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The AIFC and associated institutions

What is being established at the AIFC site?


While the geographic territory of the AIFC stretches across a large expanse of the City of Nur-Sultan’s newly developed “Left Bank’, the Centre is anchored in the ultramodern Expo 2017 site. The AIFC Bodies are headquartered here, including the Astana International Financial Centre Authority (AIFCA), the Astana Financial Services Authority (AFSA), the AIFC Court, the Astana International Arbitration Centre (AIAC) and AIFC Bodies’ Organisations (subsidiaries), such as the AIFC Expat Centre, the Bureau for Continuing Professional Development (BCPD), the Fintech Hub, the Astana International Exchange (AIX).
Additionally, the site is home to brand-new, state-of-the-art business, commercial and conference facilities in which AIFC Participants can maintain premises and carry on their business activities.




What is the AIFC?


The AIFC has many facets. From a legal and regulatory perspective, it is a special regime that governs the activities of AIFC Participants, including the operation of financial markets and the provision of financial and other services. Geographically, it is a large defined zone within the City of Nur-Sultan wherein AIFC Participants may be located and carry on their business activities. Conceptually, the AIFC is a financial hub for Central Asia, the Caucasus, the Eurasian Economic Union (EAEU), the Middle East, West China, Mongolia and Europe.




What is the objective of the AIFC?


Objectives of the AIFC are as follows:
• to attract investment into the economy of the Republic of Kazakhstan by creating an attractive environment for investment in the financial services sphere;
• to develop a securities market in the Republic of Kazakhstan and integrate it with international capital markets;
• to develop insurance markets, banking services, Islamic finance, financial technologies, electronic commerce and innovative projects in the Republic of Kazakhstan;
• to develop financial and professional services based on international best practice;
• to achieve international recognition as a financial centre.




What will be the initial principal activities to be carried out at the AIFC?


The AIFC has been established in Kazakhstan as a cornerstone of the development of the national and regional financial sector. The major strategic objectives of the AIFC include development of the capital markets, asset management, financial technology (FinTech), Islamic finance, private banking and green finance sectors. Our current regulatory framework provides for the conduct and regulation of several defined regulated financial services activities, including banking, insurance intermediation, dealing in securities, managing and advising on investments and managing collective investment schemes, providing and arranging custody services, providing trust and fund administration services and Islamic banking and financing, among several others.
Insurance intermediation is a current permitted activity, and the AFSA is now building out the framework for the conduct and regulation of insurance and reinsurance activities as well as the framework for conventional banking.
The current framework also provides for market infrastructure activities such as operating an exchange and operating a clearing house.
Additionally, a range of professional services ancillary to financial markets and services can be carried on, including legal, audit, accountancy, consulting and credit rating services.
The general legal framework of the AIFC also provides for the incorporation and registration of entities carrying on a wide range of other corporate and commercial activities, which can thereby also become AIFC Participants.




What is the role of the AIFC Court?


To adjudicate (a) claims arising out of disputes between AIFC Participants, AIFC Participants and AIFC Bodies and an AIFC Participant or AIFC Body and its expatriate Employees; (b) claims arising out of disputes relating to activities conducted in the AIFC and governed by the Acting Law of the AIFC; and (b) claims arising out of the disputes in which all parties to the dispute agree in writing to the jurisdiction of the AIFC Court.




What is the role of the IAC at the AIFC?


To provide world class services for settling national and international commercial disputes through arbitration, mediation and other methods of alternative dispute resolution, in accordance with the IAC Arbitration and Mediation Rules 2018 or the rules agreed upon between the parties to a dispute submitted to the IAC.




What is the role of the AIX?


AIX is a market institution in the AIFC providing domestic and international issuers (both private and government-controlled) and investors a modern well-regulated exchange platform to access the capital markets.





AIFC participation

What is an AIFC Participant?


An AIFC Participant is a legal entity (a company, partnership, etc.) that is registered under the Acting Law of the AIFC. This includes both legal entities formed under AIFC law and foreign legal entities that are “recognized” by the AIFC Registrar of Companies.




Why become a participant in the AIFC?


The AIFC provides a number of privileges to create favourable conditions for the increase of foreign investment. A special legal regime based on the principles of English common law and standards of leading financial centres operates in the AIFC. A distinctive feature of English common law is the use of a flexible and transparent approach to resolving disputes, as well as the primacy of protecting the rights and interests of investors. The AIFC has an independent regulatory regime that ensures fairness and efficiency of the financial market. One of the motivating factors for AIFC Participants is tax breaks for AIFC Participants from corporate income tax on income received from providing the following financial services in the AIFC:
1) Islamic banking services;
2) reinsurance and insurance brokerage services;
3) investment management services for assets of investment funds, accounting and
safekeeping services for investment funds, as well as services related to issuing,
offering, trading, purchase and redemption of securities of investment funds;
4) brokerage, dealer or underwriting services;
5) any other financial services prescribed by AIFC Acts.
In addition, simplified visa and labour regimes operates in the AIFC. Particularly, AIFC provides visa waiver up to 30 days for citizens of OECD countries, UAE, Malaysia, Singapore, and Monaco. Employees of the AIFC Participants and their family members may obtain visas for periods of up to 5 years with the possibility of a further extension. AIFC Participants may employ foreign nationals and stateless persons for the conduct of activities in the AIFC without obtaining work permits for them. AIFC Participants enjoy simplified visa procedures to obtain, extend, change a category or cancel visa without need to leave a country, and to obtain visa upon arrival. To facilitate the foreign employees’ and their family members’ access to an ample variety of government and non-government services, within the AIFC Authority a specialised centre - the AIFC Expat Centre (AEC) - operating on the principle of a “single window” has been created. Available at the AEC in English are Kazakhstan visa and migration related services, tax-revenue services (e.g. issue of Individual Identification Numbers), a wide range of Government for Citizens Corporation’s government services (such as the issue of digital signatures), notarial and translation services, document copying services, payment terminal services, a call centre, together with guidance on real estate agencies, schools search, information on must-see attractions in Nur-Sultan and other services required or useful for entry and stay by foreign nationals coming and working in the AIFC. Registration of vehicles and issuance of driver's licenses to foreign nationals will be available soon at AEC as well.




How do I become a participant?


AIFC Business Development Office is the first point of contact for all establishments interested in having a presence in the AIFC. We have a dedicated team of Business Development Officers who are at hand to support and guide organisations through the registration process. Office of the Registrar organised under the AFSA framework but acting independently of the AFSA’s regulatory and supervisory functions, the Office of the Registrar is responsible for the registration of a legal entity in the AIFC, either one established under Acting Law of the AIFC or a branch of a Foreign Company. If the applicant intends to carry on regulated financial services or ancillary activities in the AIFC, it must first obtain appropriate authorisation from the AFSA. However, the entire process is designed as a “single window” concept, to increase efficiency and reduce the burden on applicants to the extent possible. There is an opportunity to proceed the registration process via self-service portal: https://digitalresident.kz/.




Do I have to form an AIFC company to be an AIFC Participant, or can I establish a branch which is an AIFC Participant?


A firm can become an AIFC Participant and carry on business activities in the AIFC either via a legal entity established under Acting Law of the AIFC or via a “recognised” branch of a non-AIFC entity.




Do I need to have an office in the AIFC to be a participant?


Subject to limited exceptions, an AIFC Participant must maintain a registered office in the AIFC, which is a location to conduct its principal business activity.




Do I need to have full time employees based in the AIFC, if so, what are the requirements for this?


Subject to limited exceptions, a Company/Partnership must at all times, have a registered office registered in the AIFC to which all communications and notices may be addressed. There is no requirement for a minimum number of persons to be employed in the AIFC.
Additionally, residency requirements may apply to persons carrying out certain key functions. For example, if your firm is required under Acting Law of the AIFC to appoint a Money Laundering Reporting Officer, that individual generally must be resident in Kazakhstan. As another example, if you are operating as a Representative Office, you must appoint a Principal Representative who is resident in the country.
However, AIFC law requires that an AIFC Participant must carry on its primary business activities in the Centre – to this extent, it would generally be necessary to have adequate resources, including personnel, located in the AIFC.




Under AIFC Rules can an AIFC Participant service clients in “mainland” Kazakhstan or outside Kazakhstan from their office in the AIFC?


Appropriately licensed AIFC Participants can generally offer financial and other services to clients throughout Kazakhstan, however, to the extent that such activities are subject to regulation by an authority such as the National Bank of the Republic of Kazakhstan, we urge AIFC Participants to take independent legal advice as to whether they would additionally require a license or authorisation from that authority.
To the extent that business activities are permitted but not regulated under AIFC law, such activities carried on by an AIFC Participant in broader Kazakhstan may be subject to the general laws of Kazakhstan. For example, a company headquartered in the AIFC and conducting mining operations in Kazakhstan would be subject to regulation by the AIFC Registrar of Companies from a corporate law perspective, but its miningoperations would be subject to the general laws of Kazakhstan. AIFC Participants may offer services from their AIFC premises into jurisdictions outside Kazakhstan, provided they do so in accordance with the applicable law of such jurisdictions.




If I am an AIFC Participant, and have a branch in Almaty, can I do business through the branch under the Acting Law of the AIFC?


Appropriately licensed AIFC Participants can generally offer financial and other services to clients throughout Kazakhstan, including but not limited to by means of branch, however, to the extent that such activities are subject to regulation by an authority such as the National Bank of the Republic of Kazakhstan, we urge AIFC Participants to take independent legal advice as to whether they would additionally require a license or authorisation from that authority.
Please note that AIFC Participant would be subject to applicable (non-AIFC) Republic of Kazakhstan laws and regulations in establishing a branch or office in Kazakhstan outside of the territory of the AIFC.




