Guidelines for dossiers of registration of debt collection service in Vietnam from July 28

Guidelines for dossiers of registration of debt collection services in Vietnam from July 28 (illustration)

According to the provisions of Article 16 of Decree 104/2007/ND-CP, when registering for debt collection service in Vietnam, in addition to the regulations on dossiers of registration of debt collection service provision as prescribed by law, enterprises must have:

1. Documents proving capital conditions:

- Minutes of capital contribution by founding shareholders for joint-stock companies or by founding members for limited liability companies with two or more members; decision on capital allocation by the owner for one-member limited liability companies where the owner is an organization; investment capital registration by the owner of a private enterprise and for one-member limited liability companies where the owner is an individual;

- For capital contributed in cash, there must be a confirmation from a commercial bank authorized to operate in Vietnam about the escrow amount of the founding members. The escrow amount must be equivalent to the capital contributed in cash by the founding members and may only be released after the enterprise is granted the Certificate of Business Registration for debt collection services;

- For capital contributed in assets, there must be a certificate from a valuation organization in Vietnam regarding the valuation results of the assets contributed to the capital. The certificate must be valid up to the date of submission of documents to the competent business registration authority.

2. Documents proving the standards for managers and branch directors of the enterprise in Vietnam, including:

- A valid copy of the university degree in one of the following fields: economics, management, law, security. In the case of a foreign degree, it must be translated into Vietnamese and notarized;

- Criminal record certificate.

Note: In the case of a foreign individual, there must be a certification from the government of the home country confirming that the individual has no criminal record in that country. This certification must be translated into Vietnamese and notarized.

More details can be found in  Decree 104/2007/ND-CP which comes into effect in Vietnam from July 28, 2007.

Ty Na

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE