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When implementing the procedures for setting up a fund management company, the implementing entities need to understand the provisions of the law in this matter. To answer your questions about the establishment of a fund management company in Vietnam, Doanh Tri Law Firm will provide useful information to answer the above questions. At the same time, you will be given instructions on how to do this procedure as quickly as possible.

I. Legal Basis

- Law on Securities 2019 No. 54/2019/QH14;

- Law on Enterprise 2020 No. 59/2020/QH14;

- Law on Investment 2020 No. 61/2020/QH14;

- Decree 155/2020 /ND-CP Detailing The Implementation Of A Number Of Articles Of The Securities Law;

- Decree 151/2018/ND-CP Amendments To Some Decrees On Business Conditions Under The Management Of The Ministry Of Finance;

- Circular 99/2020/TT-BTC Providing Guidance On Operation Of Securities Investment Fund Management Companies.

II. Condition to set up a fund management company in Vietnam

To establish a fund management company, it is necessary to meet the conditions prescribed by law, on issues such as facilities, legal capital, human resources, the capacity of capital contributors, and so on.

(1) Conditions of headquarters, equipment, and facilities. The right to use the company's headquarters is valid for at least 01 years from the date of making the legal company establishment dossier.

Company headquarters ensures securities trading. The company's facilities, techniques, and equipment ensure safety. Equipment is in compliance with the regulations on professional procedures on securities trading.

(2) Capital conditions. The contributed capital to establish the company is at least equal to the legal capital of a Vietnamese fund management company or a branch of a foreign fund management company in Vietnam.

(3) Conditions of personnel. The company must have a tentative list of company personnel, of which at least 05 employees have a fund management practice certificate. The Director or General Director and the staff performing the management profession must have a Fund Management Practicing Certificate.

There are also other conditions as prescribed by law that when establishing the fund management company, it is necessary to pay attention to the conditions on shareholders, capital contributors; financial capacity conditions for shareholders, and capital-contributing members. Depending on the type of business, there will be separate conditions.

III. Profile of a fund management company in Vietnam

In order to carry out the procedures for the establishment of the fund management company, the implementing entities need to prepare papers and documents to submit to the business establishment registration agency to receive and process dossiers. Specifically, the application includes the following documents:

- Application for a license to establish and operate the fund management company;

- Charter of the company;

- List of shareholders, founding members, and notarized copies of the individual's identity papers or the Establishment Decision / Enterprise Registration Certificate or other equivalent documents;

- In the case of shareholders, founding members are organizations contributing capital from 10% or more, there must be a copy of the latest year financial statement certified by the independent auditing organization;

- A confirmation of the bank's legal capital and will be completely blocked;

- Relevant papers on facilities, equipment. Documents proving that the equipment to ensure operation meets the standards to serve professional activities.

- Other relevant papers and documents as prescribed by law.

III. Procedure for setting up a fund management company in Vietnam

When registering a company establishment, subjects need to follow the order and procedures prescribed by law, specifically including the following three basic steps:

Step1: Prepare documents to ensure all papers are required by law.

Step 2: Wait for application review.

If the profile is not valid, you may need to add and correct the information in the profile. If the application is valid, it will be issued with the certificate of establishment and legal operation;

Step 3: Receive results from the authorities.

After reviewing successful approval documents, the authorities will issue a license to establish the company and put it into operation. On the contrary, if the dossier is not valid, it will be denied the reception and canceled procedure.

The above information is about the "Setting up a Fund Management Company in Vietnam". For more information and advice on this issue, please contact Doanh Tri Law Firm directly via:

Hotline: (+84) 911.233.955 - (024) 6293 8326

Email: luatdoanhtri@gmail.com

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