(a) Can an AIFC Participant provide investment services for which it has AIFC authorisation to clients elsewhere in Kazakhstan without the need for any other authorisation and without being subject to regulation by the Central Bank or any other body? (b) If so, could this be done through a branch or office in (for example) Almaty? (c) If so, are there any other jurisdictions which recognise such authorisation?


(a): Appropriately licensed AIFC Participants can generally offer financial and other services to clients throughout Kazakhstan, however, to the extent that such activities are subject to regulation by an authority such as the National Bank of the Republic of Kazakhstan, we urge AIFC Participants to take independent legal advice as to whether they would additionally require a license or authorisation from that authority.
(b): Currently, we consider that an AIFC Participant would be subject to applicable (non-AIFC) Republic of Kazakhstan laws and regulations in establishing a branch or office in Kazakhstan outside of the territory of the AIFC.
(c): Currently no, however, in the future the AFSA hopes to establish so called “passporting” arrangements with other jurisdictions in relation to the provision of financial services.




If I am an AIFC Participant, and my clients are in the rest of Kazakhstan, what do I have to do to ensure that my contracts with, and transactions for, my clients are governed by Acting Law of the AIFC?


We recommend that contracts which you enter into, and your terms of business, with your clients make it clear that contracts with, and transactions for, your clients are governed by Acting Law of the AIFC and that this is confirmed in writing by your clients. If the counterparty to the contract is not an AIFC Participant or AIFC Body, the AIFC Contract Regulations will not govern the contract unless this is expressly provided for in the contract. However, provided that applicable law does not otherwise dictate what the governing law of the contract must be the parties can elect to have thecontract governed by the Acting Law of the AIFC, including the AIFC Contract Regulations, by specifying this in the contract.




If I want to sell units in funds in the rest of Kazakhstan from my office in the AIFC, as an AIFC Participant, do I have to establish the funds in the AIFC, or can I market the securities of funds established outside AIFC?


An appropriately authorised AIFC Participant that qualifies as an Externally Regulated Prudential Investment Firm under AIFC Prudential Rules for Investment Firms can sell units of funds established outside the AIFC into Kazakhstan more broadly (that is, outside of the AIFC), however, such sales would be subject to both AIFC law and the general laws of Kazakhstan.




If I want to trade securities in the AIFC, do I have to be a member of the AIFC Exchange as well as an AIFC Participant? If so, are the processes designed to prevent duplication?


Generally, to deal in securities in the AIFC, whether as principal or agent, a firm must be a registered AIFC Participant (whether as a legal entity incorporated in the AIFC or as a recognised legal entity) and duly authorised by the AFSA. An AIX membership is required to trade on the AIX as a dealer or broker.
However, there is a pathway for non-AIFC brokers authorized to carry on trading in their respective home jurisdictions to obtain AIX membership through recognition by the AFSA and becoming a “Recognised Non-AIFC Member” or “RNAM”. An RNAM is not required to be incorporated in the AIFC to become an AIX member and trade on the exchange.
(For further information on these issues see Question 46)




How can a partnership of lawyers come into the AIFC to practise law there, if the partnership is not an entity in its home state?


The provision of legal services is a category of “ancillary services” which is provided for under the AIFC legal and regulatory framework. A partnership or other body corporate must be authorised by the AFSA in order to carry on this activity in the AIFC. A full description of this activity is set out in Schedule 2 to the AIFC General Rules.
From a legal entity perspective, the AIFC framework provides for the recognition of non-AIFC general partnerships, limited partnerships and limited liability partnerships. However, an applicant is required to provide a copy of the entity’s “current certificate of registration in its place of origin, or a document of similar effect, certified by the relevant authority in that jurisdiction”. As such, a threshold requirement is that the partnership must be legally recognised in its home state as such.
It is also worth noting here that, in relation to the AIFC Court, there are extremely wide rights of audience. All lawyers with a professional lawyer or advocate practising certificate from anywhere around the world are generally eligible to apply to the AIFC Court Registry to represent parties in cases at the AIFC Court. Furthermore, appearing before the AIFC Court does not, by itself, also require a lawyer or firm to be authorised by the AFSA.





Regulatory Questions

Can I choose to make my AIFC contracts subject to a law other than the Acting Law of the AIFC?


Yes, it is possible. AIFC Contract Regulations 2017 state that the Regulations govern contracts made between AIFC Participants, AIFC Bodies and AIFC Participants, and AIFC Bodies, unless otherwise expressly provided in a contract. If a party to a contract is not an AIFC Participant or AIFC Body, the Regulations do not apply to the contract unless expressly provided in the contract. Any contract governed by the Regulations is subject to the jurisdiction of the AIFC Court unless otherwise expressly provided in a contract.




Can parties to a dispute arising in Kazakhstan outside the AIFC agree to litigate their case in the AIFC Court? Or to submit to arbitration in the AIFC?


Yes. Parties who have no relation to the AIFC can agree or “opt-in” to bring a case to the AIFC Court or to the IAC provided all of the parties to that case agree to do so in writing. The agreement to do so can happen at any time of the contractual relationship, whether before or after the dispute arises.




Are judgments of the AIFC Court enforceable in greater Kazakhstan? And elsewhere? What about AIFC arbitral awards?


A: Yes. AIFC Court judgments are enforceable in Kazakhstan on the same terms and conditions as judgments of the Kazakhstan courts. Parties who wish to enforce an IAC arbitral award in Kazakhstan can apply to the AIFC Court for an execution order and subject to obtaining that execution order the arbitral award will be enforced in Kazakhstan on the same terms and conditions as judgments of the Kazakhstan courts. B: Enforcement of AIFC Court judgments in the Commonwealth of Independent States (‘CIS’) can currently happen in accordance with the provisions of the Minsk Convention on Legal Assistance and Legal Relations in Civil, Family and Criminal Matters (22 January 1993 as amended 28 March 1997), the Kishinev Convention on Legal Assistance and Legal Relations in Civil, Family and Criminal Matters (7 October 2002), and the Kiev Agreement between the CIS Countries on the Procedure for Settlement of Disputes Associated with Commercial Activities (20 March 1992).
AIFC Court judgments are also recognized and enforced in various other countries pursuant to bi-lateral treaties ratified by the Republic of Kazakhstan (including Azerbaijan, China, Georgia, India, the Kyrgyz Republic, Lithuania, Mongolia, North Korea, Pakistan, Turkey, Turkmenistan, United Arab Emirates, Uzbekistan).
Judgments of the AIFC Court may be enforced in foreign countries on the basis of reciprocity, without requiring Government or Court agreements, including in the UK, China and the US.
IAC arbitration awards are recognized and enforced internationally in accordance with the provisions of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958 (‘the New York Convention’)) in 159 countries.




Will the Republic of Kazakhstan [Arbitration Law] (including requirements to obtain prior consent of a superior authority under Article 8 thereof) apply to the proceedings in the IAC? Does the Republic of Kazakhstan procedural law apply (e.g. to provisional measures, etc)?


No. The requirements of the Kazakhstan national law on arbitration do not apply to arbitrations conducted under the AIFC Arbitration Regulations 2017. See section 7 (Exemption from Legislation) of the AIFC Arbitration Regulations 2017. However, parties should note when one of the parties to an arbitration is a Kazakh state party, the provision in the Kazakh Arbitration Law [Kazakh national law on Arbitration] requiring consent to be given by the Kazakhstan authorities will still be applicable to them.
The parties to a dispute at the IAC may agree in writing which procedural rules apply to an arbitration or mediation at the IAC. Arbitration or mediation procedural rules of Kazakhstan will only apply at the IAC if the parties to the dispute agree in writing that such shall apply in their proceedings at the IAC.




What would be correct interpretation of subparagraph 3) of paragraph 1 of Article 4 of Constitutional Statute? Does there need to be any specific act of the Governor or other AIFC authority in order to apply Kazakhstan law?


According to subparagraph 3) of paragraph 1 of Article 4 of the Constitutional Statute of the Republic of Kazakhstan On Astana International Financial Centre dated 7 December 2015 (the “Constitutional Statute”), the Acting of Law of the Republic of Kazakhstan applies in part to matters not governed by the Constitutional Statute and AIFC Acts. The abovementioned provision of the Constitutional Statute does not require development of a specific AIFC Act. In addition, practical implementation of the Article 4 of the Constitutional Statute is sustained and supplemented by AIFC Regulations on AIFC Acts 2017 adopted by the Governor of the AIFC on 20 December 2017.
AIFC Regulations on AIFC Acts 2017 determine the hierarchy of the Acting Law of the AIFC, development, approval and adoption of the AIFC Acts. In particular, section 40 (Application) of AIFC Regulations on AIFC Acts 2017 determines descending levels of relevant jurisdiction to be ascertained to apply relevant law on civil or commercial matters, the rights and liabilities between Persons in any civil or commercial matter, including questions of application of the acting law of the Republic of Kazakhstan.





Employment

What is being established at the AIFC site?


