New: Procedures for granting a license for establishment of representative office by the State Bank of Vietnam

Circular No. 25/2019/TT-NHNN of the State Bank of Vietnam (SBV) amends the order and procedures for granting a license for establishment of representative office specified in Clause 2 Article 5 of Circular No. 40/2011/TT-NHNN as follows:

- Step 1: The foreign credit institution or other foreign organization performing banking activities shall prepare an application for the license according to Article 13 or Article 18 of this Circular and then submit it directly or by post to the SBV's branch in province or central-affiliated city (hereinafter referred to as “SBV’s provincial branch”) where its representative office will be located.

- Step 2: Within 30 days from the receipt of the application, the SBV’s provincial branch shall give a written confirmation of the receipt of sufficient application to the applicant. If an application is invalid or sufficient as required, the SBV’s provincial branch shall request the applicant in writing to complete it.

- Step 3: The SBV’s provincial branch shall issue the license within 60 days from the date of its written confirmation of sufficient application. If an application is refused, the SBV’s provincial branch shall give a written response indicating the reason for such refusal to the applicant.

Regarding the application file for an establishment License of a representative office specified in Circular No. 40/2011/TT-NHNN, Clause 3 Article 1 of Circular No. 25/2019/TT-NHNN amends “Documentations for the legal use right of the representative office” to “Documents proving its right to use or that it will have the right to use the location where its representative office will be located”.

View details at Circular No. 25/2019/TT-NHNN of the State Bank of Vietnam, effective from January 17, 2020.

Thu Ba

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