“I signed a decree on the establishment of the Astana International Financial Centre. It will be based on the principles of English law, the preferential tax regime and an independent financial court
President of the Republic of Kazakhstan
Applicable law of the AIFC is guided by principles, norms and precedents of England and Wales`s law and standards of the leading international financial centers.
Justice based on English law in AIFC will be rendered by independent AIFC`s Courts. International level judges of AIFC`s Court will have exclusive jurisdiction over disputes between the AIFC’s participants, Bodies and/or their foreign employees, disputes relating to operations carried out in the AIFC and regulated by the law of the AIFC, disputes transferred to the AIFC’s courts by agreement of the parties, except criminal and administrative proceedings.
Bodies and participants of the AIFC, as well as their employees, shall be exempted from tax payments, including corporate tax, individual income tax, land and property tax for the first 50 years.
A special visa regime up to 5 years is available for the employees of the AIFC bodies and participants, and similarly for their families. This will provide a great opportunity for the AIFC participants to employ foreign staff members without having to obtain quotas and permits.
Visa-free entry for up to 30 days is available for citizens of OECD countries, the United Arab Emirates, Malaysia, the Republic of Singapore and the Principality of Monaco.
Rent-free offices are provided to the participants of the AIFC for the first two years.
A simplified registration regime has been introduced, based on “one-stop-shop” principle for the issue of visas, work permits, and other documentary procedures in the territory of the AIFC.
All business activities will be conducted in English within the AIFC. Legislation shall be drafted and applied in English.
The construction of a new passenger terminal at Astana International Airport is scheduled prior to the start of EXPO-2017
The annual capacity of the airport will grow from 3 million passengers to 7 million. Air Astana, the national air carrier, is expected to launch new direct flights to the main financial centers: New York, Tokyo and Singapore in the near future.
Kelimbetov Kairat Was born in 1969 in Almaty.
Has graduated from Moscow State University named after M.V. Lomonosov, High Academy of Governance under the President of Kazakhstan and Georgetown University (USA).
Till 2002 worked as the member of Supreme Economic Council under the President of the Republic of Kazakhstan, at the Administration of the President of the Republic of Kazakhstan, served as Chairman of the Agency for Strategic Planning, First Vice-Minister of Finance of the Republic of Kazakhstan.
From 2002 to 2006 served as Minister of Economy and Budget Planning of the Republic of Kazakhstan.
In 2006 served as CEO of Kazyna Sustainable Development Fund (the state institutions of development).
In January 2008 appointed as Head of Administration of the President of the Republic of Kazakhstan. Since 2008 to 2011 - CEO of Sovereign Wealth Fund “Samruk-Kazyna” JSC (The Fund, which consolidated all the state companies). In April 2011 served as Minister of Economic Development and Trade of the Republic of Kazakhstan.
In January 2012 was appointed as the Deputy Prime Minister of the Republic of Kazakhstan, where governed the issues of macroeconomics, budget policy, governing of state companies and finance sector, tax and custom regulations and etc. Kelimbetov also served as the Chairman of the Council of Eurasian Economic Comission, where he represented the Republic of Kazakhstan.
On October 1, 2013 by the Decree of the President of the Republic of Kazakhstan was appointed as the Chairman of the National Bank of Kazakhstan.
On December 24, 2015 by the order of the President of the Republic of Kazakhstan was appointed as the Governor of International Finance Center Astana.
Nurlan KUSSAINOV was born in 1976 in Karagandinskaya region. He graduated from Kazakh State Academy of Management, with major in foreign economic relationships in 1997. In 2009 he accomplished his Master’s degree in management from Stanford Graduate School of Business (Sloan Master Program).
He started his work experience in 1996 as an economist with Kazakhmys (Zhezkazgancvetmet), after that he worked for the Strategic Planning Agency of Republic of Kazakhstan and served as a Head of Strategic Planning Department for the Development Bank of Kazakhstan.
Then, since 2002, he was the Counselor Minister of Economic Affairs and Budget Planning of the Republic of Kazakhstan, and took part in creating state development finance institutes. He also was the Head of WTO Accession Team in Geneva, Switzerland, as representative of the Ministry of Industry and Trade of the Republic of Kazakhstan, aiming coordination of the negotiation process of Kazakhstan’s WTO accession.
In 2004 Nurlan became CEO for the Center of Marketing and Analytical Research, government-owned corporation, which was macroeconomic and industrial thinks tank. This Center was actively involved in development of key strategic programs of the Government of Kazakhstan, consulting municipal governments and large private conglomerates.
In 2007 Nurlan Kussainov became a CEO for investment company CNRG Capital, and in 2009 he was invited to be managing partner of Al Falah Partners, managing a joint UAE and Kazakhstan private fund of 500 million USD to target CIS market.
In 2010 Mr. Kussainov was appointed as the first deputy CEO, then CEO for the Development Bank of Kazakhstan. In order to Presidential Decree in January 2014, Nurlan Kussainov was assigned as a Deputy governor for the National Bank of Kazakhstan.
In order to Financial Ministry's Decree in January 2016 Nurlan Kussainov was assigned as a Member of the board of Directors of Astana International Financial Center Authority. Later in February 2016, with the decision of the Board of Directors, Nurlan Kussainov was appointed as the CEO for AIFC Authority. Nurlan is fluent in Kazakh, Russian and English, he is married with three children.
Mr. Marat Aitenov is the Deputy CEO and Chief Legal Officer of JSC Astana International Financial Center Authority. He previously held a similar role at the Development Bank of Kazakhstan, and other senior executive roles at leading Kazakhstan institutions, including the Samruk-Kazyna Sovereign Wealth Fund. He was head of the legal team at the Ministry of Economy and Budget Planning, and head of section at the Ministry of Justice of Kazakhstan.