While the geographic territory of the AIFC stretches across a large expanse of the City of Nur-Sultan’s newly developed “Left Bank’, the Centre is anchored in the ultramodern Expo 2017 site. The AIFC Bodies are headquartered here, including the Astana International Financial Centre Authority (AIFCA), the Astana Financial Services Authority (AFSA), the AIFC Court, the Astana International Arbitration Centre (AIAC) and AIFC Bodies’ Organisations (subsidiaries), such as the AIFC Expat Centre, the Bureau for Continuing Professional Development (BCPD), the Fintech Hub, the Astana International Exchange (AIX).
Additionally, the site is home to brand-new, state-of-the-art business, commercial and conference facilities in which AIFC Participants can maintain premises and carry on their business activities.




What is the AIFC?


The AIFC has many facets. From a legal and regulatory perspective, it is a special regime that governs the activities of AIFC Participants, including the operation of financial markets and the provision of financial and other services. Geographically, it is a large defined zone within the City of Nur-Sultan wherein AIFC Participants may be located and carry on their business activities. Conceptually, the AIFC is a financial hub for Central Asia, the Caucasus, the Eurasian Economic Union (EAEU), the Middle East, West China, Mongolia and Europe.




What is the objective of the AIFC?


Objectives of the AIFC are as follows:
• to attract investment into the economy of the Republic of Kazakhstan by creating an attractive environment for investment in the financial services sphere;
• to develop a securities market in the Republic of Kazakhstan and integrate it with international capital markets;
• to develop insurance markets, banking services, Islamic finance, financial technologies, electronic commerce and innovative projects in the Republic of Kazakhstan;
• to develop financial and professional services based on international best practice;
• to achieve international recognition as a financial centre.




What will be the initial principal activities to be carried out at the AIFC?


The AIFC has been established in Kazakhstan as a cornerstone of the development of the national and regional financial sector. The major strategic objectives of the AIFC include development of the capital markets, asset management, financial technology (FinTech), Islamic finance, private banking and green finance sectors. Our current regulatory framework provides for the conduct and regulation of several defined regulated financial services activities, including banking, insurance intermediation, dealing in securities, managing and advising on investments and managing collective investment schemes, providing and arranging custody services, providing trust and fund administration services and Islamic banking and financing, among several others.
Insurance intermediation is a current permitted activity, and the AFSA is now building out the framework for the conduct and regulation of insurance and reinsurance activities as well as the framework for conventional banking.
The current framework also provides for market infrastructure activities such as operating an exchange and operating a clearing house.
Additionally, a range of professional services ancillary to financial markets and services can be carried on, including legal, audit, accountancy, consulting and credit rating services.
The general legal framework of the AIFC also provides for the incorporation and registration of entities carrying on a wide range of other corporate and commercial activities, which can thereby also become AIFC Participants.




What is the role of the AIFC Court?


To adjudicate (a) claims arising out of disputes between AIFC Participants, AIFC Participants and AIFC Bodies and an AIFC Participant or AIFC Body and its expatriate Employees; (b) claims arising out of disputes relating to activities conducted in the AIFC and governed by the Acting Law of the AIFC; and (b) claims arising out of the disputes in which all parties to the dispute agree in writing to the jurisdiction of the AIFC Court.




What is the role of the IAC at the AIFC?


To provide world class services for settling national and international commercial disputes through arbitration, mediation and other methods of alternative dispute resolution, in accordance with the IAC Arbitration and Mediation Rules 2018 or the rules agreed upon between the parties to a dispute submitted to the IAC.




What is the role of the AIX?


AIX is a market institution in the AIFC providing domestic and international issuers (both private and government-controlled) and investors a modern well-regulated exchange platform to access the capital markets.





Legal

LTC가 바라보는 목표는 어디까지인가요?


LTC는 고퀄리티 3D NFT를 표방합니다.
LTC프로젝트는 10년이상의 모션그래픽 디자이너로 활동중인 현직 프로작가 2분과
현직 프로그램 개발회사를 운영하고있는 개발자가 있기 때문에 향후 3D로 할 수 있는
모든것을 가능하게 할것입니다.
LTC는 단순한 PFP를 넘어 메타버스로, 그리고 오프라인시장으로 진출 할 것입니다.
오프라인의 캐릭터시장,피규어시장에 진출하게 될 것이고 또한 오프라인에 머물러 있는 각종 브랜드들과의 협업을 통해서
그들의 브랜드가 메타버스 세상으로 나오게 하는 브릿지 역활을 할 것입니다. [ 예시 ]
-유명브랜드의 모자와 골프웨어를 입은 리토가 골프를 치는 모션그래픽
-유명브랜드의 백팩을 맨 리토가 학교를 가는 모션그래픽 위와같이 오프라인 브랜드들의 메타버스세상으로의 진출을 LTC가 도울 것입니다.
그것이 가능한 역량을 가진 프로젝트가 LTC입니다.




민팅가격을 위와같이 책정한 이유에 대해 알려주세요.


리틀토이클럽이 가장 중요하게 생각하는 가치는 상생(win-win)입니다.

저희프로젝트가 고퀄리티 3d 아트웍임에도 불구하고 [2D , 3D 프로젝트중에 가장많은 종류의 파츠를 구현한 프로젝트입니다] 3D시장의 평균가격에 비해 민팅 가격을 높게 책정하지 않은건 LTC의 이득은 줄이고 장기적인 로드맵을 실행하기위한 비용만을 보수적으로 계산했기 때문입니다.

또한 LTC를 장기적으로 홀딩하고, 혜택을 받으며 저희와 같이 가는 유저도있지만 적절한 가격에 민팅함으로서 짧은시간에 또 다른 이득이 창출되기를 바라는 단기적 유저입장의 마음또한 알기 때문입니다.

로드맵에서도 볼 수 있듯이 홀더를 위한 여러 가지 혜택이 준비되어있습니다.

프로젝트의 브랜드가치가 장기적으로 성장하기 위해서는 커뮤니티 홀더여러분들의 열렬한 지지가 있어야 한다는 점을 잘 알고 있습니다.
신뢰받는 프로젝트가 되겠습니다.
함께 성장하고, 즐거운 커뮤티를 만들어 나갑시다.
잘부탁드립니다.




민팅시 제한이 있나요?


한번의 주문에 10개가능이며 여러번 주문에 대한 제한은 없습니다.




PC로만 구입이 가능 한가요?


네, PC 카이카스 지갑으로 민팅 가능 합니다.




민팅사이트를 알려주세요.


봇 방지를 위해 민팅직전에 트위터. 오픈카톡 등 커뮤니티에 배포할 예정입니다.




내 토이는 어디서 볼수있나요?


https://opensea.io/
오픈씨 카이카스 지갑연결 후 확인 가능합니다.




민팅은 언제인가요?


1월 23일 일요일 1월 24일 월요일 1월 25일 화요일 PM 10시입니다.





Tax

What the first steps should AIFC participants undertake after the completion of registration in the AIFC?


  1. Open a bank account. You need to provide notarized translation of the constituent documents including Articles of Association/charter/partnership depending on organisational-legal form of an entity;
  2. Obtain EDS (ЭЦП) at Expat Center or Community Service Centres (ЦОН).
  3. Obtain a stamp (optional). However some state bodies and banks might require it.
  4. Ensure adequate staffing. In order to maintain viability of business, establish workforce capable of doing business in English and covering legal, tax matters.
  5. Register on State Revenue Committee website and create taxpayer’s account. Requires EDS.
  6. Get familiar with Guidance on Filing Obligations of AIFC Participants to the Registrar of Companies. Should be read together with the relevant legislation.




In what cases AIFC participants must apply for post-registration?


AIFC Participants must notify the Registrar regarding the changes in registered details. Follow the Guidance on Filing Obligations of AIFC Participants to the Registrar of C ompanies.




Who has an authority to sign and file application forms on behalf of a participant?


Director. Authorised signatory (unless expressly provided in constituent docs).




Who can be a CEO?


Chief Executive Officer must be a natural person who has an Individual Identification Number (IIN).




Does AFSA monitor all contracts of a participant with client, suppliers, partners?


No, AFSA does not monitor the participant’s contract. It is only required to register Share Pledge Agreement to date.




Is it mandatory to have all contracts in English?


No, the Contracts with third parties (clients, suppliers, partners) can be concluded in any language, but it must be provided in English or certified translated into English in case of litigation in AIFC Court.




Does a participant have to register employee contracts with AFSA?


No, the employee contracts are operational documents and mustn’t be registered in AFSA. It is recommended to register employee contracts in The Single Accounting System for Employment Agreements (ЕСУТД). Employee Contracts are drawn up in accordance with AIFC Employment Rules for all AIFC Participants. All other Civil Contracts must be compiled in accordance with AIFC Contract Regulations.




Does AFSA notify each participant on amendments introduced to legal framework?


No, Rules and Regulations may change over time without notification. Participants is responsible to ensure its business is updated as to any changes. Information can be found on the website including but not limited to legal framework.




Where a participant can find information on amendments introduced to legal framework?


Website: afsa.aifc.kz (legal framework - public consultations - AFSA)




Can a participant undergo more than one post-registration procedures at the same time?


Yes, in this case, the participant sends all necessary documents at the same time, and the total price of all procedures will be 50 USD.




Can proposed changes be registered based on scan copies only?


No, the original versions must be provided to the Office of the Registrar. (Because of coronavirus pandemic the Office of the Registrar temporarily accepts scan copies)




Can a participant provide application forms and supporting documents in languages other than English?


No, all supporting documents must be in English language or accompanied by an appropriate translation certified to the satisfaction of the Registrar of Companies.

Constitutional Statute of the RoK on the AIFC, Article 15.Language of the AIFC.




If a participant is a licensee and engaged in regulated activities, may a participant apply for post-registration procedure directly to Office of the Registrar?


