AIFC · INVESTMENT MANAGEMENT
AFSA Licensing — Investment Management
Bond Stone advises investment management companies, fund managers, investment advisers, dealers, and arrangers on AFSA licensing within the AIFC — from regulated activity selection and entity formation through application preparation and ongoing compliance.
In 2025, AFSA authorised 29 financial services firms — with strong interest in investment-related activities including fund management, brokerage, and advisory services. The AIFC’s investment management framework provides access to Kazakhstan’s 50+ double tax treaty network, zero CIT until 2066, and AIFC Court dispute resolution under English common law.
Governed by: AIFC Financial Services Framework Regulations; AFSA Conduct of Business Rules; AFSA Fund Rules; AFSA Fees Rules (as amended 1 December 2025). Authority: afsa.aifc.kz
Regulated Activities
| Activity | Description | Min Capital |
|---|---|---|
| Managing Investments | Discretionary management of investment portfolios on behalf of clients. Covers asset managers, hedge funds, family offices, and private equity managers. Liquid assets must equal at least 25% of annual operating expenditure at all times. | USD 150,000 |
| Managing a Collective Investment Scheme | Establishing, managing, or winding up a fund. Covers Exempt Funds (professional investors only) and Non-Exempt Funds (full disclosure). Capital: USD 50,000–500,000 depending on fund type. | USD 50,000–500,000 |
| Advising on Investments | Giving investment advice to clients on buying, selling, holding, or underwriting investments. Covers investment advisers and wealth managers. Additional USD 2,800 digital asset fee if advice extends to digital assets. | USD 10,000 |
| Arranging Deals in Investments | Making arrangements for another person to buy, sell, subscribe for, or underwrite investments. Covers placement agents, fund distributors, and introducing brokers. | USD 10,000 |
| Dealing in Investments as Principal / Agent | Buying, selling, or underwriting investments on own account (principal) or on behalf of clients (agent). Covers broker-dealers and market makers. Capital adequacy calculated on a risk-adjusted basis. | Risk-adjusted |
| Providing Custody / Arranging Custody | Safekeeping and administration of investments on behalf of clients. Frequently combined with Managing Investments or digital asset licences. Arranging custody means making arrangements for another firm to provide custody. | USD 10,000–150,000 |
| Providing Trust Services / Fund Administration | Trust services: acting as trustee or managing trust structures. Fund administration: NAV calculation, accounting, transfer agency, and back-office services to funds. Used by family offices and fund service providers. | USD 10,000 |
Why use the AIFC for investment management
✦ 0% CIT until 1 January 2066 — tax-efficient base for fund management and investment advisory
✦ Access to Kazakhstan’s 50+ double tax treaty network — efficient withholding tax planning for cross-border structures
✦ English common law governance — familiar framework for European, US, and Middle Eastern fund managers
✦ AIFC Court enforcement — disputes resolved under English law, judgments enforceable in Kazakhstan
Why Bond Stone
✦ AIFC RLA — Banking & Finance and Regulatory & Compliance specialisations
✦ Full application package — entity formation, AFSA application, Approved Individual registrations, AML/CTF framework on one mandate
✦ Ranked Legal 500 EMEA and IFLR1000 — offices in Almaty and Astana
Primary authority: afsa.aifc.kz
Discuss your investment management licence
Contact Bond Stone for a confidential discussion about AFSA investment management licensing within the AIFC.
📧 info@bondstonelaw.com
📞 +7 (701) 729 76 72
Request a Confidential Consultation
← AFSA Licensing Hub
Banking & Credit →