He holds an LL.M Degree in Banking and Financial Law (Boston University), a Master’s Degree in Management and Economy (Moscow State University), and a Bachelor’s Degree in Law (Miras University).
Baur Bektemirov provides direction to the center’s overall development strategy and economic research agenda, advises the Governor on economic issues, and oversees the promotion of financial technologies in the region.
Having previously held managing positions at the Research Department of the National Bank of Kazakhstan and the government’s Economic Research Institute, Baur is interested in macroeconomic analysis, economic modeling, public policy analysis, and international development. He was involved in setting up the transition to a new monetary policy regime at the National Bank of Kazakhstan and participated in designing long-term development strategy for Kazakhstan’s sovereign wealth fund. Bektemirov’s academic interests include political economy of privatization and contract theory.
Mr. Bektemirov holds a B.A. in Mathematics from Harvard College and a Master’s of Public Policy from the University of Chicago Harris School of Public Policy.
Temirlan Mukhanbetzhanov leads AIFC efforts in developing asset management and private banking markets within AIFC.
Previously, Temirlan used to be the Deputy CEO of National Investment Corporation, an investment arm of Kazakhstan’s Central Bank managing its alternative investments portfolio. Prior to that, he worked at Al Falah Capital Partners, a private equity firm managing $500mn Kazakhstan focused PE fund backed by LPs from UAE and Kazakhstan. Earlier, Temirlan had advisory roles at Sovereign Wealth Fund “Samruk-Kazyna”, Ministry of Economic Development and Trade and Government of Kazakhstan.
Temirlan earned his undergraduate degree from Kazakhstan Institute of Management, Economics and Strategic Research (KIMEP) and completed his master degree in Finance and Investment at University of Edinburgh. Temirlan has passed all three levels of CFA exam.
AIFC Management Council
The AIFC Management Council is the supreme authority. Its main responsibilities include the definition of the main directions of development, coordination of the activities of the bodies, and assistance in creating favorable conditions for establishing a leading international financial center.
Astana Financial Services Authority (the AFSA)
The Astana Financial Services Authority (hereinafter – the AFSA) is a legal entity which regulates financial services and operations related to financial services in the territory of the AIFC.
In accordance with procedures set by the AIFC Management Council, the AFSA:
1) develops drafts of the Council’s resolutions on the regulation of financial services and related operations in the AIFC; publishes such drafts for public discussion; and presents such drafts to the AIFC Management Council for its adoption;
2) adopts acts, in the form of regulatory provisions on the regulation of financial services and related operations in the AIFC;
3) establishes the procedures for the issue, placement, trading, redemption and repayment of securities in the territory of the AIFC;
4) executes the registration, accreditation and licensing of the AIFC’s Participants;
5) maintains a register of the AIFC’s Participants;
6) executes control and supervision of the activities of the AIFC’s Participants, and takes necessary measures with regard to the AIFC’s Participants;
7) exercises other powers determined by resolutions of the AIFC Management Council.
The AFSA, within the limits of its competence as defined by the Constitutional Law and the Applicable Law, is independent of other bodies of the AIFC, state bodies, organizations, executive officials and individuals, and is accountable solely to the AIFC Management Council and the Governor of the AIFC.
JSC "the AIFC Authority" (hereinafter – the AIFC Authority) was established on December 28, 2015. The founder and sole shareholder of the AIFC Authority is the National Bank of Kazakhstan, whose shares are transferred under trust management to the Ministry of Finance of the Republic of Kazakhstan.
The main activities of the AIFC Authority include, but are not limited to, the development of the overall development strategy, promotion of the AIFC in the global markets, attraction of potential participants to the AIFC, recruitment of foreign experts with financial centre experience to the AIFC management.
The AIFC’s Courts are independent in their activity and separable from the judicial system of the Republic of Kazakhstan. The AIFC’s Courts have no jurisdiction in respect of criminal and administrative proceedings and have an exclusive jurisdiction in relation to hearing and adjudicating on any disputes between the AIFC’s participants, the AIFC’s Bodies and/or their foreign employees; hearing and adjudicating on any disputes relating to operations carried out in the AIFC and regulated by the law of the AIFC; hearing and adjudicating on any disputes transferred to the AIFC’s Courts by agreement of the parties.
Astana International Arbitration Centre
Parties will have access to alternative dispute settlement solution such as Astana International Arbitration Centre. Parties to arbitration agreement (clause) will be able to cut considerably the litigation costs, save their time in the course of delivering, recognition and execution of the Arbitration decision in Kazakhstan and beyond.
Astana International Arbitration Centre will be established and act in accordance with the resolution of the Council “On the International Arbitration Centre”.
On approving the Regulations on keeping separate accounting of income subject to exemption of corporate income tax and subject to taxation, and expenses subject to allocation to deductions by the participants of Astana International Financial Centre
The development strategy was determined by the AIFC Management Council in accordance with paragraph 3 of the Article of the Constitutional Statute of the Republic of Kazakhstan “On the Astana International Financial Centre”
CONSTITUTIONAL STATUTE NO. № 438-V ZRK OF 7 DECEMBER 2015 (WITH AMENDMENTS AS OF 13 MARCH 2017)
Decree of the President of the Republic of Kazakhstan dated 31 December 2015 No. 161
Decree of the President of the Republic of Kazakhstan dated 31 December 2015 No. 160 (with amendments as of 20.10.2017)
Resolution of the Government of the Republic of Kazakhstan dated 30 May 2015 No. 393