Application files for setting up an insurance brokerage company in Vietnam

Application files for setting up an insurance brokerage company in Vietnam

Application files for setting up an insurance brokerage company in Vietnam consists of following documents:

1. Application files for setting up an insurance brokerage company in starndard form provided by the Ministry of Finance of Vietnam.

2. The draft memorandum and articles of  of the company as prescribed in Article 25 of the Law on Enterprises of Vietnam.

3. A plan on the first 5 years’ operation suitable to the business field to be licensed, clearly stating the capital investment activity and business efficiency of the establishment of an insurance brokerage business.

4. A copy of the citizen or people’s identity card, passport or another lawful personal identification paper; judicial record, resumes, and copies of diplomas and certificates of the persons expected to be appointed as company president, chairperson of the Members’ Council or chairperson of the Board of Directors, director general, and chief accountant of the insurance brokerage business.

5. A list of founding shareholders (or members) or members whose capital contribution makes up 10% or more of the charter capital, enclosed with the following papers:
(5.1) For an individual:
- A copy of the citizen or people’s identity card, passport or another lawful personal identification paper; and a judicial record made according to a form prescribed by law;
- A bank’s certification of his/her deposit balance in Vietnam dong or a freely convertible currency.

(5.2) For an organization:

- A copy of the establishment decision, business registration certificate or another equivalent paper. For a foreign organization, a copy of the business registration certificate shall be certified by the agency with which such organization has registered its operation within 3 months before the date of submission of the dossier;
- The company memorandum and articles of association;
- A decision of a competent person or body of the capital-contributing organization on its contribution of capital to establish an insurance brokerage business in Vietnam;
- The power of attorney and a copy of the citizen or people’s identity card, passport or another personal identification paper of the authorized representative of the capital-contributing organization;
- Audited financial statements of 3 consecutive years preceding the year of submission of the dossier;
- A competent state agency’s written certification that the capital-contributing Vietnamese organization satisfies the conditions on financial safety and is permitted to contribute capital for establishing an insurance brokerage business under relevant specialized law.

6. Certification by a bank licensed to operate in Vietnam of the charter capital amount deposited at a blocked account opened at the bank.

7. The cooperation contract prescribed in Article 19 of the Law on Enterprises (in case a domestic organization and a foreign organization jointly contribute capital to establish a limited liability company with 2 or more members).

8. A minutes of the meeting of founding members or shareholders, which records:
- Their agreement to contribute capital for establishing the insurance brokerage limited liability company or joint-stock company, together with a list of founding members or shareholders or members whose capital contribution makes up 10% more of the charter capital;
- Their adoption of the draft memorandum and articles of association  of the company.

9. The written authorization for a capital-contributing individual or organization to carry out licensing procedures on behalf of the founding shareholders or capital-contributing members.

10. A document of a competent authority of the country where the insurance brokerage business’s head office is located, which certifies that:
+ The foreign insurance brokerage business is permitted to establish insurance brokerage businesses in Vietnam. If such permission is not required by this country, there must be proof of such non-requirement;
+ The foreign insurance brokerage business is operating in the field of insurance brokerage;
+ The foreign insurance brokerage business has not committed any serious violation of the regulations on insurance brokerage business and other regulations of the country where its head office is located for 3 consecutive years preceding the year of submission of the dossier

11. The written commitments of the capital-contributing organizations or individuals on their satisfaction of the licensing conditions prescribed in Article 9 of Decree 73/2016/NĐ-CP.

Sets of application files for setting up an insurance brokerage company in Vietnam: 03 sets (01 original set, 02 sets of copies). For files of foreign organizations and individuals, each set includes 01 Vietnamese version and 01 English version

Processing time for application files for setting up an insurance brokerage company in Vietnam: 60 days from the date of receipt of a complete and valid dossier, In case the dossier is incomplete: 21 days (the Ministry of Finance shall send a written notice requesting the supplement and amendment of the dossier). The investor shall amend and supplement the dossier within 06 months from the date of notification.

Any information about application files for setting up an insurance brokerage company in Vietnam, feel free to contact with us.

LAWYER VN LAW FIRM

Related texts:

- Criteria for a director or an executive officer of insurance  brokerage company in Vietnam, Click here

- Conditions for setting up a insurance  brokerage company in Vietnam, Click here.