Joint Circular No. 06/TT-LN guiding the registration of business for foreign bank branches and joint venture banks.

JOINT CIRCULAR

OF THE STATE BANK AND THE STATE ECONOMIC ARBITRATION

Guidelines for business registration

for foreign bank branches and joint venture banks

Pursuant to the State Bank of Vietnam Ordinance, the Bank Ordinance, Credit Cooperatives and Financial Companies Ordinance promulgated by Decree No. 37/LCT-HĐNN8 and Decree No. 38/LCT-HĐNN8 dated May 23, 1990 of the Chairman of the State Council;

Pursuant to the Government Decree No. 189/HĐBT dated June 15, 1991 on the regulations for foreign bank branches and joint venture banks operating in Vietnam.

The State Bank and the State Economic Arbitration provide guidelines for business registration for foreign bank branches and joint venture banks as follows:

I. BUSINESS REGISTRATION FOR FOREIGN BANK BRANCHES AND JOINT VENTURE BANKS

1. Objects of business registration.

Foreign bank branches and joint venture banks (as referred to in Article 1, Point 1 of the Bank Ordinance, Credit Cooperatives and Financial Companies Ordinance) must register their business with the State Economic Arbitration after obtaining the operating license.

Foreign bank branches and joint venture banks only have legal personality and can commence operations upon receiving the business registration certificate.

2. Procedure, formalities and documents for business registration.

After being granted the operating license by the State Bank, foreign bank branches and joint venture banks shall submit the application for business registration to the State Economic Arbitration. The application for business registration includes:

a) One (1) original copy of the operating license issued by the State Bank of Vietnam.

b) Original and one copy of the certificate allowing the establishment of the branch's headquarters issued by the People's Committee of the province or city where the headquarters is located.

c) Original and one copy of the certificate confirming ownership or lawful right to use the main office premises.

II. BUSINESS REGISTRATION FOR SUB-BRANCHES OF FOREIGN BANK BRANCHES AND BRANCHES OF JOINT VENTURE BANKS

After the State Bank grants permission to foreign bank branches to open sub-branches and to joint venture banks to open branches in provinces (central cities) other than the location of their main offices, foreign bank branches and joint venture banks shall submit to the State Economic Arbitration the application for business registration as follows:

a) Original and one copy of the permit to establish sub-branches of foreign bank branches or branches of joint venture banks issued by the State Bank.

b) Original and one copy of the certificate allowing the establishment of sub-branches or branches issued by the People's Committee of the province or city where the sub-branch or branch is established.

c) Original and one copy of the certificate confirming ownership or lawful right to use the premises.

III. BUSINESS REGISTRATION WHEN CHANGING BUSINESS ACTIVITIES

When changing any point recorded in the operating license of foreign bank branches and joint venture banks, after approval by the State Bank, such branches must register the changes with the State Economic Arbitration.

IV. ISSUANCE OF BUSINESS REGISTRATION CERTIFICATE

Within fifteen days from the date of receipt of the complete application for business registration, the State Economic Arbitration will issue the business registration certificate to foreign bank branches, joint venture banks, and their sub-branches and branches.

Within seven days from the date of issuance of the business registration certificate, the State Economic Arbitration will send a copy of the business registration certificate to the following agencies:

- The State Bank.

- The Tax Department where the headquarters of the foreign bank branch, joint venture bank, or their branches is located.

Business registration files for foreign bank branches, joint venture banks, and their branches are kept at the State Economic Arbitration.

This Circular takes effect from the date of signature. All foreign bank branches and joint venture banks that have been granted operating licenses prior to this Circular must reapply for business registration according to the provisions of this Circular.