The procedures to establish a representative office of the foreign insurers in Vietnam

Order

Items

Contents

1

Implementing agency

Ministry of Finance.

2

Means of application

Foreign insurers proposes to establish a representative office in Vietnam and submit a dossier to the Ministry of Finance in one of the following ways:

• Direct application; or
• Application via post.

3

Dossier components

The application comprises:

a. An application form for license for establishment of representative office in Vietnam specified in Appendix XI to Decree 46/2023/ND-CP;

b. A copy of the establishment license, enterprise registration certificate or other equivalent document of the foreign enterprise;

c. A copy of the audited financial statements by an independent auditing organization of the foreign enterprise in 3 fiscal years preceding the year of submission of the application for a license to set up a representative office in Vietnam;

d. A curriculum vitae, a copy of the citizen identity card or passport of the person who expect to be the head of a representative office;

e. The introduction of the foreign enterprise;

f. The approval of the insurance authority where the foreign enterprise's head office is located that allows the foreign enterprise to set up a representative office in Vietnam. In case the regulations of the country where the enterprise is headquartered do not require a written approval, a written certification from the competent authority is required.

4

Fee, charges

VND 1,000,000[1].

5

Result

License for establishment of representative office (“RO”) in Vietnam (“License”).