No. If AIFC Participant is engaged in regulated activities, it must contact its Relationship Manager (or send an email to supervision@afsa.kz) for making necessary arrangements in relation to the Post-registration application and obtaining a required approval (if necessary).




Can a different legal entity pay invoice for a participant?


Yes, other legal entity may pay invoice for a participant, in this case, there is must be indicated BIN (or bank requisites for non-residents) of the payer in the request for invoice for post-registration procedure.




What is the fee for post-registration procedure?


USD 50




Provided that a post-registration procedure will be done without involvement of MoJ, shall a participant still pay a fee of 50 USD?


Yes. A participant must pay an appropriate fee regardless of whether MoJ is notified. All prescribed fees payable to AFSA are set out in AIFC Fees Rules, where post-registration fees are listed in Schedule 5-1.




What is a “processing inquiry”?


Term includes but not limited to:

1) Request for extract of shareholders’ registry;

2) Request for extract of directors’ registry;

3) Request for extract of Ultimate Beneficial Owners registry;

4) Request for extract from Public Register;

5) Certificate of a good standing.




What is associated fee for processing inquiries as a part of Administrative services?


Processing inquiries including issuance of certificates, extracts - 20 USD.

Schedule 1, Administrative services payable to the Registrar of Companies, AIFC Fees Rules




Can a natural person pay invoice for a participant?


Yes. If a natural person is a resident of RoK, then IIN and copy of ID (both sides) must be provided. If a natural person is a non-resident of RoK, then passport copy must be provided.




Can a body corporate pay invoice for a participant?


Yes. If a body corporate is a resident of RoK (AIFC Participants are residents of RK), then BIN must be provided. If a body corporate is a non-resident of RoK, then bank requisites must be provided.




Can a participant pay invoice in USD?


If a payer (natural person/body corporate) is a resident of RK (AIFC Participants are residents of RK), then the invoice must be paid in KZT only, non-Resident can pay in USD.




How long it takes for the Office of the Registrar to process a Post-registration application?


Provided that full application package is submitted, approximately 5 business days. For more information on the process of making post-registration application, refer to Guidance on Post-registration applications to the Office of the Registrar of Companies (https://afsa.aifc.kz/post-registration/ (Afsa.aifc.kz - registration – post registration)




Who can help us with filling applications?


Please find the list of Ancillary Service Providers (with their contacts) on the https://digitalresident.kz - Ancillary Service Providers




How to obtain a legal address?


A concept of coworking zone has been established as a response to a market demand and helps to overcome operational challenges of our valuable participants. AIFC offers coworking zone as a legal address.

Upon registration process (once a company obtains BIN), a company has to sign a sublease agreement, which is put in place for contracting terms and conditions between the “Lessor” (AIFC Authority JSC) and the “Party” (a prospect). A process of obtaining of a legal address is issued in turn, as follows:

  1. A company completes a form for allocation at a coworking zone and sends it along with a certificate of incorporation to us, ABC Participant Support Department;
  2. ABC Participant Support Department signs it and passes it over to AIFC Property Department;
  3. AIFC Property Department sends a commercial proposal to a representative of a company;
  4. AIFC Property Department sends a signed and approved sublease agreement to a company;
  5. Once both sides sign a sublease agreement, a company keeps one copy for their own relevant purposes.

It is a sole responsibility of a company to have a registered office within the AIFC territory upon expiration of a sublease agreement.

AIFC Companies Regulations, Section 24. Registered office.




What is duration of a legal address?


A legal address is valid for duration of a sublease agreement and a company shall be solely responsible for allocation within the AIFC territory upon expiration of a sublease agreement and a legal address. AIFC Companies Regulations, Section 24(1). Registered Address




A participant is a VAT tax payer, can a participant still use a legal address offered by AIFC Authority?


A concept of coworking does not require a full-time presence of a company and therefore passing tax inspection, which is also convenient for VAT payers. The Tax Code RoK, Article 558: Tax Inspection, subparagraph 4, in the event of a tax inspection resulting in actual absence of taxpayers (tax agents) in places of their location specified in the registration details, the Tax Service Authority shall forward to such taxpayer a notice for the confirmation of location of the taxpayer (tax agent).




If a participant indicates a legal address offered by AIFC in the registration forms, but after registration a participant rents another office on the territory of AIFC, shall a participant apply for a post-registration procedure: change of registered address?


Yes. If a company changes its office location, then it must undergo post-registration procedure: change of registered address. A company may change the address of its registered office by giving notice to the Registrar. The change takes effect upon the notice being registered by the Registrar. There is an associated fee of 50 USD.

AIFC Companies Regulations, Section 24 (3-1).Registered office.

Fees Rules, Schedule 5-1: Administrative service fees payable to the Registrar of companies.




Is it mandatory for AIFC participants to submit financial statements to AFSA?


AIFC Participants are obliged to complete a specified number of filings to the Registrar of Companies on an annual basis depending on the level of turnover and organisational-legal form. Follow the part 2, Annual filings, Guidance on Filing Obligations of AIFC Participants to the Registrar of Companies. If AIFC Participant is engaged in regulated activities, it has to submit annual filing to the (1) Registrar of Companies as per the mentioned above and to (2) Financial Conduct/Prudential Division/Capital Markets depending on license.




AIFC Offices rates?


7000 KZT for 1 sq.m. (rent charge 5,500 KZT per sq. m., maintenance fee 1,500 KZT per sq. m.)




AIFC Coworking zones rates?





Is it able to see AIFC premises in order to rent space?


You may contact AIFC Property (property@aifc.kz) to book viewings of coworking zones and offices.




Is it mandatory to file Tax Reports?


AIFC Participants must file tax reports in accordance with Article 6 of the Constitutional law of the Republic of Kazakhstan on AIFC. To get more information on Tax Administration, Separate Accounting and other requirements please follow the link. Tax reports must be submitted to the Department of State Revenue of Yessil district.




How to enter to the Taxpayer’s account?


Using electronic digital signature (ЭЦП) you register and create an account as a taxpayer on https://kgd.gov.kz/




How to obtain electronic digital signature (ЭЦП)?


Participants can obtain EDS (ЭЦП) by visiting any community service center (ЦОН) or Expat Center (visits by appointment).Only residents may apply for EDS via eGov portal.




Are there any requirements to open a bank account?


AIFC participants may open a bank account in any bank. The requirements are defined by the selected bank.




How to register Share pledge agreement?


AIFC Participants have to send share pledge agreement to the Security Registrar (b.khamitov@aifc.kz) and make payment of fees in accordance with AIFC Security Rules (Schedule 1)




How to obtain visa for foreign employees of AIFC Participants?


You need to contact Expat Center via expat@aifc.kz.




Should AIFC Participants notify the Department of Justice regarding the changes in the registered details?


AIFC Participants must notify only the Registrar by filing the applications. Changes in DoJ are handled by the Office of the Registrar.





Astana International Exchange (AIX)

What is an AIFC Participant?


An AIFC Participant is a legal entity (a company, partnership, etc.) that is registered under the Acting Law of the AIFC. This includes both legal entities formed under AIFC law and foreign legal entities that are “recognized” by the AIFC Registrar of Companies.




Why become a participant in the AIFC?


The AIFC provides a number of privileges to create favourable conditions for the increase of foreign investment. A special legal regime based on the principles of English common law and standards of leading financial centres operates in the AIFC. A distinctive feature of English common law is the use of a flexible and transparent approach to resolving disputes, as well as the primacy of protecting the rights and interests of investors. The AIFC has an independent regulatory regime that ensures fairness and efficiency of the financial market. One of the motivating factors for AIFC Participants is tax breaks for AIFC Participants from corporate income tax on income received from providing the following financial services in the AIFC:
1) Islamic banking services;
2) reinsurance and insurance brokerage services;
3) investment management services for assets of investment funds, accounting and
safekeeping services for investment funds, as well as services related to issuing,
offering, trading, purchase and redemption of securities of investment funds;
4) brokerage, dealer or underwriting services;
5) any other financial services prescribed by AIFC Acts.
In addition, simplified visa and labour regimes operates in the AIFC. Particularly, AIFC provides visa waiver up to 30 days for citizens of OECD countries, UAE, Malaysia, Singapore, and Monaco. Employees of the AIFC Participants and their family members may obtain visas for periods of up to 5 years with the possibility of a further extension. AIFC Participants may employ foreign nationals and stateless persons for the conduct of activities in the AIFC without obtaining work permits for them. AIFC Participants enjoy simplified visa procedures to obtain, extend, change a category or cancel visa without need to leave a country, and to obtain visa upon arrival. To facilitate the foreign employees’ and their family members’ access to an ample variety of government and non-government services, within the AIFC Authority a specialised centre - the AIFC Expat Centre (AEC) - operating on the principle of a “single window” has been created. Available at the AEC in English are Kazakhstan visa and migration related services, tax-revenue services (e.g. issue of Individual Identification Numbers), a wide range of Government for Citizens Corporation’s government services (such as the issue of digital signatures), notarial and translation services, document copying services, payment terminal services, a call centre, together with guidance on real estate agencies, schools search, information on must-see attractions in Nur-Sultan and other services required or useful for entry and stay by foreign nationals coming and working in the AIFC. Registration of vehicles and issuance of driver's licenses to foreign nationals will be available soon at AEC as well.




How do I become a participant?


