CIRCULAR

GUIDING BUSINESS REGISTRATION OF FINANCE LEASING COMPANIES IN VIETNAM

In order to implement Decree 64/CP of the Government dated 9 October 1995 on the promulgation of Temporary Regulation on the organization and operation of Finance Leasing Companies in Vietnam; after having consulted with State Bank of Vietnam, the Ministry of Planning and Investment hereby provides guidelines on business registration of Finance Leasing Companies in Vietnam (hereinafter referred to as Companies) as follows:

I. BUSINESS REGISTRATION PROCEDURES OF FOREIGN INVESTED COMPANIES AS STATED IN ITEM 2, ITEM 3 OF ARTICLE 5 OF THE TEMPORARY REGULATION ON THE ORGANIZATION AND OPERATION OF FINANCE LEASING COMPANIES PROMULGATED BY DECREE NO. 64/CP DATED 9 OCTOBER 1995 (HEREINAFTER REFERRED TO AS REGULATION).

1. Application documents for business registration of the Company shall include:

- Operating licence for the Company issued by the State Bank of Vietnam, certifying that the Company has contributed the full amount of its registered capital to the escrow account opened at the State Bank of Vietnam; The registered capital of the Company shall not be less than the legal capital of Finance Leasing Company as stipulated in Item 2 of Article 6 of the Regulation.

- Charter of the Company;

- Joint-venture Contract (only required in the case of a Joint-venture Company)

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2. Application documents for business registration of the es) of the Company shall include:

- Permit to opening es) issued by the State Bank of Vietnam (original permit);

- Written approval of the provincial or municipal Peoples Committee where the es) is expected to be located;

- Written certificate attesting the ownership right or the right to use premises where the office of the branch is expected to be located;

- Written statement certifying the Companys legal right to use its branch office.

- Letter of appointment of the branch manager.

3. Application document for business registration shall be submitted to the Ministry of Planning and Investment. Within 15 (fifteen) days from the date of receiving the complete application documents, the Ministry of Planning and Investment shall issue the Certificate of Business registration for the Company or the branch(es) of the Company.

II. BUSINESS REGISTRATION PROCEDURES OF LOCAL COMPANIES AS STATED AT ITEM 1 OF ARTICLE 5 OF THE REGULATION (LOCALLY OWNED FINANCE LEASING COMPANY).

1. With regard to State-owned Companies, the procedures shall be those application documents which include the operating licence issued by the State Bank of Vietnam (in case of business registration for the branch of the Company).

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III. REGISTRATION OF CHANGES IN THE BUSINESS OPERATION OF THE COMPANY:

1. Whenever there are any changes in the operating licence of the Company or es) of Company which has been granted the Certificate of business registration during its course of operation, such company or branch(es) shall register its changes with the authority in charge of issuing the Certificate of business registration provided that such changes have been approved by the State Bank of Vietnam.

2. Within 7 (seven) days from the date of issuing the Certificate of business registration for the Company or the es) of the Company or from the date of registration of changes in the course of operation of the Company, the authority in charge of issuing the Certificate of business registration shall send the copy of the Certificate to the Tax authority, Statistics Agency and State Bank of Vietnam.

3. In the course of implementing this Circular, if there are any problems, these should be referred to the Ministry of Planning and Investment for consideration.

FOR THE MINISTER OF PLANNING AND INVESTMENT
 DEPUTY MINISTER





 Tran Xuan Gia