What is the application for issuance of Establishment licenses of Representative offices of foreign credit institutions in Vietnam? What are the procedures?
- What is the application for issuance of Establishment licenses of Representative offices of foreign credit institutions in Vietnam?
- What are the procedures for issuance of Establishment licenses of Representative offices of foreign credit institutions in Vietnam?
- What are the regulations on the quantity of Establishment licenses of Representative offices of foreign credit institutions in Vietnam?
What is the application for issuance of Establishment licenses of Representative offices of foreign credit institutions in Vietnam?
Pursuant to the provisions in Section 1 of Part B of Administrative Procedures issued with Decision 2183/QD-NHNN 2023, the application for issuance Establishment licenses of Representative offices of foreign credit institutions and other banking institutions includes:
- Application for Establishment licenses of Representative offices signed by the legal representative of foreign credit institutions and other banking institutions according to the form prescribed in Appendix 02c of Circular 40/2011/TT-NHNN.
- Certified copy of the Operating license or equivalent document issued by the competent authority of the home country for foreign credit institutions and other banking institutions.
- Document from the competent authority of the home country providing information on the compliance with laws by foreign credit institutions and other banking institutions.
- Document from the competent authority of the home country permitting foreign credit institutions and other banking institutions to establish Representative offices in Vietnam; if the regulations of the home country do not require a permit, there must be evidence to prove this.
- Report on the establishment process, activities of the credit institution and other banking institutions until the time of submitting the application for the license and the development orientation of foreign credit institutions and other banking institutions in Vietnam.
- Audited financial report for the consecutive year prior to the submission of the application for the license of the credit institution and other banking institutions.
- Curriculum vitae of the prospective Head of the Representative office according to the form prescribed in Appendix 03 of Circular 13/2023/TT-NHNN, with confirmation from foreign credit institutions and other banking institutions; Criminal record certificate:
+ For Vietnamese nationals: Criminal record certificate issued by the authority managing the criminal record database, which must include complete information about the criminal record status (including cleared and uncleared records) and information about the prohibition of assuming positions, establishing, managing enterprises, cooperatives;
+ For non-Vietnamese nationals: Criminal record certificate or equivalent valid document (with complete information about the criminal record status, including cleared and uncleared records; information about the prohibition of assuming positions, establishing, managing enterprises, cooperatives) issued by the competent authority of Vietnam or the competent authority of the foreign country according to regulations;
+ The criminal record certificate or equivalent valid document must be issued by the competent authority before the time of submitting the application for the license and not more than 06 (six) months;
+ The confirmation of the Curriculum vitae of the organization, individual is based on the exploitation of citizens' residence data on the National Database on Population or checking the VNeID application as instructed by the Ministry of Public Security; no requirement for the organization, individual to submit, present household registration book, temporary residence book, as prescribed in Article 14 of Decree 104/2022/ND-CP.
+ Certified copies of diplomas, certificates proving the capacity, professional qualifications of the prospective Head of the Representative office in Vietnam.
+ Document proving the right to use or will have the lawful right to use the headquarters of the representative office.
- List of documents.
If the documents are copies and not authenticated copies, copies issued from the original register must be presented along with the original for comparison. The person who verifies must sign the confirmation on the copy and take responsibility for the accuracy of the copy compared to the original.
What is the application for issuance of Establishment licenses of Representative offices of foreign credit institutions in Vietnam? What are the procedures?
What are the procedures for issuance of Establishment licenses of Representative offices of foreign credit institutions in Vietnam?
According to the regulations in Section 1 of Part B of Administrative Procedures issued with Decision 2183/QD-NHNN 2023, the procedure for issuance of Establishment licenses of Representative offices of foreign credit institutions and other banking institutions is as follows:
Step 1: Foreign credit institutions and other banking institutions prepare the dossier requesting the issuance of Establishment licenses of Representative offices according to the regulations and submit it to the provincial State Bank branches where the planned representative office will be located.
Step 2: Within 30 days from the date of receiving the dossier requesting the issuance of the license, the provincial State Bank branches send a document to the foreign credit institutions and other banking institutions confirming that they have received the complete and valid dossier.
In case the dossier requesting the issuance of the license is incomplete or not in compliance with the regulations, the provincial State Bank branches send a document to the foreign credit institutions and other banking institutions requesting them to supplement the dossier.
Step 3: Within 60 days from the date of sending the document confirming the receipt of the complete and valid dossier, the provincial State Bank branches proceed to grant the license according to the regulations. In case the license is not granted, the provincial State Bank branches send a document to the foreign credit institutions and other banking institutions stating the reasons for not issuing the license.
Implementation methods:
- At the headquarters of the provincial State Bank branches (directly at the Single-window department); or
- Postal services.
What are the regulations on the quantity of Establishment licenses of Representative offices of foreign credit institutions in Vietnam?
According to the regulations in Section 1 of Part B of Administrative Procedures issued with Decision 2183/QD-NHNN 2023, the number of Establishment licenses of Representative offices of foreign credit institutions and other banking institutions is as follows:
- The dossier requesting the issuance of Establishment licenses of Representative offices must be prepared in 2 original sets, including one set in Vietnamese and one set in English, in which:
- The English set of documents must be legalized by the consular authority according to the regulations of the law, except for the following documents:
+ Documents from the competent authority of the home country sent directly to the State Bank;
+ Financial reports prepared directly in English.
- Translations from English to Vietnamese must be authenticated by the signature of the translator according to the regulations on authentication of Vietnamese law;
- Translations of financial reports must be confirmed by the organization or individual authorized to practice translation according to the regulations of the law;
- Vietnamese documents are the original documents (or copies from the original Vietnamese documents) prepared in Vietnam and do not need to be translated into English.
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