What are the procedures for granting a license for the establishment and operation of a limited liability non-banking credit institution in Vietnam?
- What are the procedures for granting a license for the establishment and operation of a limited liability non-banking credit institution in Vietnam?
- What documents need to be additionally submitted to the application for a license after being approved in principle by the State Bank of Vietnam?
- What is the time limit for settlement of the application for a license for the establishment and operation of a non-banking credit institution in Vietnam?
What are the procedures for granting a license for the establishment and operation of a limited liability non-banking credit institution in Vietnam?
Pursuant to Section 5, Part II issued together with Decision No. 658/QD-NHNN in 2023 as follows:
Step 1: The Preparatory Board for the establishment of a non-banking credit institution shall send directly or by post to the State Bank of Vietnam a dossier of application for a license for the establishment and operation of a limited liability non-banking credit institution.
Step 2: Within 30 days from the date of receipt of the application file for a License, the State Bank of Vietnam shall send a written notice to the Preparatory Board confirming receipt of all valid documents for consideration and approval in principle. In case the dossier of application for a License is incomplete, the State Bank of Vietnam shall send a written request to the Preparatory Board to request additional documents.
Step 3: Within 90 days from the date of sending the written confirmation of receipt of all valid documents, the State Bank of Vietnam shall issue a written approval in principle for the establishment of a non-banking credit institution. In case of disapproval, the State Bank of Vietnam shall reply in writing, clearly stating the reason for disapproval.
Step 4: Within 60 days from the date of receipt of the written approval in principle for the establishment of a non-banking credit institution, the Preparatory Board shall send directly or by post to the State Bank the documents supplementing the application for the License. Past the above time limit, the State Bank of Vietnam does not receive or receive incomplete documents supplementing the application file for a License, and the written approval in principle is no longer valid.
Step 5: Within 05 working days from the date of receipt of all additional documents, the State Bank of Vietnam shall certify in writing that the full documents have been received.
Step 6: Within 30 days from the date of receipt of all additional documents, the State Bank of Vietnam shall issue the License according to regulations. In case of refusal to grant a License, the State Bank of Vietnam shall reply in writing, clearly stating the reason for not granting the License.
What are the procedures for granting a license for the establishment and operation of a limited liability non-banking credit institution in Vietnam?
What documents need to be additionally submitted to the application for a license after being approved in principle by the State Bank of Vietnam?
Pursuant to Part II of the Appendix issued together with Decision No. 658/QD-NHNN in 2023, which stipulates the documents that need to be additionally submitted to the application for a License after being approved in principle by the State Bank of Vietnam, including:
- The charter of the non-banking credit institution has been approved by the Board of members.
- A document from a Vietnamese commercial bank where the Preparatory Committee opens a capital contribution account certifying the capital contribution amount of the owner and founding members.
- Documents proving the legal ownership or right to use the place where the head office is located.
- Internal regulations on organization and operation of non-banking credit institutions.
- Reports of Vietnamese commercial banks and Vietnamese enterprises on compliance with legal regulations from the time of submitting the application for a License to the time of submitting additional documents for consideration for licensing.
- Document of the competent agency of the country of origin assessing that the foreign credit institution meets the conditions from the time of submitting the application for a License to the time of submitting the additional application for consideration for issuance of a License.
- In addition to the above documents, the Preparatory Board for the establishment of a single-member limited liability non-banking credit institution must additionally submit the following documents:
+ Decision of the owner on appointment of the title of Chairman of the Board of members, member of the Board of members, member of the Supervisory Board, General Director (Director), Deputy General Director (Deputy Director) , Chief accountant:
+ Minutes of the Supervisory Board meeting on the election of the title of Head of the Control Board and full-time members of the Supervisory Board;
- In addition to the documents specified at Points a, b, c, d, dd and e above, the preparatory board for the establishment of a non-banking credit institution with two or more members must additionally submit the following texts:
+ Minutes and resolutions of the founding general meeting on approval of the charter on election and appointment of members of the Board of members, members of the Supervisory Board, regulations on organization and operation of the Board of members, Control Board;
+ Minutes of the meeting of the Board of members to approve the election of the Chairman of the Board of members; Minutes of the Supervisory Board meeting on the election of the title of Head of the Control Board and full-time members of the Supervisory Board;
+ Decision of the Board of members on appointment of the title of General Director (Director), Deputy General Director (Deputy Director), Chief accountant.
What is the time limit for settlement of the application for a license for the establishment and operation of a non-banking credit institution in Vietnam?
Pursuant to Part II of the Appendix issued together with Decision No. 658/QD-NHNN in 2023 as follows:
Procedures for granting a license for the establishment and operation of a limited liability non-banking credit institution
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- Time limit for settlement: 180 days from the date the State Bank of Vietnam receives complete and valid dossiers.
- Subjects carrying out administrative procedures: Organizations that satisfy the conditions under regulations on establishment of limited liability non-banking credits.
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- Agency implementing administrative procedures: State Bank of Vietnam of Vietnam
- Results of administrative procedures: License for establishment and operation of a limited liability non-banking credit institution.
- Fee: VND 70,000,000
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Thus, according to the above provisions, the time limit for settlement of the application for a License for the establishment and operation of a non-banking credit institution, Ltd. is 180 days from the date the State Bank of Vietnam receives a complete and valid dossier.
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