Setting Up A Joint Stock Leasing Company In Vietnam

1. Form of a joint stock leasing company in Vietnam:

Domestic joint stock leasing companies are established and organized by by at least of three shareholders as organizations and individuals in the form of capital contribution;

2. Operation duration of joint stock leasing companies in Vietnam:

Operation duration of a joint stock leasing company in Vietnam is prescribed in the license, no more than 50 years to the maximum.

3. Charter capital of joint stock leasing companies in Vietnam

Charter capital of joint stock leasing companies in Vietnam is the capital which is actually contributed by the owner or by shareholders and members as stated in the statute of the joint stock leasing companies in Vietnam and at least equal to level of legal capital of 150 billion dong (equivalent to USD6,500,000).

4. Licensing for setting up a joint stock leasing company in Vietnam

- The State Bank of Vietnam shall detail banking or other business activities in licenses issued to joint stock leasing company in Vietnam on the basis of specimen licenses in proportion to each type of joint stock leasing company in Vietnam as prescribed in Annexes No.09D of Circular No. 30/2015/TT-NHNN.
- Joint stock leasing companies in Vietnam shall use licenses as prescribed in Article 27 of the Law on credit institutions.
- In case licenses are lost, torn, burned or destroyed in other forms, joint stock leasing company in Vietnam should deliver a written request in person or by post to the State Bank of Vietnam for issuance of a copy of the license from master register according to law provisions.
Within five working days since receipt of the request, the State Bank of Vietnam shall issue a copy of the license from master register to such joint stock leasing company in Vietnam.

5. Sequence and procedures on licensing for setting up a joint stock leasing company in Vietnam

5.1. The preparatory committee shall establish an application for issuance of licenses as prescribed in Articles 13, 14, Clauses 1, 2, 3, Article 15, Clauses 1, 2, 3, 4, 5, 6, Article 16 of Circular No. 30/2015/TT-NHNN and deliver in person or by post to the State Bank of Vietnam.
Within 30 days since receipt of the application, the State Bank of Vietnam shall issue a written notice to the preparatory committee about acknowledgment of the application for consideration and approval in principle.  In case the application is found inadequate, the State Bank of Vietnam shall issue a written request to the preparatory committee for supplements.
5.2. Within 90 days since the application is confirmed as adequate, the State Bank of Vietnam shall issue a written approval in principle for the establishment of Joint stock leasing company. Otherwise, the State Bank of Vietnam shall issue a written notice specifying reasons for disapproval.
5.3. Within 60 days since receipt of the written approval in principle for the establishment of joint stock leasing company in Vietnam, the preparatory committee shall prepare and deliver supplements as prescribed in Clause 4, Article 15, Clause 7, Article 16 of Circular No. 30/2015/TT-NHNN in person or by post to the State Bank of Vietnam. The written approval in principle shall become invalid if the State Bank of Vietnam receives no or inadequate supplements after the time limit as mentioned above.
Within five working days since receipt of adequate supplements, the State Bank of Vietnam shall issue a written confirmation of receipt of the supplements.
5.4. Within 30 days since receipt of adequate supplements, the State Bank of Vietnam shall carry out issuance of license as prescribed. Otherwise, the State Bank of Vietnam shall issue a written notice specifying reasons for not licensing.

6. Fees for licensing of setting up a joint stock leasing company in Vietnam

- Level of fees for licensing is prescribed in the Law on Fees and Charges of 0,1% charter capital.
- Within 15 days since receipt of the license, the joint stock leasing company shall pay the fees for issuance of the license to the State Bank of Vietnam.

7. Opening of operation of joint stock leasing companies in Vietnam.

- Licensed joint stock leasing companies in Vietnam shall officially start operation as of the day of operation opening.
- To be eligible for the day of operation opening, the licensed Joint stock leasing companies should meet requirements as prescribed in Clause 2, Article 26 of the Law on credit institutions.
- Licensed joint stock leasing companies in Vietnam should deliver a written notice of satisfaction of requirements for opening as prescribed in Clause 1 of this Article at least 15 days prior to expected opening day in person or by post to:
a) The Department of banking inspection and supervision if licensed Joint stock leasing companies are headquartered in the vicinity of the Department;
b) Provincial and municipal branches of the State Bank of Vietnam if licensed Joint stock leasing companys are not headquartered in proximity of the Department of banking inspection and supervision;
- Joint stock leasing companies in Vietnam should carry out operation opening within 12 months since the license is granted; otherwise the State Bank of Vietnam shall revoke the license.

Lawyer Vietnam Law firm- Vietnamese lawyers