What is the application for extension of a Certificate of registration of agent for exchange of bordering countries' currencies in Vietnam?
- What are the requirements to be satisfied by business entities to get an extension of its Certificate of registration of agent for exchange of bordering countries' currencies granted by the State Bank of Vietnam’s branch in border provinces?
- What is the application for extension of a Certificate of registration of agent for exchange of bordering countries' currencies in Vietnam?
- What are the rules for preparing applications for extension of Certificate of registration of agent for exchange of bordering countries' currencies in Vietnam?
What are the requirements to be satisfied by business entities to get an extension of its Certificate of registration of agent for exchange of bordering countries' currencies granted by the State Bank of Vietnam’s branch in border provinces?
Pursuant to the provisions of Article 6a of Decree No. 89/2016/ND-CP supplemented by Clause 4, Article 1 of Decree No. 23/2023/ND-CP as follows:
Eligibility requirements to be satisfied by business entities to act as agents for exchange of bordering countries’ currencies
…
2. In order to get an extension of its Certificate granted by the State Bank of Vietnam’s branch in border provinces, the business entity shall be required to meet the following requirements:
a) It meets all of the requirements set forth in Clause 1 of this Article;
b) The issued Certificate remains valid for at least 30 days from the date of submission of an application for extension;
c) It has not committed any violation against State Bank of Vietnam’s regulations on reporting for at least 03 quarters of a year from the issue date of the Certificate or the last extension of the Certificate to the date of submission of an application for extension.
Thus, in order to get an extension of its Certificate granted by the State Bank of Vietnam’s branch in border province, the business entity shall be required to meet the following requirements:
- It meets all of the following requirements:
+ It meets the headquarters/branch requirements:
++ It is headquartered in a land border area or border gate economic zone of that border province; or
++ Its headquarters and branch are located in a land border area or border gate economic zone of that border province; or
++ It is headquartered in that border province and has a branch located in a land border area or border gate economic zone of that border province;
- Location of the agent for exchange of bordering countries’ currencies: This agent must be located in the same land border area or border gate economic zone where it is headquartered or its branch is located;
- It has business process for exchange of bordering countries’ currencies; exchange rate bulletin, signboard stating name of the authorizing credit institution and name of the agent for exchange of bordering countries’ currencies;
- It has obtained an authorization to act as an agent for exchange of bordering countries’ currencies from the authorizing credit institution;
- A business entity shall act as an agent for exchange of bordering countries’ currencies for an authorizing credit institution only.
- The issued Certificate remains valid for at least 30 days from the date of submission of an application for extension;
- It has not committed any violation against State Bank of Vietnam’s regulations on reporting for at least 03 quarters of a year from the issue date of the Certificate or the last extension of the Certificate to the date of submission of an application for extension.
What is the application for extension of a Certificate of registration of agent for exchange of bordering countries' currencies in Vietnam?
What is the application for extension of a Certificate of registration of agent for exchange of bordering countries' currencies in Vietnam?
Pursuant to the provisions of Article 6d of Decree No. 89/2016/ND-CP supplemented by Clause 7, Article 1 of Decree No. 23/2023/ND-CP as follows:
Applications for issuance, re-issuance, modification and extension of Certificate
…
2. An application for re-issuance of a Certificate includes:
a) The application form which must indicate the reason for re-issuance (made using Form No. 01 in the Appendix enclosed herewith);
b) The copy of the agreement on agent for exchange of bordering countries’ currencies signed with the authorizing credit institution (in case of restructuring of the business entity).
3. An application for modification of a Certificate includes:
a) The application form which must indicate the reason for modification (made using Form No. 02 in the Appendix enclosed herewith);
b) Copies of documents relevant to such modification as prescribed in Clause 2 Article 6c of this Decree;
c) Reports on the business entity’s installation of the exchange rate bulletin and signboard stating name of the authorizing credit institution and name of the agent for exchange of bordering countries’ currencies at the transaction location, and copies of documents proving that the location of the agent for exchange of bordering countries’ currencies to be established meets the requirement in Point b Clause 1 Article 6a of this Decree (in the case specified in Point b or c Clause 2 Article 6c of this Decree).
4. An application for extension of a Certificate includes:
a) The application form (made using Form No. 02 in the Appendix enclosed herewith);
b) The copy of the valid agreement on agent for exchange of bordering countries’ currencies signed with the authorizing credit institution;
c) Reports on performance of the agent for exchange of bordering countries’ currencies within the scope of the issued Certificate, including the satisfaction of the requirement in Point c Clause 2 Article 6a of this Decree.
According to the above provisions, the application for extension of a Certificate of registration of agent for exchange of bordering countries' currencies includes:
- The application form;
- The copy of the valid agreement on agent for exchange of bordering countries’ currencies signed with the authorizing credit institution;
- Reports on performance of the agent for exchange of bordering countries’ currencies within the scope of the issued Certificate, including the satisfaction of the following requirement:
It has not committed any violation against State Bank of Vietnam’s regulations on reporting for at least 03 quarters of a year from the issue date of the Certificate or the last extension of the Certificate to the date of submission of an application for extension.
What are the rules for preparing applications for extension of Certificate of registration of agent for exchange of bordering countries' currencies in Vietnam?
Pursuant to the provisions of Article 6b of Decree No. 89/2016/ND-CP supplemented by Clause 6, Article 1 of Decree No. 23/2023/ND-CP as follows:
Rules for preparing applications for issuance, re-issuance, modification and extension of Certificate
1. If documents included in an application are copies, their certified true copies or copies extracted from master registers or copies presented together with their originals for verification purpose or copies bearing the applicant’s certification that they are exact and accurate copies of the original documents shall be submitted. If a copy is presented together with its original for verification purpose, the receiving officer shall certify the received copy by appending his/her signature thereto and assume responsibility for the accuracy of that copy compared with its original."
2. Application form for issuance, re-issuance, modification or extension of the Certificate, reports, and the agreement signed by and between the applicant and the authorizing credit institution must bear signature of the applicant’s lawful representative.
Thus, applications for extension of Certificate of registration of agent for exchange of bordering countries' currencies in Vietnam must be prepared according to the above rules.
Decree No. 23/2023/ND-CP takes effect from July 1, 2023
LawNet