AIFC Business Development Office is the first point of contact for all establishments interested in having a presence in the AIFC. We have a dedicated team of Business Development Officers who are at hand to support and guide organisations through the registration process. Office of the Registrar organised under the AFSA framework but acting independently of the AFSA’s regulatory and supervisory functions, the Office of the Registrar is responsible for the registration of a legal entity in the AIFC, either one established under Acting Law of the AIFC or a branch of a Foreign Company. If the applicant intends to carry on regulated financial services or ancillary activities in the AIFC, it must first obtain appropriate authorisation from the AFSA. However, the entire process is designed as a “single window” concept, to increase efficiency and reduce the burden on applicants to the extent possible. There is an opportunity to proceed the registration process via self-service portal: https://digitalresident.kz/.




Do I have to form an AIFC company to be an AIFC Participant, or can I establish a branch which is an AIFC Participant?


A firm can become an AIFC Participant and carry on business activities in the AIFC either via a legal entity established under Acting Law of the AIFC or via a “recognised” branch of a non-AIFC entity.




Do I need to have an office in the AIFC to be a participant?


Subject to limited exceptions, an AIFC Participant must maintain a registered office in the AIFC, which is a location to conduct its principal business activity.




Do I need to have full time employees based in the AIFC, if so, what are the requirements for this?


Subject to limited exceptions, a Company/Partnership must at all times, have a registered office registered in the AIFC to which all communications and notices may be addressed. There is no requirement for a minimum number of persons to be employed in the AIFC.
Additionally, residency requirements may apply to persons carrying out certain key functions. For example, if your firm is required under Acting Law of the AIFC to appoint a Money Laundering Reporting Officer, that individual generally must be resident in Kazakhstan. As another example, if you are operating as a Representative Office, you must appoint a Principal Representative who is resident in the country.
However, AIFC law requires that an AIFC Participant must carry on its primary business activities in the Centre – to this extent, it would generally be necessary to have adequate resources, including personnel, located in the AIFC.




Under AIFC Rules can an AIFC Participant service clients in “mainland” Kazakhstan or outside Kazakhstan from their office in the AIFC?


Appropriately licensed AIFC Participants can generally offer financial and other services to clients throughout Kazakhstan, however, to the extent that such activities are subject to regulation by an authority such as the National Bank of the Republic of Kazakhstan, we urge AIFC Participants to take independent legal advice as to whether they would additionally require a license or authorisation from that authority.
To the extent that business activities are permitted but not regulated under AIFC law, such activities carried on by an AIFC Participant in broader Kazakhstan may be subject to the general laws of Kazakhstan. For example, a company headquartered in the AIFC and conducting mining operations in Kazakhstan would be subject to regulation by the AIFC Registrar of Companies from a corporate law perspective, but its miningoperations would be subject to the general laws of Kazakhstan. AIFC Participants may offer services from their AIFC premises into jurisdictions outside Kazakhstan, provided they do so in accordance with the applicable law of such jurisdictions.




If I am an AIFC Participant, and have a branch in Almaty, can I do business through the branch under the Acting Law of the AIFC?


Appropriately licensed AIFC Participants can generally offer financial and other services to clients throughout Kazakhstan, including but not limited to by means of branch, however, to the extent that such activities are subject to regulation by an authority such as the National Bank of the Republic of Kazakhstan, we urge AIFC Participants to take independent legal advice as to whether they would additionally require a license or authorisation from that authority.
Please note that AIFC Participant would be subject to applicable (non-AIFC) Republic of Kazakhstan laws and regulations in establishing a branch or office in Kazakhstan outside of the territory of the AIFC.




(a) Can an AIFC Participant provide investment services for which it has AIFC authorisation to clients elsewhere in Kazakhstan without the need for any other authorisation and without being subject to regulation by the Central Bank or any other body? (b) If so, could this be done through a branch or office in (for example) Almaty? (c) If so, are there any other jurisdictions which recognise such authorisation?


(a): Appropriately licensed AIFC Participants can generally offer financial and other services to clients throughout Kazakhstan, however, to the extent that such activities are subject to regulation by an authority such as the National Bank of the Republic of Kazakhstan, we urge AIFC Participants to take independent legal advice as to whether they would additionally require a license or authorisation from that authority.
(b): Currently, we consider that an AIFC Participant would be subject to applicable (non-AIFC) Republic of Kazakhstan laws and regulations in establishing a branch or office in Kazakhstan outside of the territory of the AIFC.
(c): Currently no, however, in the future the AFSA hopes to establish so called “passporting” arrangements with other jurisdictions in relation to the provision of financial services.




If I am an AIFC Participant, and my clients are in the rest of Kazakhstan, what do I have to do to ensure that my contracts with, and transactions for, my clients are governed by Acting Law of the AIFC?


We recommend that contracts which you enter into, and your terms of business, with your clients make it clear that contracts with, and transactions for, your clients are governed by Acting Law of the AIFC and that this is confirmed in writing by your clients. If the counterparty to the contract is not an AIFC Participant or AIFC Body, the AIFC Contract Regulations will not govern the contract unless this is expressly provided for in the contract. However, provided that applicable law does not otherwise dictate what the governing law of the contract must be the parties can elect to have thecontract governed by the Acting Law of the AIFC, including the AIFC Contract Regulations, by specifying this in the contract.




If I want to sell units in funds in the rest of Kazakhstan from my office in the AIFC, as an AIFC Participant, do I have to establish the funds in the AIFC, or can I market the securities of funds established outside AIFC?


An appropriately authorised AIFC Participant that qualifies as an Externally Regulated Prudential Investment Firm under AIFC Prudential Rules for Investment Firms can sell units of funds established outside the AIFC into Kazakhstan more broadly (that is, outside of the AIFC), however, such sales would be subject to both AIFC law and the general laws of Kazakhstan.




If I want to trade securities in the AIFC, do I have to be a member of the AIFC Exchange as well as an AIFC Participant? If so, are the processes designed to prevent duplication?


Generally, to deal in securities in the AIFC, whether as principal or agent, a firm must be a registered AIFC Participant (whether as a legal entity incorporated in the AIFC or as a recognised legal entity) and duly authorised by the AFSA. An AIX membership is required to trade on the AIX as a dealer or broker.
However, there is a pathway for non-AIFC brokers authorized to carry on trading in their respective home jurisdictions to obtain AIX membership through recognition by the AFSA and becoming a “Recognised Non-AIFC Member” or “RNAM”. An RNAM is not required to be incorporated in the AIFC to become an AIX member and trade on the exchange.
(For further information on these issues see Question 46)




How can a partnership of lawyers come into the AIFC to practise law there, if the partnership is not an entity in its home state?


The provision of legal services is a category of “ancillary services” which is provided for under the AIFC legal and regulatory framework. A partnership or other body corporate must be authorised by the AFSA in order to carry on this activity in the AIFC. A full description of this activity is set out in Schedule 2 to the AIFC General Rules.
From a legal entity perspective, the AIFC framework provides for the recognition of non-AIFC general partnerships, limited partnerships and limited liability partnerships. However, an applicant is required to provide a copy of the entity’s “current certificate of registration in its place of origin, or a document of similar effect, certified by the relevant authority in that jurisdiction”. As such, a threshold requirement is that the partnership must be legally recognised in its home state as such.
It is also worth noting here that, in relation to the AIFC Court, there are extremely wide rights of audience. All lawyers with a professional lawyer or advocate practising certificate from anywhere around the world are generally eligible to apply to the AIFC Court Registry to represent parties in cases at the AIFC Court. Furthermore, appearing before the AIFC Court does not, by itself, also require a lawyer or firm to be authorised by the AFSA.





Pre-Registration

Can I choose to make my AIFC contracts subject to a law other than the Acting Law of the AIFC?


Yes, it is possible. AIFC Contract Regulations 2017 state that the Regulations govern contracts made between AIFC Participants, AIFC Bodies and AIFC Participants, and AIFC Bodies, unless otherwise expressly provided in a contract. If a party to a contract is not an AIFC Participant or AIFC Body, the Regulations do not apply to the contract unless expressly provided in the contract. Any contract governed by the Regulations is subject to the jurisdiction of the AIFC Court unless otherwise expressly provided in a contract.




Can parties to a dispute arising in Kazakhstan outside the AIFC agree to litigate their case in the AIFC Court? Or to submit to arbitration in the AIFC?


Yes. Parties who have no relation to the AIFC can agree or “opt-in” to bring a case to the AIFC Court or to the IAC provided all of the parties to that case agree to do so in writing. The agreement to do so can happen at any time of the contractual relationship, whether before or after the dispute arises.




Are judgments of the AIFC Court enforceable in greater Kazakhstan? And elsewhere? What about AIFC arbitral awards?


A: Yes. AIFC Court judgments are enforceable in Kazakhstan on the same terms and conditions as judgments of the Kazakhstan courts. Parties who wish to enforce an IAC arbitral award in Kazakhstan can apply to the AIFC Court for an execution order and subject to obtaining that execution order the arbitral award will be enforced in Kazakhstan on the same terms and conditions as judgments of the Kazakhstan courts. B: Enforcement of AIFC Court judgments in the Commonwealth of Independent States (‘CIS’) can currently happen in accordance with the provisions of the Minsk Convention on Legal Assistance and Legal Relations in Civil, Family and Criminal Matters (22 January 1993 as amended 28 March 1997), the Kishinev Convention on Legal Assistance and Legal Relations in Civil, Family and Criminal Matters (7 October 2002), and the Kiev Agreement between the CIS Countries on the Procedure for Settlement of Disputes Associated with Commercial Activities (20 March 1992).
AIFC Court judgments are also recognized and enforced in various other countries pursuant to bi-lateral treaties ratified by the Republic of Kazakhstan (including Azerbaijan, China, Georgia, India, the Kyrgyz Republic, Lithuania, Mongolia, North Korea, Pakistan, Turkey, Turkmenistan, United Arab Emirates, Uzbekistan).
Judgments of the AIFC Court may be enforced in foreign countries on the basis of reciprocity, without requiring Government or Court agreements, including in the UK, China and the US.
IAC arbitration awards are recognized and enforced internationally in accordance with the provisions of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958 (‘the New York Convention’)) in 159 countries.




