STRATEGIC DIRECTIONS
Capital market: the development of a
capital market is one of the main and
most significant priorities of the AIFC. The
main task is to create alternatives to the
banking sector, while forming a fluid and
balanced capital market with a wide range
of financial instruments.
Kairat Kelimbetov, AIFC Governor:
“The main goal of the AIFC is to develop
a liquid and balanced capital market with
a wide range of financial instruments
provided. AIFC is the only platform of its
kind in the region, providing extensive
access to capital and a wide range of
financial services and investment tools.” Asset management: The AIFC, using its
favorable geographical position, is seen
as a platform for international investors
to access the markets of Central Asia. The
AIFC provides an opportunity to diversify
its investment portfolios globally as well
as provide for local private equity funds,
hedge funds, and real estate funds.
Personal wealth management: The
AIFC creates favorable investment
opportunities for wealthy individuals
and offers private equity and asset
management companies to open their
offices in AIFC.
Islamic finance: The AIFC, in close
cooperation with the Islamic Development
Bank and the Asian Development Bank,
is working to create a favorable legal
and regulatory framework, prepare a
development roadmap for this area,
and develop products and tools that will
attract Islamic finance, non-banking
financial services and capital from Central
Asia, the Middle East, and Southeast Asia.
Financial technologies: The introduction
and development of a relatively new
Fintech direction allows for a reduction in
the cost of traditional financial services,
promoting enhanced integration and
global markets, and accelerating the
development of the local financial market.
The AIFC provides a regulatory ‘sandbox’
where startups can test their products.
Green finance: AIFC contributes to
the development of green finance,
providing the necessary conditions and
infrastructure, accelerating the transition
to a green economy and sustainable
development. The financial centre
cooperates with other institutions to
ensure the release of the first green bonds
on the AIFC exchange trading platform.
At the moment, Kazakhstan's capital Nur-
Sultan is directly connected with many
global financial centres, including Frankfurt
am Main, London, Paris, Seoul, Bangkok,
Beijing, Istanbul, New Delhi and Dubai.
By 2025, it is planned to open direct flights
to another 50 global financial centres,
such as New York, Shanghai, Hong Kong,
Singapore, Tokyo, Amsterdam and Zurich,
in order to maximally facilitate the access
of potential investors to the AIFC.
supported by EUROBAK
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