Local incorporation is required for the provision of a specialised financial institutions, as well as housing and savings banks.
"The Regulation "On Licensing the Activities of Specialized Financial Institutions" (hereinafter - the Regulation) determines the procedure for licensing the activities of specialized financial institutions (hereinafter - the SFU) that carry out certain banking operations specified in this Regulation. 
This Regulation does not apply to commercial banks, microfinance organizations, credit unions, OJSC "Financial company of credit unions", financial and credit corporations (companies), loan offices, mutual lending companies operating under the license of the National Bank of the Kyrgyz Republic and authorized to carry out separate banking operations. 
[...]
Chapter 1. General Provisions 
1. SFU is created only in the form of a joint stock company and carries out its activities in accordance with the legislation of the Kyrgyz Republic, these Regulations and constituent documents of the SFU. [...]
3. SFU may carry out the following individual banking operations, subject to the restrictions established by the National Bank, provided that such operations are indicated in the license: 
- buy and sell cash and non-cash foreign currency on its own behalf and on behalf of the client; 
- provide retail banking services through the conclusion of an agency agreement with the bank; 
- operations with precious metals in the form of bullion issued by the National Bank. 
In the presence of an additional license of the National Bank, SFU is entitled to carry out operations to provide services for receiving and making payments and settlements for goods and services that are not the result of its activities, in favor of third parties through payment systems based on information technologies and electronic means and methods of payments. [...] 
6. The founders and shareholders of the SFU may be individuals and legal entities (only residents of the Kyrgyz Republic), whose participation in the SFU is not prohibited by the legislation of the Kyrgyz Republic. [...]"  (Regulation "On Licensing the Activities of Specialized Financial Institutions", Resolution of the Board of the National Bank Kyrgyz Republic of March 16, 2016 No. 12/3 [google translated])
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"Chapter 1. General Provisions [...] 
2. Housing and Savings Credit Company (hereinafter   referred to as " HCCC")  is a  non - banking financial and credit organization licensed to conduct certain banking operations, the activity of which is aimed at accumulating the funds of depositors in housing and savings deposits (deposits) and providing loans to its depositors for individual construction, purchase of residential houses or apartments, or to improve housing conditions in the framework of state housing programs. 
3. HCCC is a commercial organization created in the form of a joint stock company, and receives the status of a legal entity from the date of state registration in accordance with the legislation of the Kyrgyz Republic. [...]" (Regulation "On licensing activity of housing savings and loan companies" : Resolution of the Board of the National Bank of the Kyrgyz Republic of November 1, 2019 No. 2019-П-33 \ 55-1- (NFKU) [google translated])
Regulation "On Licensing the Activities of Specialized Financial Institutions", Resolution of the Board of the National Bank Kyrgyz Republic of March 16, 2016 No. 12/3 [google translated]
Regulation "On licensing activity of housing savings and loan companies" : Resolution of the Board of the National Bank of the Kyrgyz Republic of November 1, 2019 No. 2019-П-33 \ 55-1- (NFKU) [google translated]
[<a href="https://www.nbkr.kg/contout.jsp?item=105&lang=RUS&material=109787">Reg</a>],[<a href="https://www.nbkr.kg/contout.jsp?item=105&lang=RUS&material=95053">Reg</a>]