trực tiếp bóng đá k+What are conditions for issuance of a License for a foreign bank branch in Vietnam?
What are conditions for issuance of a License for a foreign bank branch in Vietnam?
According to Clause 3, Article 29 of trực tiếp bóng đá k+Law on Credit Institutions 2024, trực tiếp bóng đá k+ conditions for issuance of a License are stipulated as follows:
Article 29. Conditions for granting a License
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- A foreign bank branch can be granted a License when it fully meets trực tiếp bóng đá k+ following conditions:
a) Has a minimum granted capital equal to trực tiếp bóng đá k+ statutory capital level;
b) Meets trực tiếp bóng đá k+ conditions stipulated at Points b, c, and đ of Clause 1, and Points b, c, d, and e of Clause 2 of this Article;
c) trực tiếp bóng đá k+ foreign bank must have a document ensuring it assumes responsibility for all obligations and commitments of trực tiếp bóng đá k+ foreign bank branch in Vietnam; ensures trực tiếp bóng đá k+ real value of trực tiếp bóng đá k+ granted capital is maintained not lower than trực tiếp bóng đá k+ statutory capital level, and fulfills trực tiếp bóng đá k+ regulations on restrictions to ensure operational safety as stipulated by this Law;
d) In trực tiếp bóng đá k+ case of applying to establish trực tiếp bóng đá k+ second or more foreign bank branches in Vietnam, trực tiếp bóng đá k+ foreign bank must ensure that trực tiếp bóng đá k+ existing foreign bank branches operating in Vietnam for 3 consecutive years preceding trực tiếp bóng đá k+ year of trực tiếp bóng đá k+ application have not violated legal regulations, safety ratios, and have profitable business results.
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Thus, trực tiếp bóng đá k+ conditions for issuance of a License to a foreign bank branch are as follows:
- trực tiếp bóng đá k+ foreign bank branch has a minimum granted capital equal to trực tiếp bóng đá k+ statutory capital level
- trực tiếp bóng đá k+ owner of trực tiếp bóng đá k+ credit institution is a single-member limited liability company, trực tiếp bóng đá k+ founding shareholder, or founding member is a legal entity legally operating and has sufficient financial capacity to contribute capital; trực tiếp bóng đá k+ founding shareholder, founding member is an individual with full civil act capacity and has a commitment to have sufficient financial capability to contribute capital
- trực tiếp bóng đá k+ management, executives, and members of trực tiếp bóng đá k+ Board of Controllers meet trực tiếp bóng đá k+ required standards and conditions
- A feasible establishment scheme and business plan that ensures it does not affect trực tiếp bóng đá k+ safety and stability of trực tiếp bóng đá k+ credit institution system, and does not create a monopoly or restrict competition or engage in unfair competition within trực tiếp bóng đá k+ credit institution system
- trực tiếp bóng đá k+ foreign credit institution is permitted to conduct banking activities according to trực tiếp bóng đá k+ law of trực tiếp bóng đá k+ country where trực tiếp bóng đá k+ foreign credit institution is headquartered
- trực tiếp bóng đá k+ proposed activities in Vietnam must be those that trực tiếp bóng đá k+ foreign credit institution is allowed to conduct in its home country
- trực tiếp bóng đá k+ foreign credit institution meets trực tiếp bóng đá k+ conditions on total assets and financial status as stipulated by trực tiếp bóng đá k+ Governor of trực tiếp bóng đá k+ State Bank, and complies with trực tiếp bóng đá k+ regulations on ensuring operational safety according to trực tiếp bóng đá k+ laws of trực tiếp bóng đá k+ country where trực tiếp bóng đá k+ foreign credit institution is headquartered
- trực tiếp bóng đá k+ competent authority of trực tiếp bóng đá k+ home country of trực tiếp bóng đá k+ foreign credit institution has signed an agreement with trực tiếp bóng đá k+ State Bank on banking activity inspection and supervision, exchange of information on banking safety supervision, and has a declaration of commitment to consolidated supervision according to international practices for trực tiếp bóng đá k+ activities of trực tiếp bóng đá k+ foreign credit institution
- trực tiếp bóng đá k+ foreign bank must have a document ensuring responsibility for all obligations and commitments of trực tiếp bóng đá k+ foreign bank branch in Vietnam; ensure trực tiếp bóng đá k+ real value of trực tiếp bóng đá k+ granted capital is maintained not lower than trực tiếp bóng đá k+ statutory capital level, and fulfill trực tiếp bóng đá k+ regulations on restrictions to ensure operational safety as stipulated
- In trực tiếp bóng đá k+ case of applying to establish trực tiếp bóng đá k+ second or more foreign bank branches in Vietnam, trực tiếp bóng đá k+ foreign bank must ensure that trực tiếp bóng đá k+ existing foreign bank branches operating in Vietnam for 3 consecutive years preceding trực tiếp bóng đá k+ year of trực tiếp bóng đá k+ application have not violated legal regulations, safety ratios, and have profitable business results.
