Decree No. 01/2021/NĐ-CP: Guidelines on procedures for registration of credit institutions in Vietnam

According to Article 29 of the Decree No. 01/2021/NĐ-CP of the Government of Vietnam, documents and procedures for registration of credit institutions, their branches, representative offices and business locations shall comply with this Decree and vary according to the type of enterprise; the application must include a copy of the license or written approval given by the State Bank of Vietnam (SBV).

- The application for operation registration or changes to operation registration of foreign bank branches or representative offices of foreign credit institutions or other foreign organizations performing banking activities shall comply with Point a and Point c Clause 1 Article 31 and Clause 2 Article 62 hereof, and must be accompanied by the copy of the license or written approval given by SBV.

- Within 07 working days from the effective date of the decision to revoke license, the credit institution, foreign bank branch or representative office of a foreign credit institution or other foreign organization performing banking activities shall send a notification of enterprise dissolution, or shutdown of foreign bank branch or representative office to the Business Registration Office of province where that credit institution, foreign bank branch or representative office is located. This notification must be accompanied by the copy of the decision on operation termination and decision to revoke license issued by SBV in case of dissolution of a credit institution or foreign bank branch; the copy of the decision to revoke license in case of termination of operation of a representative office of a foreign credit institution or other foreign organization performing banking activities.

Note: The Business Registration Office shall receive and process the application for dissolution of credit institution or termination of operation of a foreign bank branch, or representative office of a foreign credit institution or other foreign organization performing banking activities as prescribed in Clause 5 Article 70 and Clause 3 Article 72 hereof.

- In case SBV appoints a representative of a credit institution placed under special control, the application for registration of replacement of legal representative shall comply with Article 50 hereof. The resolution or decision of the owner of the single-member limited liability company; the resolution or decision and copy of the minutes of meeting of the Board of members of the multi-member limited liability company; the resolution and copy of the minutes of meeting of the General Meeting of Shareholders or the resolution or decision and copy of the minutes of meeting of the Board of Directors of the joint-stock company shall be replaced with the copy of the SBV’s decision on appointment of Chairperson of Board of Directors or Chairperson of Board of Members or General Director (Director) of the credit institution.

- In case SBV directly contributes capital or buys shares, or appoints another credit institution to contribute capital or buy shares of a credit institution placed under special control under decision of the Prime Minister or SBV, the application for changes to enterprise registration information shall comply with relevant regulations hereof. The resolution or decision of the owner of the single-member limited liability company; the resolution or decision and copy of the minutes of meeting of the Board of Members of the multi-member limited liability company; the resolution and copy of the minutes of meeting of the General Meeting of Shareholders or the resolution or decision and copy of the minutes of meeting of the Board of Directors of the joint-stock company and transfer contract or documents proving completion of the transfer shall be replaced with the copy of the decision of the Prime Minister or SBV.

More details at the Decree No. 01/2021/NĐ-CP of the Government of Vietnam, effective from January 04, 2021.

Le Vy

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