Will the Republic of Kazakhstan [Arbitration Law] (including requirements to obtain prior consent of a superior authority under Article 8 thereof) apply to the proceedings in the IAC? Does the Republic of Kazakhstan procedural law apply (e.g. to provisional measures, etc)?


No. The requirements of the Kazakhstan national law on arbitration do not apply to arbitrations conducted under the AIFC Arbitration Regulations 2017. See section 7 (Exemption from Legislation) of the AIFC Arbitration Regulations 2017. However, parties should note when one of the parties to an arbitration is a Kazakh state party, the provision in the Kazakh Arbitration Law [Kazakh national law on Arbitration] requiring consent to be given by the Kazakhstan authorities will still be applicable to them.
The parties to a dispute at the IAC may agree in writing which procedural rules apply to an arbitration or mediation at the IAC. Arbitration or mediation procedural rules of Kazakhstan will only apply at the IAC if the parties to the dispute agree in writing that such shall apply in their proceedings at the IAC.




What would be correct interpretation of subparagraph 3) of paragraph 1 of Article 4 of Constitutional Statute? Does there need to be any specific act of the Governor or other AIFC authority in order to apply Kazakhstan law?


According to subparagraph 3) of paragraph 1 of Article 4 of the Constitutional Statute of the Republic of Kazakhstan On Astana International Financial Centre dated 7 December 2015 (the “Constitutional Statute”), the Acting of Law of the Republic of Kazakhstan applies in part to matters not governed by the Constitutional Statute and AIFC Acts. The abovementioned provision of the Constitutional Statute does not require development of a specific AIFC Act. In addition, practical implementation of the Article 4 of the Constitutional Statute is sustained and supplemented by AIFC Regulations on AIFC Acts 2017 adopted by the Governor of the AIFC on 20 December 2017.
AIFC Regulations on AIFC Acts 2017 determine the hierarchy of the Acting Law of the AIFC, development, approval and adoption of the AIFC Acts. In particular, section 40 (Application) of AIFC Regulations on AIFC Acts 2017 determines descending levels of relevant jurisdiction to be ascertained to apply relevant law on civil or commercial matters, the rights and liabilities between Persons in any civil or commercial matter, including questions of application of the acting law of the Republic of Kazakhstan.





Registration

What the first steps should AIFC participants undertake after the completion of registration in the AIFC?


  1. Open a bank account. You need to provide notarized translation of the constituent documents including Articles of Association/charter/partnership depending on organisational-legal form of an entity;
  2. Obtain EDS (ЭЦП) at Expat Center or Community Service Centres (ЦОН).
  3. Obtain a stamp (optional). However some state bodies and banks might require it.
  4. Ensure adequate staffing. In order to maintain viability of business, establish workforce capable of doing business in English and covering legal, tax matters.
  5. Register on State Revenue Committee website and create taxpayer’s account. Requires EDS.
  6. Get familiar with Guidance on Filing Obligations of AIFC Participants to the Registrar of Companies. Should be read together with the relevant legislation.




In what cases AIFC participants must apply for post-registration?


AIFC Participants must notify the Registrar regarding the changes in registered details. Follow the Guidance on Filing Obligations of AIFC Participants to the Registrar of C ompanies.




Who has an authority to sign and file application forms on behalf of a participant?


Director. Authorised signatory (unless expressly provided in constituent docs).




Who can be a CEO?


Chief Executive Officer must be a natural person who has an Individual Identification Number (IIN).




Does AFSA monitor all contracts of a participant with client, suppliers, partners?


No, AFSA does not monitor the participant’s contract. It is only required to register Share Pledge Agreement to date.




Is it mandatory to have all contracts in English?


No, the Contracts with third parties (clients, suppliers, partners) can be concluded in any language, but it must be provided in English or certified translated into English in case of litigation in AIFC Court.




Does a participant have to register employee contracts with AFSA?


No, the employee contracts are operational documents and mustn’t be registered in AFSA. It is recommended to register employee contracts in The Single Accounting System for Employment Agreements (ЕСУТД). Employee Contracts are drawn up in accordance with AIFC Employment Rules for all AIFC Participants. All other Civil Contracts must be compiled in accordance with AIFC Contract Regulations.




Does AFSA notify each participant on amendments introduced to legal framework?


No, Rules and Regulations may change over time without notification. Participants is responsible to ensure its business is updated as to any changes. Information can be found on the website including but not limited to legal framework.




Where a participant can find information on amendments introduced to legal framework?


Website: afsa.aifc.kz (legal framework - public consultations - AFSA)




Can a participant undergo more than one post-registration procedures at the same time?


Yes, in this case, the participant sends all necessary documents at the same time, and the total price of all procedures will be 50 USD.




Can proposed changes be registered based on scan copies only?


No, the original versions must be provided to the Office of the Registrar. (Because of coronavirus pandemic the Office of the Registrar temporarily accepts scan copies)




Can a participant provide application forms and supporting documents in languages other than English?


No, all supporting documents must be in English language or accompanied by an appropriate translation certified to the satisfaction of the Registrar of Companies.

Constitutional Statute of the RoK on the AIFC, Article 15.Language of the AIFC.




If a participant is a licensee and engaged in regulated activities, may a participant apply for post-registration procedure directly to Office of the Registrar?


No. If AIFC Participant is engaged in regulated activities, it must contact its Relationship Manager (or send an email to supervision@afsa.kz) for making necessary arrangements in relation to the Post-registration application and obtaining a required approval (if necessary).




Can a different legal entity pay invoice for a participant?


Yes, other legal entity may pay invoice for a participant, in this case, there is must be indicated BIN (or bank requisites for non-residents) of the payer in the request for invoice for post-registration procedure.




What is the fee for post-registration procedure?


USD 50




Provided that a post-registration procedure will be done without involvement of MoJ, shall a participant still pay a fee of 50 USD?


Yes. A participant must pay an appropriate fee regardless of whether MoJ is notified. All prescribed fees payable to AFSA are set out in AIFC Fees Rules, where post-registration fees are listed in Schedule 5-1.




What is a “processing inquiry”?


Term includes but not limited to:

1) Request for extract of shareholders’ registry;

2) Request for extract of directors’ registry;

3) Request for extract of Ultimate Beneficial Owners registry;

4) Request for extract from Public Register;

5) Certificate of a good standing.




What is associated fee for processing inquiries as a part of Administrative services?


Processing inquiries including issuance of certificates, extracts - 20 USD.

Schedule 1, Administrative services payable to the Registrar of Companies, AIFC Fees Rules




Can a natural person pay invoice for a participant?


Yes. If a natural person is a resident of RoK, then IIN and copy of ID (both sides) must be provided. If a natural person is a non-resident of RoK, then passport copy must be provided.




Can a body corporate pay invoice for a participant?


Yes. If a body corporate is a resident of RoK (AIFC Participants are residents of RK), then BIN must be provided. If a body corporate is a non-resident of RoK, then bank requisites must be provided.




Can a participant pay invoice in USD?


If a payer (natural person/body corporate) is a resident of RK (AIFC Participants are residents of RK), then the invoice must be paid in KZT only, non-Resident can pay in USD.




How long it takes for the Office of the Registrar to process a Post-registration application?


Provided that full application package is submitted, approximately 5 business days. For more information on the process of making post-registration application, refer to Guidance on Post-registration applications to the Office of the Registrar of Companies (https://afsa.aifc.kz/post-registration/ (Afsa.aifc.kz - registration – post registration)




Who can help us with filling applications?


Please find the list of Ancillary Service Providers (with their contacts) on the https://digitalresident.kz - Ancillary Service Providers




How to obtain a legal address?


A concept of coworking zone has been established as a response to a market demand and helps to overcome operational challenges of our valuable participants. AIFC offers coworking zone as a legal address.

Upon registration process (once a company obtains BIN), a company has to sign a sublease agreement, which is put in place for contracting terms and conditions between the “Lessor” (AIFC Authority JSC) and the “Party” (a prospect). A process of obtaining of a legal address is issued in turn, as follows:

  1. A company completes a form for allocation at a coworking zone and sends it along with a certificate of incorporation to us, ABC Participant Support Department;
  2. ABC Participant Support Department signs it and passes it over to AIFC Property Department;
  3. AIFC Property Department sends a commercial proposal to a representative of a company;
  4. AIFC Property Department sends a signed and approved sublease agreement to a company;
  5. Once both sides sign a sublease agreement, a company keeps one copy for their own relevant purposes.

It is a sole responsibility of a company to have a registered office within the AIFC territory upon expiration of a sublease agreement.

AIFC Companies Regulations, Section 24. Registered office.




What is duration of a legal address?


A legal address is valid for duration of a sublease agreement and a company shall be solely responsible for allocation within the AIFC territory upon expiration of a sublease agreement and a legal address. AIFC Companies Regulations, Section 24(1). Registered Address




A participant is a VAT tax payer, can a participant still use a legal address offered by AIFC Authority?


