What are the conditions for grant of certificate of eligibility to provide credit rating services in Vietnam?
What are the conditions for grant of certificate of eligibility to provide credit rating services in Vietnam?
According to the provisions of Article 14 of Decree No. 88/2014/ND-CP (amended by Clauses 1 and 2, Article 7 of Decree No. 151/2018/ND-CP) on the conditions for grant of certificate of eligibility to provide credit rating services:
- Having a paid-up charter capital at least equal to the legal capital level prescribed in Article 11 of this Decree.
- Having shareholders or capital-contributing members that meet the conditions prescribed in Article 10 of this Decree.
- Having a general director or director who meets the criteria and conditions prescribed in Article 19 of this Decree.
- Having at least five (5) employees who meet the criteria and conditions for members of credit rating councils prescribed in Article 20 of this Decree.
- Having at least ten (10) employees who meet the criteria and conditions for analysts prescribed in Article 21 of this Decree.
- Have a business process satisfying regulations in Article 31 of this Decree.
- Have a business plan made in accordance with Article 8 of this Decree and containing at least:
+ Expected revenues and operating costs;
+ Expected data sources to be used.
- Having a website.
At the same time, Article 17 of Decree No. 88/2014/ND-CP stipulates that a business eligibility certificate has the following principal information:
- Name of the credit rating agency;
- Address of the head office and address of the website of the credit rating agency;
- Serial number and date of grant of the enterprise registration certificate;
- Serial number and date of grant of the business eligibility certificate;
- At-law representative of the agency;
- Contents and scope of operation.
What are the conditions for grant of certificate of eligibility to provide credit rating services in Vietnam?
What is the application for certificate of eligibility to provide credit rating services in Vietnam?
According to the provisions of Article 15 of Decree No. 88/2014/ND-CP (amended by Clause 2, Article 7 of Decree No. 151/2018/ND-CP), the application for the business eligibility certificate includes:
- An application for a business eligibility certificate, made according to form No. 1 provided in the Appendix to Decree No. 88/2014/ND-CP.
- Information on shareholders or capital-contributing members:
+ A list of shareholders with the paid-up charter capital and enterprise holding rate of each shareholder;
+ Documents proving that the paid-up charter capital fully meets the conditions prescribed in Article 11 of this Decree and the structure of shareholders or capital-contributing members meets the conditions prescribed in Article 10 of this Decree.
- The enterprise charter.
- Documents proving that the general director or director meets the criteria and conditions prescribed in Article 19 of this Decree, including at least the following documents:
+ A copy of his/her labor contract notarized by a competent state agency;
+ Copies of diplomas, practice and professional certificates notarized by competent state agencies proving his/her professional qualifications, skills and experience;
+ A copy of his/her judicial record card notarized by a competent state agency.
- Documents proving the sufficient number of employees meeting the criteria and conditions for credit rating council members prescribed in Article 20 and analysts prescribed in Article 21 of this Decree.
- Draft documents on professional processes that comply with the provisions of Article 31 of Decree No. 88/2014/ND-CP.
- Tentative business plan of the credit rating agency.
- Address of the website of the credit rating agency.
What are the procedures for granting a business eligibility certificate?
According to the provisions of Article 16 of Decree No. 88/2014/ND-CP on procedures for granting a business eligibility certificate as follows:
- An agency shall submit one (1) set of dossier of application for a business eligibility certificate to the Ministry of Finance for examination of its completeness and validity.
- Within ten (10) working days after receiving the dossier, the Ministry of Finance shall notify the completeness and validity of the dossier and request the agency to add documents (if any) and send five (5) official dossier sets for appraisal.
- Within sixty (60) working days after receiving the complete and valid dossier, the Ministry of Finance shall assume the prime responsibility for, and coordinate with the Ministry of Planning and Investment, the State Bank of Vietnam and related ministries and sectors in, examining and appraising the dossier. In case of refusal to grant a certificate, the Ministry of Finance shall reply in writing, clearly stating the reason.
- Dossiers of application for business eligibility certificates shall be appraised against the conditions prescribed in Article 14 of Decree No. 88/2014/ND-CP.
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