Debt collection Kazakhstan
Kazakhstan has second biggest economy in CIS after Russia, which is still the biggest in Central Asia. With strong natural resources like oil, natural gas and metals, Kazakhstan’s economy is export oriented.
Trade balance is positive. The main partners in foreign trade are Russia, China and USA. Kazakhstan is member of Customs Union along with Russia and Belarus with no customs borders and unified formalities within the Union.
Kazakhstan culture is oriental with strong impact of Russian culture due to being part of Russian empire and later USSR. Despite of old traditions are still very respected, country development opened broad way for western culture and practices.
National language is Kazakh from Turkic languages group. However, de facto, Russian is official and business language for most population of Kazakhstan. Also Russian is officially used in state organizations and local government bodies along with the Kazakh language. English is less developed; it is spoken mostly by young people, people in the cities and businessmen.
The main challenges to collect debt in Kazakhstan are:
- Difference of culture and mentality from the European countries and US.
- Low understanding the principles of working with European and US partners.
- Low penetration of English may create difficulties in understanding business partners from EU and US.
How to collect debt in Kazakhstan?
Amicable collection is the most effective and cost-saving way to recover debt in Kazakhstan. It is advised to refer case to collection when the debt is delinquent over 4 months. The less delinquency is the more chances to collect debt are.
Amicable collection is applicable almost in any case apart from case of debtor’s bankruptcy or liquidation.
Amicable collection is still possible even after statute of limitations (3 years) expired, though chances to collect in such case would be very small.
What we do to recover a debt in Kazakhstan?
- study case details
- find core reason of failing to pay
- find debtor’s decision makers and financial controllers
- arrange negotiations with the debtor
- consult in finances to enable debtor to pay
- consult in local legislation and business threats to convince debtor to pay
- negotiations with the both parties about payment schedule
- control flow of the debtor’s promises and payments
How long it takes in Kazakhstan?
Average time to recover debt in Kazakhstan is 95 days.
What the fees are?
The success fee makes 15% commission from any money recovered.
No collection – no fee policy applies.
- we have debt recovery experience in Kazakhstan
- we know Kazakh culture and mentality
- we understand local Kazakhstan languages
- we know local Kazakh laws, finances and customs
- we charge no fees, unless debt is recovered
- we provide operative reporting
How to send case?
- Send your unpaid invoices and supporting documents for our review.
- Sign our debt collection contract and POA received from the manager.