A concept of coworking does not require a full-time presence of a company and therefore passing tax inspection, which is also convenient for VAT payers. The Tax Code RoK, Article 558: Tax Inspection, subparagraph 4, in the event of a tax inspection resulting in actual absence of taxpayers (tax agents) in places of their location specified in the registration details, the Tax Service Authority shall forward to such taxpayer a notice for the confirmation of location of the taxpayer (tax agent).




If a participant indicates a legal address offered by AIFC in the registration forms, but after registration a participant rents another office on the territory of AIFC, shall a participant apply for a post-registration procedure: change of registered address?


Yes. If a company changes its office location, then it must undergo post-registration procedure: change of registered address. A company may change the address of its registered office by giving notice to the Registrar. The change takes effect upon the notice being registered by the Registrar. There is an associated fee of 50 USD.

AIFC Companies Regulations, Section 24 (3-1).Registered office.

Fees Rules, Schedule 5-1: Administrative service fees payable to the Registrar of companies.




Is it mandatory for AIFC participants to submit financial statements to AFSA?


AIFC Participants are obliged to complete a specified number of filings to the Registrar of Companies on an annual basis depending on the level of turnover and organisational-legal form. Follow the part 2, Annual filings, Guidance on Filing Obligations of AIFC Participants to the Registrar of Companies. If AIFC Participant is engaged in regulated activities, it has to submit annual filing to the (1) Registrar of Companies as per the mentioned above and to (2) Financial Conduct/Prudential Division/Capital Markets depending on license.




AIFC Offices rates?


7000 KZT for 1 sq.m. (rent charge 5,500 KZT per sq. m., maintenance fee 1,500 KZT per sq. m.)




AIFC Coworking zones rates?





Is it able to see AIFC premises in order to rent space?


You may contact AIFC Property (property@aifc.kz) to book viewings of coworking zones and offices.




Is it mandatory to file Tax Reports?


AIFC Participants must file tax reports in accordance with Article 6 of the Constitutional law of the Republic of Kazakhstan on AIFC. To get more information on Tax Administration, Separate Accounting and other requirements please follow the link. Tax reports must be submitted to the Department of State Revenue of Yessil district.




How to enter to the Taxpayer’s account?


Using electronic digital signature (ЭЦП) you register and create an account as a taxpayer on https://kgd.gov.kz/




How to obtain electronic digital signature (ЭЦП)?


Participants can obtain EDS (ЭЦП) by visiting any community service center (ЦОН) or Expat Center (visits by appointment).Only residents may apply for EDS via eGov portal.




Are there any requirements to open a bank account?


AIFC participants may open a bank account in any bank. The requirements are defined by the selected bank.




How to register Share pledge agreement?


AIFC Participants have to send share pledge agreement to the Security Registrar (b.khamitov@aifc.kz) and make payment of fees in accordance with AIFC Security Rules (Schedule 1)




How to obtain visa for foreign employees of AIFC Participants?


You need to contact Expat Center via expat@aifc.kz.




Should AIFC Participants notify the Department of Justice regarding the changes in the registered details?


AIFC Participants must notify only the Registrar by filing the applications. Changes in DoJ are handled by the Office of the Registrar.





Post-Registration

What the first steps should AIFC participants undertake after the completion of registration in the AIFC?


  1. Open a bank account. You need to provide notarized translation of the constituent documents including Articles of Association/charter/partnership depending on organisational-legal form of an entity;
  2. Obtain EDS (ЭЦП) at Expat Center or Community Service Centres (ЦОН).
  3. Obtain a stamp (optional). However some state bodies and banks might require it.
  4. Ensure adequate staffing. In order to maintain viability of business, establish workforce capable of doing business in English and covering legal, tax matters.
  5. Register on State Revenue Committee website and create taxpayer’s account. Requires EDS.
  6. Get familiar with Guidance on Filing Obligations of AIFC Participants to the Registrar of Companies. Should be read together with the relevant legislation.




In what cases AIFC participants must apply for post-registration?


AIFC Participants must notify the Registrar regarding the changes in registered details. Follow the Guidance on Filing Obligations of AIFC Participants to the Registrar of C ompanies.




Who has an authority to sign and file application forms on behalf of a participant?


Director. Authorised signatory (unless expressly provided in constituent docs).




Who can be a CEO?


Chief Executive Officer must be a natural person who has an Individual Identification Number (IIN).




Does AFSA monitor all contracts of a participant with client, suppliers, partners?


No, AFSA does not monitor the participant’s contract. It is only required to register Share Pledge Agreement to date.




Is it mandatory to have all contracts in English?


No, the Contracts with third parties (clients, suppliers, partners) can be concluded in any language, but it must be provided in English or certified translated into English in case of litigation in AIFC Court.




Does a participant have to register employee contracts with AFSA?


No, the employee contracts are operational documents and mustn’t be registered in AFSA. It is recommended to register employee contracts in The Single Accounting System for Employment Agreements (ЕСУТД). Employee Contracts are drawn up in accordance with AIFC Employment Rules for all AIFC Participants. All other Civil Contracts must be compiled in accordance with AIFC Contract Regulations.




Does AFSA notify each participant on amendments introduced to legal framework?


No, Rules and Regulations may change over time without notification. Participants is responsible to ensure its business is updated as to any changes. Information can be found on the website including but not limited to legal framework.




Where a participant can find information on amendments introduced to legal framework?


Website: afsa.aifc.kz (legal framework - public consultations - AFSA)




Can a participant undergo more than one post-registration procedures at the same time?


Yes, in this case, the participant sends all necessary documents at the same time, and the total price of all procedures will be 50 USD.




Can proposed changes be registered based on scan copies only?


No, the original versions must be provided to the Office of the Registrar. (Because of coronavirus pandemic the Office of the Registrar temporarily accepts scan copies)




Can a participant provide application forms and supporting documents in languages other than English?


No, all supporting documents must be in English language or accompanied by an appropriate translation certified to the satisfaction of the Registrar of Companies.

Constitutional Statute of the RoK on the AIFC, Article 15.Language of the AIFC.




If a participant is a licensee and engaged in regulated activities, may a participant apply for post-registration procedure directly to Office of the Registrar?


No. If AIFC Participant is engaged in regulated activities, it must contact its Relationship Manager (or send an email to supervision@afsa.kz) for making necessary arrangements in relation to the Post-registration application and obtaining a required approval (if necessary).




Can a different legal entity pay invoice for a participant?


Yes, other legal entity may pay invoice for a participant, in this case, there is must be indicated BIN (or bank requisites for non-residents) of the payer in the request for invoice for post-registration procedure.




What is the fee for post-registration procedure?


USD 50




Provided that a post-registration procedure will be done without involvement of MoJ, shall a participant still pay a fee of 50 USD?


Yes. A participant must pay an appropriate fee regardless of whether MoJ is notified. All prescribed fees payable to AFSA are set out in AIFC Fees Rules, where post-registration fees are listed in Schedule 5-1.




What is a “processing inquiry”?


Term includes but not limited to:

1) Request for extract of shareholders’ registry;

2) Request for extract of directors’ registry;

3) Request for extract of Ultimate Beneficial Owners registry;

4) Request for extract from Public Register;

5) Certificate of a good standing.




What is associated fee for processing inquiries as a part of Administrative services?


Processing inquiries including issuance of certificates, extracts - 20 USD.

Schedule 1, Administrative services payable to the Registrar of Companies, AIFC Fees Rules




Can a natural person pay invoice for a participant?


Yes. If a natural person is a resident of RoK, then IIN and copy of ID (both sides) must be provided. If a natural person is a non-resident of RoK, then passport copy must be provided.




Can a body corporate pay invoice for a participant?


Yes. If a body corporate is a resident of RoK (AIFC Participants are residents of RK), then BIN must be provided. If a body corporate is a non-resident of RoK, then bank requisites must be provided.




Can a participant pay invoice in USD?


If a payer (natural person/body corporate) is a resident of RK (AIFC Participants are residents of RK), then the invoice must be paid in KZT only, non-Resident can pay in USD.




How long it takes for the Office of the Registrar to process a Post-registration application?


Provided that full application package is submitted, approximately 5 business days. For more information on the process of making post-registration application, refer to Guidance on Post-registration applications to the Office of the Registrar of Companies (https://afsa.aifc.kz/post-registration/ (Afsa.aifc.kz - registration – post registration)




Who can help us with filling applications?


Please find the list of Ancillary Service Providers (with their contacts) on the https://digitalresident.kz - Ancillary Service Providers




How to obtain a legal address?


A concept of coworking zone has been established as a response to a market demand and helps to overcome operational challenges of our valuable participants. AIFC offers coworking zone as a legal address.

Upon registration process (once a company obtains BIN), a company has to sign a sublease agreement, which is put in place for contracting terms and conditions between the “Lessor” (AIFC Authority JSC) and the “Party” (a prospect). A process of obtaining of a legal address is issued in turn, as follows:

  1. A company completes a form for allocation at a coworking zone and sends it along with a certificate of incorporation to us, ABC Participant Support Department;
  2. ABC Participant Support Department signs it and passes it over to AIFC Property Department;
  3. AIFC Property Department sends a commercial proposal to a representative of a company;
  4. AIFC Property Department sends a signed and approved sublease agreement to a company;
  5. Once both sides sign a sublease agreement, a company keeps one copy for their own relevant purposes.

It is a sole responsibility of a company to have a registered office within the AIFC territory upon expiration of a sublease agreement.

AIFC Companies Regulations, Section 24. Registered office.