What are conditions for issuance of a License for a foreign bank branch in Vietnam? (Image from trực tiếp bóng đá k+ Internet)
What is trực tiếp bóng đá k+ time limit for issuing a License for a foreign bank branch in Vietnam?
According to Article 31 of trực tiếp bóng đá k+Law on Credit Institutions 2024, trực tiếp bóng đá k+ time limit for issuing a License is stipulated as follows:
Article 31. Time limit for issuing a License
1. Within 180 days from trực tiếp bóng đá k+ date of receiving a complete valid dossier, trực tiếp bóng đá k+ State Bank shall grant or refuse to grant a License for trực tiếp bóng đá k+ establishment and operation of a credit institution, or a License for establishing a foreign bank branch.
- Within 60 days from trực tiếp bóng đá k+ date of receiving a complete valid dossier, trực tiếp bóng đá k+ State Bank shall grant or refuse to grant a License for establishing a foreign representative office.
- In cases of refusal to grant a License, trực tiếp bóng đá k+ State Bank must notify in writing and clearly state trực tiếp bóng đá k+ reasons.
According to trực tiếp bóng đá k+ above regulations, trực tiếp bóng đá k+ time limit for issuing a License for a foreign bank branch is 180 days from trực tiếp bóng đá k+ date of receiving a complete valid dossier.
When can a foreign bank branch in Vietnamcommence operations?
According to Article 34 of trực tiếp bóng đá k+Law on Credit Institutions 2024, trực tiếp bóng đá k+ conditions for commencing operations are stipulated as follows:
Article 34. Conditions for commencing operations
- A credit institution, foreign bank branch, or foreign representative office granted a License is only allowed to operate from trực tiếp bóng đá k+ date of commencement of activities.
2. To commence operations, a credit institution or foreign bank branch granted a License must meet trực tiếp bóng đá k+ following conditions:
a) Has submitted to trực tiếp bóng đá k+ State Bank trực tiếp bóng đá k+ Charter approved by trực tiếp bóng đá k+ competent authority of trực tiếp bóng đá k+ licensed credit institution;
b) Has sufficient charter capital, granted capital; has a cash vault, headquarters meeting trực tiếp bóng đá k+ conditions as stipulated by trực tiếp bóng đá k+ Governor of trực tiếp bóng đá k+ State Bank;
c) Has an organizational management structure, internal control system, and internal audit appropriate to trực tiếp bóng đá k+ type of activities as stipulated by this Law and related legal regulations;
d) Has an information technology system meeting management and operational scale requirements;
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According to trực tiếp bóng đá k+ above regulations, a foreign bank branch can commence operations from trực tiếp bóng đá k+ date of being granted a License and must meet trực tiếp bóng đá k+ following conditions:
- Has submitted to trực tiếp bóng đá k+ State Bank trực tiếp bóng đá k+ Charter approved by trực tiếp bóng đá k+ competent authority of trực tiếp bóng đá k+ licensed credit institution;
- Has sufficient charter capital and granted capital; has a cash vault and headquarters meeting trực tiếp bóng đá k+ conditions as stipulated by trực tiếp bóng đá k+ Governor of trực tiếp bóng đá k+ State Bank;
- Has an organizational management structure, internal control system, and internal audit appropriate to trực tiếp bóng đá k+ type of activities as stipulated by this Law and related legal regulations;
- Has an information technology system meeting management and operational scale requirements;
- Has internal regulations governing trực tiếp bóng đá k+ organization and operation of Boards of Directors, Members' Councils, Control Boards, General Directors (Directors), and professional departments at trực tiếp bóng đá k+ headquarters; internal regulations on risk management; regulations on managing trực tiếp bóng đá k+ operational network;
- Charter capital, granted capital in Vietnamese dong must be fully deposited in a blocked account not earning interest at trực tiếp bóng đá k+ State Bank at least 30 days prior to trực tiếp bóng đá k+ commencement of operations. Charter capital, granted capital is unblocked when trực tiếp bóng đá k+ credit institution, foreign bank branch has commenced operations;
- Has published information about trực tiếp bóng đá k+ commencement of operations.
