02 Mar GRANT LICENSES TO SET UP REPRESENTATIVE OFFICES IN VIETNAM FOR FOREIGN INSURANCE BROKERS(Last Updated On: December 14, 2021)
Foreign insurance brokerage enterprises may set up their representative offices in Vietnam. Such representative offices are not allowed to conduct insurance business in Vietnam.
ALLOWED ACTIVITIES OF REPRESENTATIVE OFFICES
Vietnam-based representative offices of a foreign insurance enterprise or foreign insurance brokerage enterprise can conduct these activities:
- Act as a bureau of communication.
- Market research.
- Facilitate investment projects of the foreign insurance enterprise or foreign insurance broker enterprise.
- Expedite and monitor the implementat
- ion of projects in Vietnam, which are sponsored by the foreign insurance enterprise or foreign insurance broker enterprise.
- Representative offices of a foreign insurance enterprise or foreign insurance broker enterprise in Vietnam shall not carry out business activities in Vietnam.
CONDITIONS FOR BEING GRANT LICENSES TO SET UP REPRESENTATIVE OFFICES IN VIETNAM
- The foreign insurance enterprises and insurance brokerage enterprises have operated for five years or more;
- The foreign insurance enterprises and insurance brokerage enterprises have cooperative ties with Vietnamese agencies, organizations.
- The duration of operations of a representative office of a foreign insurance enterprise or foreign insurance broker enterprise in Vietnam shall not exceed 05 years and may be extendable.
- In 30 days upon receiving the valid and adequate application, the Ministry of Finance shall issue the license for the foreign insurance enterprise or foreign insurance broker enterprise to set up the representative office in Vietnam.
- In 12 months upon licensing, the representative office must launch its official operation.
REQUIRED PAPERS TO SET UP REPRESENTATIVE OFFICES IN VIETNAM
Group 01: From headquarters
- The establishment and operation license of the foreign insurance enterprise or foreign insurance brokers enterprise in the country where it is headquartered.
- The annual balance sheet and financial report, certified by the independent auditing organization of the situation of operation of the foreign insurance enterprise or the foreign insurance brokerage enterprise for the three latest years.
- A letter of appointment of the head of the representative office. The full names, curricula vitae of the chiefs of the representative offices in Vietnam.
- The written introduction of the foreign insurance enterprise or insurance brokerage enterprise as well as its cooperation with Vietnamese agencies and/or organizations.
All above papers should be certified or by overseas diplomatic missions or Consulates of Vietnam under laws of Vietnam. Translated documents in Vietnamese and certified true for any papers from overseas.
Group 02: From local agencies
- Copies of the passport or ID card (for Vietnamese) or copies of the passport (for foreigners) of the head of the representative office.
- Documents on the expected location of the representative office including:
- Copies of memorandum of understanding (MOU) or leasing agreements or documents as proof of the right to use a location as the representative office.
- Copies of documents on the expected location of the representative office in accordance with related laws.
- An application form for License for Establishment of the representative office using the form promulgated by the Ministry of Industry and Trade and signed by a competent representative of the foreign investor.
- Proper papers and documents of group 1 and group 2 above.
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