What is duration of a legal address?


A legal address is valid for duration of a sublease agreement and a company shall be solely responsible for allocation within the AIFC territory upon expiration of a sublease agreement and a legal address. AIFC Companies Regulations, Section 24(1). Registered Address




A participant is a VAT tax payer, can a participant still use a legal address offered by AIFC Authority?


A concept of coworking does not require a full-time presence of a company and therefore passing tax inspection, which is also convenient for VAT payers. The Tax Code RoK, Article 558: Tax Inspection, subparagraph 4, in the event of a tax inspection resulting in actual absence of taxpayers (tax agents) in places of their location specified in the registration details, the Tax Service Authority shall forward to such taxpayer a notice for the confirmation of location of the taxpayer (tax agent).




If a participant indicates a legal address offered by AIFC in the registration forms, but after registration a participant rents another office on the territory of AIFC, shall a participant apply for a post-registration procedure: change of registered address?


Yes. If a company changes its office location, then it must undergo post-registration procedure: change of registered address. A company may change the address of its registered office by giving notice to the Registrar. The change takes effect upon the notice being registered by the Registrar. There is an associated fee of 50 USD.

AIFC Companies Regulations, Section 24 (3-1).Registered office.

Fees Rules, Schedule 5-1: Administrative service fees payable to the Registrar of companies.




Is it mandatory for AIFC participants to submit financial statements to AFSA?


AIFC Participants are obliged to complete a specified number of filings to the Registrar of Companies on an annual basis depending on the level of turnover and organisational-legal form. Follow the part 2, Annual filings, Guidance on Filing Obligations of AIFC Participants to the Registrar of Companies. If AIFC Participant is engaged in regulated activities, it has to submit annual filing to the (1) Registrar of Companies as per the mentioned above and to (2) Financial Conduct/Prudential Division/Capital Markets depending on license.




AIFC Offices rates?


7000 KZT for 1 sq.m. (rent charge 5,500 KZT per sq. m., maintenance fee 1,500 KZT per sq. m.)




AIFC Coworking zones rates?





Is it able to see AIFC premises in order to rent space?


You may contact AIFC Property (property@aifc.kz) to book viewings of coworking zones and offices.




Is it mandatory to file Tax Reports?


AIFC Participants must file tax reports in accordance with Article 6 of the Constitutional law of the Republic of Kazakhstan on AIFC. To get more information on Tax Administration, Separate Accounting and other requirements please follow the link. Tax reports must be submitted to the Department of State Revenue of Yessil district.




How to enter to the Taxpayer’s account?


Using electronic digital signature (ЭЦП) you register and create an account as a taxpayer on https://kgd.gov.kz/




How to obtain electronic digital signature (ЭЦП)?


Participants can obtain EDS (ЭЦП) by visiting any community service center (ЦОН) or Expat Center (visits by appointment).Only residents may apply for EDS via eGov portal.




Are there any requirements to open a bank account?


AIFC participants may open a bank account in any bank. The requirements are defined by the selected bank.




How to register Share pledge agreement?


AIFC Participants have to send share pledge agreement to the Security Registrar (b.khamitov@aifc.kz) and make payment of fees in accordance with AIFC Security Rules (Schedule 1)




How to obtain visa for foreign employees of AIFC Participants?


You need to contact Expat Center via expat@aifc.kz.




Should AIFC Participants notify the Department of Justice regarding the changes in the registered details?


AIFC Participants must notify only the Registrar by filing the applications. Changes in DoJ are handled by the Office of the Registrar.





Funds

What are the main advantages of operating a fund at AIFC compared to other jurisdictions?


Firstly, fund management companies at AIFC enjoy liberalized prudential norms, including: - Lower base capital requirements - Lower threshold for professional investors - No risk-based capital requirements - No professional indemnity insurance In addition, costs of managing business are on average 60-100% lower as compared to other popular jurisdictions, e.g. Singapore or Luxembourg. There are also lower staffing and competence requirements, such as experience of key management personnel and number of employees (directors, executive directors, representatives resigning in jurisdiction)




Is it necessary to authorise a fund management company?


Yes, it is necessary to authorise a fund management company, because managing a CIS (collective investment scheme or fund) is a Regulated Activity. In order to conduct Regulated Activity at AIFC, if that activity is carried on by way of business, the management company must be authorised (receive a license). However, the management company is not considered to be carrying out the Regulated Activity in respect of acting with or for a Group of affiliated companies, e.g. in respect of Single Family Offices. Therefore, if a fund management company is managing money of a group of related-party companies and they altogether belong to the single Group, fund management company is not obliged to receive a license for managing funds.




Do I need to obtain a license for a fund?


No, you do not need to obtain a license for a fund. You must obtain a license for a fund management company only.




What is the legal form of the fund?


There are two possible legal forms of the fund at AIFC: investment company (either open-ended or closed-ended) and limited partnership. Investment companies can create new shares and redeem existing shares much more easily than traditional companies. An Investment Company must be formed, and is to operate, for the sole purpose of conducting the business of a fund. A Limited Partnership is comprised of a General Partner and Limited Partners, where the Fund Manager is the General Partner and clients of the Fund are Limited Partners.




What is the form of the management company?


The Fund Management Company can be in any form: either in the form of a new legal entity (e.g. Private Company, General Partnership, Limited Liability Partnership) (or subsidiary), or in the form of a branch of an existing entity outside of AIFC jurisdiction, which is regulated by a financial regulator (e.g. Recognised Company, Recognised General Partnership, Recognised Limited Liability Partnership)




What is the difference between an exempt fund and a non-exempt fund?


Non-Exempt Fund is any Collective Investment Scheme, the units of which are offered in the AIFC. It provides greater protection to retail investors through detailed regulation in line with IOSCO Standards. Exempt Fund is a Collective Investment Scheme, the units of which are offered in the AIFC only by way of a private placement: first, to persons who are Professional Clients; and second, in minimum subscription amounts of US$50,000. Exempt funds which are managed by Domestic fund managers are not required to be registered in accordance with CIS Rules, as the AFSA must only be notified by Fund Manager of its intention to manage an Exempt Fund. A Fund manager may also elect the arrangement to be not regulated as a fund if each unitholder / investor is a company in the same group as a Fund manager.




What is a self-managed fund?


Self-managed Fund is a collective investment scheme in which an external fund manager is not appointed and in such case the board of directors assume the fund management functions, but the fund must be an Exempt Fund. It is also prohibited from managing other funds.




What are the base capital requirements for a management company?


In case of a non-exempt fund, the base capital requirement for a fund manager is US$50,000. In case of an exempt fund, the requirement value differs according to the fund management function: the requirement for a domestic fund manager is US$50,000, the requirement for the Self-managed Fund is US$300 000. It is also important to note that the Fund has an appointed Eligible Custodian unless the appointment of an Eligible Custodian is not required due to the nature of the Fund and the type of assets which it holds. Otherwise, the base capital requirement increases to US$500,000.




What are HR requirements for a management company?


Approved individuals can take the following positions in the company: - Senior Executive Officer (CEO) - Finance Officer - Compliance Officer Designated individuals can take the positions below: - MLR Officer (can be combined with compliance officer) - Senior Manager - Risk Manager - Internal Auditor If the complexity of the business requires, the designated individuals can take the following positions as well: - Responsible Officer; - Any other related positions.




Is it necessary to have an office in the AIFC to participate in the activities related to managing funds?


Subject to limited exceptions, it is necessary to maintain a registered office in the AIFC, which is a location to conduct its principal business activities. It is also important to maintain communication via email.




Is it allowed for an individual to take more than one role in the company?


An individual may perform more than one Controlled Function. However, there should be proper segregation between the business and control responsibilities.




What are the tax benefits for funds and fund management company at AIFC?


Tax benefits for Regulated Activities Fund Management Company (incorporated in the AIFC) is exempted from corporate income tax on income received from providing its management services in the AIFC (until 1 January 2066). Fund (LP, Investment company) is exempt from CIT and VAT by Tax Code, if registered according to AIFC regulations. Tax benefits for all activities Until 1 January 2066 individuals and legal entities (incl. both Fund management company and Fund incorporated in the AIFC) are exempted from individual and corporate income tax on income received from: • profits from the sale of securities listed, on the day of their sale, on the official list of Astana International Exchange; • profits from the sale of shares or stakes in the capital of AIFC Participants that are legal persons registered under the Acting Law of the AIFC; • dividends and interest from securities listed, on the day of their distribution, on the official list of the Astana International Exchange; • dividends from shares or stakes in the capital of AIFC Participants that are legal persons registered under the Acting Law of the AIFC;




Is it necessary to obtain a license in order to get tax benefits at AIFC?


Yes, obtaining a license is necessary to become eligible for tax benefits at AIFC related to Regulated Activities. However, the company may enjoy tax benefits related to all activities at AIFC without obtaining a license.





Disclaimer

This information is designed to assist actual and potential AIFC Participants (‘Participants’) to be familiar with benefits provided to actual Participants. Neither this information nor any of the answers to the questions in this information constitutes legal advice and should not be acted upon as if advice had been given. If there is any inconsistency between any statement in this information and the relevant AIFC Regulations and Rules or associated Guidance, the AIFC Regulations, AIFC Rules and Guidance prevail. Participants should, where they consider it necessary, obtain their own legal advice in relation to their specific situations. This information does not cover each and every aspect of the AIFC Regulations and Rules. It selectively addresses frequently asked questions in relation to the AIFC. This information will be amended as we become aware of new or changing issues.