Founding shareholders of a joint-stock leasing company in Vietnam

Requirements for founding shareholders of a joint-stock leasing company in Vietnam

Founding shareholders mean shareholders who own at least one ordinary share and sign their names on the list of founding shareholders of joint stock leasing companies.

Requirements for founding shareholders of a join-stock leasing company in Vietnam.

1. Founding shareholders of a join-stock leasing company do not join other credit institutions established and operating in Vietnam as a strategic shareholder, founding shareholder, owner or founding member;

2. Founding shareholders of a join-stock leasing company do not use raised capital or loans provided by other organizations or individuals as contributed capital;

3.Apart from requirements as prescribed in Points 1,2 of this Clause, founding shareholders as individuals should meet following requirements:

a. Be a Vietnamese citizen with full legal capacity as prescribed;
b. Not banned from establishing enterprises according to the Law on Enterprises, the Law on Cadres and Civil Servants.

4. Apart from requirements as prescribed in Points 1, 2 of this Clause, founding shareholders as organizations should meet following requirements:

a. Established under laws of Vietnam;

b. Have a profitable business for three straight years preceding the year of submission of applications for the licence;

c.Have fulfilled its tax and social insurance obligations as prescribed to the time of submission of applications for the licence;

d. For organizations as Vietnamese enterprises (except Vietnamese commercial banks):

(i) Have at least VND 500 billion in owner’s equity, at least VND 1,000 billion in total assets for three straight years preceding the year in which the application for the licence is submitted; For enterprises operating in the areas requiring a certain level of legal capital, ensure that the amount remaining after the legal capital is subtracted from the owner’s equity according to the audited financial statement of the year preceding the time the application is submitted is not smaller than the promised capital contribution;
(ii) For enterprises licensed to operate in the areas of securities, insurance, the contribution of capital must be compliant with relevant law provisions;

e. For Vietnamese commercial banks:
(i) Have at least VND 100,000 billion in total assets; comply fully with Regulations for on risk management and establishment of provisions at the time of submission of applications for licensing;
(ii) Do not violate minimum safety limits, ratios for transactions according to Requirements for of the State Bank in the year preceding the year of submission of applications for licensing and to the time of submission of supplements for consideration and issuance of licenses;
(iii) Ensure minimum capital adequacy ratio after contributing capital for establishment of non-bank credit institutions;
(iv) Not penalized for administrative violations against Regulations for in currencies and banking for two straight years preceding the year of submission of applications for licensing and to the time of submission of supplements for consideration and issuance of licenses.

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