November 12, 2018 18:25

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117 business conditions in Finance sector shall be reduced and simplified

12:37 | 12/11/2018

 VCN- The Ministry of Finance has submitted the Government for consideration to issue a Decree amending and supplementing a number of Decrees on business investment conditions under the Ministry of Finance’s management. Accordingly, 117 business conditions shall be reduced and simplified.

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117 business conditions in finance sector shall be reduced and simplified
In Securities sector, 26 conditions shall be reduced and 23 conditions shall be simplified. Photo: Internet Sources

This Decree amends and supplements 14 decrees providing for business conditions in the sectors of accounting, auditing, lotteries, prize-winning electronic games for foreigners, credit rating service, casino, betting, service for voluntary pension fund management, insurance, price assessment and securities.

Specifically, for the accounting sector, 3 conditions for cross-border accounting services in Article 30 Decree 174/2016/ND-CP shall be reduced, including the condition on non-violation on accounting business at area where foreign enterprise's headquarter is located; condition on the purchase of professional liability insurance; condition on non-sanction of administrative violations.

For the business of auditing sector, 10 conditions shall be reduced and 1 condition shall be simplified, in which, the condition on that the representative of the contributed capital of the audit company limited, must be the auditor when granting certificate of eligibility for auditing service business, shall be abolished; Some conditions on cross-border audit service business similar to those in the accounting sector shall be abolished.

For the conditions for auditing organizations which are approved to audit for public-interest units, the condition on time for audit performance shall be reduced and the condition on requesting enterprise that must audit at least 20 public-interest units every year shall be abolished, the conditions on system for quality control, professional liability insurance in licensing shall be abolished.

For the lottery sector, 4 conditions shall be reduced and 1 condition shall be simplified, including abolishing regulations on operation models, management structure and standards of managers.

For the prize-winning electronic games for foreigners, 4 conditions on security, time of image storage, conditions on manager and business project shall be reduced.

For the credit rating service, 2 conditions shall be reduced and 5 conditions shall be simplified. Accordingly, abolishing conditions and procedures requiring the enterprise registration certificate and a written commitment to perform procedures; abolishing requirement on business plan and staffing plan; reducing conditions and standards for becoming General Director, member of credit rating board and analyzing staff.

For the casino business, 1 condition shall be reduced and 1 condition shall be simplified, including abolishing the condition that before operating casino business, the enterprise must meet conditions on security and order, and simplifying conditions on the manager and executive.

For the business of betting on horse racing, dog racing and international football, 2 conditions shall be reduced and 4 conditions on investment plans for technology systems, technical equipment, business software, commitments on compliance with Vietnamese and international law and commitments on social security and order.

For the business of voluntary pension fund management service, the Decree shall simplify 2 conditions, including the condition that the enterprise is not subject to special control, and the condition for the enterprise of which revenue and expenses are estimated in the business plan.

For the insurance business, 19 conditions shall be reduced and 7 conditions shall be simplified. The condition for the Vietnamese organizations establishing insurance enterprises that must be engaged in the finance, banking and insurance shall be abolished; the initial condition that must be met by the non-life insurance enterprise establishing its branches in Vietnam shall be abolished.

Some conditions for agents selling universal insurance, pension insurance, and fishery insurance shall also be abolished in addition to reducing the requirement for operating time for foreign organizations, simplifying condition for an insurance joint stock company that is expected to be established by a minimum of two shareholders.

For the price assessment, 2 conditions on the proportion of capital contribution of organizations in joint-stock companies or limited liability companies shall be simplified.

For the securities sector, reducing 26 conditions and simplifying 23 conditions related to the establishment and operation of securities companies; the conditions for supplementation of securities business operations of the securities company; the conditions for the securities company to be allowed to implement deposit and transaction within same day; the conditions for a securities company to establish a branch, to supplement the operational activities at the branch and establish a transaction division; the conditions for licensing and adjusting of the operation license and operation of the fund management company; The conditions for fund management companies to be consolidated or merged with other fund management companies.

The conditions for a foreign securities trading organization to establish its branch and representative offices in Vietnam; the conditions for consolidation or merger of securities investment companies; the conditions for registration as a supervisory bank; The conditions for establishment of branches and representative offices in foreign countries, investment in foreign countries of the foreign securities trading organization.

117 business conditions in finance sector shall be reduced and simplified Some ministries add business conditions

VCN- According to the report of the Ministry of Planning and Investment on the implementation of Resolution ...

Particularly, simplifying the conditions on the minimum charter capital for securities dealing (reducing from VND 100 billon to VND 50 billion; reducing the conditions on General Director (Director) of securities trading organization; abolishing the conditions for organizations contributing capital to establish the securities trading organization without accumulated losses; abolishing the financial conditions for the securities company to implement deposit transaction, including the conditions without accumulated losses that equal to or more than 50% of charter capital and conditions on the Return on debt to not exceed 3 times.

At the same time, the Ministry of Finance has also reviewed regulations on relevant documents and procedures to revise and abolish in the Decree to ensure the unification of the law system and facilitate people and enterprises to immediately comply after the Decree is promulgated by the Government.

By Hong Van/Ngoc Loan