Insuring export letters of credit (export trade financing)

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Recipients
Individuals and/or legal entities: exporters or organizations that perform financing of Kazakhstani goods, works and/or activities export
Service provision methods
«KazakhExport» JSC
Cost of the service

Insurance rate is fixed pursuant to the Policy to fix insurance rates for insurance/reinsurance contracts of “KazakhExport JSC

Terms of the service delivery

It takes about 40 working days from the moment of complete documents package submission

Additionally

Rules for insuring export letters of credit were developed  pursuant to the Civil Code of the RK, Law of the RK as of December 18, 200 No.126-11 “On Insurance Activities”, Order of the President of the RK as of May  17,  2003 No. 1096 “On Industrial and Innovative Development Strategy of the RK for 2003-2015”, Statute of “KazakhExport” JSC aimed at enhancing efficiency and development of  local clusters, Uniform Customs and Practice for Documentary Credits ratified by International Chamber of Commerce as of July 01, 2007 and were approved by the Order of Minister for Investment and Development of the RoK as of December 09, 2015 No. 1194

How to get the service online

  1. Sign in on the portal and click «Order Service Online» button (to get the services you must be registered on the website digital.baiterek.gov.kz).
  2. Fill in the necessary data at digital.baiterek.gov.kz and sign the request with EDS (electronic digital signature). Track the status of consideration of the application in the personal account on the portal «Baiterek» National Managing Holding JSC.

How to obtain the service in “KazakhExport” JSC (required documents):

  1. Insurance application;
  2. Letter of consent for State Revenue Department in the form approved in a company;
  3. Export contract;

An additional list of documents required for thorough check of a customer pursuant to the legislation of the Republic of Kazakhstan against legalization (laundering) of revenues obtained illegally and finance of terrorism:

  1. A customer`s application – original copy;
  2. For individuals residing in the Republic of Kazakhstan and performing individual entrepreneurial activities:

1) identity document;

2) document issued by an authorized agency that certifies the undergoing of state registration;

  1. For legal entities (both residents and non-residents of the Republic of Kazakhstan) and their separate divisions (branches and representative offices):

1) document(s) certifying an identity of civil officer(s) authorized to sign documents of a legal entity to perform transactions with money and (or) other property;0

2) document issued by an authorized agency that certify the undergoing of state registration (re-registration) of a legal entity;

3) constituent documents and (or) extract from the register of securities holders;

4) documents certifying an identity or certifying the fact of state registration (re-registration) of founders (participants) of a legal entity (except documents of founders (participants) of joint-stock companies, and also business partnerships whose registers are maintained by a sole registrar), and also documents certifying identities of beneficiary owners of a legal entity (except cases, when a beneficiary owner is a founder (participant) of legal entity and identified based on the register of shareholders (participants);

5) documents certifying the authorities of a civil servant(s) to perform activities on behalf of a customer without power of attorney, including signing of a legal entity`s documents to perform transactions with money and (or) other property;

6) for branches and representative offices of other legal entities` forms: power of attorney issued by a legal entity-resident of the Republic of Kazakhstan to a head of branch or representative office;

7) document certifying an address of legal entity location;

8) permit (in case if a customer`s activity is performed via licensing or permit document pursuant to the Law of the Republic of Kazakhstan “On permits and notifications”);

  1. If a representative acts on behalf of a customer (except appointed officials of a legal entity):

for a customer`s representatives-residents of the Republic of Kazakhstan:

  1. identity document;
  2. documents certifying the authorities of a customer`s representative to perform transactions with money and (or) other property on behalf of a customer, including signing of a customer`s documents;

for a customer`s representatives-non-residents of the Republic of Kazakhstan:

  1. identity document;
  2. documents certifying the authorities of a customer`s representative to perform transactions with money and (or) other property on behalf of a customer, including signing of a customer`s documents;
  3. a document certifying registration in authorized agencies of the Republic of Kazakhstan for the right to enter/leave and stay of an individual-non-resident on the territory of the Republic of Kazakhstan, unless otherwise provided by international treaties ratified by the Republic of Kazakhstan.

 

Result of the service delivery

Signing of an export letter of credit insurance contract.