Conditions, dossier, order, and procedure for establishment of a securities company's representative office in Vietnam

 

In 11^th November 2004, the Ministry of Finance released Decision No. 83/2004/QD-BTC on the issuance of the Regulation on the establishment and operation of Representative Offices of foreign securities organizations (“FSO”) in Vietnam, the conditions, dossiers, orders, and procedures for establishment of representative office in Vietnam as follows:

 

 To establish a representative office in Vietnam, FSO must satisfy following conditions:

(i)            Desiring to co-operate in the field of securities and securities market in Vietnam;

(ii)           Having a permission by a competent authorities in its home country to set up a Representative Office abroad;

(iii)          Having been operating for at least 3 years and having been stably operating based on audited financial statement.

 

(i)             Application for issuance of the Permit signed by the legal representative of FSO;

(ii)           Proper copy of documents which were issued by foreign competent authorities allowing FSO to operate securities.

(iii)          Charter of FSO;

(iv)          Document evidencing the approval of foreign competent authorities allows FSO to establish Representative Office in Vietnam;

(v)            Proper copy of audited Financial Statement and Statement on business operation in 02 latest year of FSO;

(vi)          Curriculum vitae of person who will be appointed as Chief of Representative Office in Vietnam certified by foreign competent authorities (if he/she is foreigner) or Vietnamese competent authorities (if he/she is Vietnamese);

(vii)         Operation project of Ref. Office in the first year.

 

The application dossier shall be submitted to the State Securities Committee, within 30 days from date of receiving proper application dossier, the State Securities Committee shall issue the Permit to FSO.

Within 60 days as from the date of issuing the Permit, FSO must register its operation at provincial People’s Committee where the Representative Office is placed and send to the State Securities Committee a written announcement on starting day, location, telephone, fax, number of Vietnamese and foreign laborers working in Representative Office.