Simplification of Conditions for Issuing Certificates of Registration for Indirect Offshore Investment

00:37, 11/07/2024

This is a noteworthy content stipulated in Decree 16/2019/ND-CP amending and supplementing a number of articles of the Decrees on business conditions under the state management of the State Bank of Vietnam.

According to the new regulations, in order to be granted a certificate of registration for indirect investment abroad, securities companies, fund management companies, and insurance businesses must meet the following conditions:

- Have made a profit for three consecutive years prior to the year of submitting the application for the certificate of registration for indirect investment abroad, as shown on the financial statements audited by independent auditing organizations approved and announced by the Ministry of Finance;- Fulfill all financial obligations to the State, with no tax arrears to the state budget;- Have internal processes, control mechanisms, internal audits, and risk identification and management related to proprietary trading of indirect investment abroad;- Comply with current legal regulations on capital, financial safety indicators, and investment limits of securities companies, fund management companies, and insurance businesses.

More details can be found in Decree 16/2019/ND-CP effective from March 20, 2019.

- Thanh Lam -

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