Dossier requesting the issuance of the Certificate of Registration for Representative Office activities of a Foreign Securities Company in Vietnam includes what?
What documents are required to apply for a Certificate of Operation Registration for the representative office of a foreign securities company in Vietnam?
According to Clause 2, Article 178 of Decree 155/2020/ND-CP, the application dossier for a Certificate of Operation Registration for the representative office of a foreign securities company in Vietnam includes:
+ Application form according to Form No. 64 Annex issued together with Decree 155/2020/ND-CP;
+ Decision of the authorized level according to the company's Charter on the establishment of a representative office in Vietnam, the appointment of the head of the representative office;
+ List of personnel accompanied by personal information forms according to Form No. 66, Form No. 67 Annex issued together with Decree 155/2020/ND-CP; Judicial record certificate issued not more than 06 months from the date of submission of the dossier of the head of the representative office in Vietnam;
+ Office lease contract, documents proving ownership of the office, right to use the office; explanation of physical facilities according to Form No. 65 Annex issued together with Decree 155/2020/ND-CP;
+ Charter of the foreign securities business organization.
+ Approval document from the competent foreign authority or organization where the foreign securities business organization is headquartered (if any).
+ Establishment and operation license of the foreign securities business organization or equivalent documents issued by the competent authority of the home country.
+ The most recent audited financial report of the foreign securities business organization. If the foreign securities business organization is a parent company, it must provide an audited consolidated financial report.
+ In case the foreign securities business organization is investing in Vietnam, it must provide: the list of investment funds, investment portfolios in Vietnam certified by the depository bank; Certificate of registration for transaction codes of investment funds in Vietnam.
What documents are required to apply for a Certificate of Operation Registration for the representative office of a foreign securities company in Vietnam?
What are the rights and obligations of the representative office of a foreign securities company in Vietnam?
According to Clause 2, Article 10 of Circular 97/2020/TT-BTC, the representative office of a foreign securities company in Vietnam has the following rights and obligations:
- Allowed to open accounts in foreign currencies or in Vietnamese Dong with a foreign currency origin at commercial banks authorized to operate foreign exchange business in Vietnam and to use these accounts only for the operations of the representative office. The opening, use, and closure of the representative office's accounts are carried out in accordance with relevant law provisions;
- Allowed to recruit Vietnamese employees and foreign employees to work at the representative office in accordance with Vietnamese law. Within 30 days of recruiting foreign employees to work at the representative office in Vietnam, the parent company or representative office (in case authorized by the parent company) must notify the State Securities Commission of the recruitment of foreign personnel along with confirmation documents from the competent state management authorities in accordance with the Labor Code;
- Allowed to have its own seal in accordance with Vietnamese law and allowed to use this seal only in transaction documents within the authority and functions of the representative office;
- Allowed to carry out activities as specified in the content and within the operational duration stated in the Certificate of Operation Registration of the representative office, and not allowed to carry out securities business activities in Vietnam, manage assets, manage investment capital for investors including the parent company's investment capital in Vietnam, or perform other securities business activities in Vietnam;
- Have other rights and obligations in accordance with the law.
What is the scope of the representative office of a foreign securities company in Vietnam?
The scope of operations of the representative office of a foreign securities company in Vietnam is stipulated in Clause 1, Article 10 of Circular 97/2020/TT-BTC as follows:
Scope of operation, rights, and obligations of the representative office and its staff
The scope of operations of the representative office of a securities company, foreign fund management company in Vietnam is carried out in accordance with Clause 2, 3 Article 78 of the Securities Law.
Thus, the scope of operations of the representative office of a foreign securities company in Vietnam includes one, some, or all of the following contents:
+ Performing liaison office functions and market research;
+ Promoting the establishment of cooperation projects in the field of securities and the securities market in Vietnam;
+ Promoting and monitoring the implementation of contracts and agreements signed between foreign securities companies, foreign fund management companies, and Vietnamese economic organizations;
+ Promoting and monitoring the implementation of projects funded by foreign securities companies, foreign fund management companies in Vietnam.
Moreover, the representative office of a foreign securities company in Vietnam is not allowed to carry out securities business activities.
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