License to Operate a Currency Exchange Business
ໃບອະນຸຍາດດໍາເນີນທຸລະກິດແລກປ່ຽນເງິນຕາ
| General information | ||
|---|---|---|
| Type of formality | License | |
| Date of last modification | 28.12.2017 | |
| Responsible Authorities | Monetary Policy Department
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| LSIC | K - Financial and insurance activities | |
| Who should complete this business formality? |
Those who intend to operate the currency exchange business |
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| Qualifications needed by the business to get the formality |
1. Must be a Lao national individual or is a legal entity who operates related business such as hotel and tourism business; 2. Operating a profitable business consecutively for the past three years (for legal entities); 3. Have a complete registered capital as stipulated in Article 10 of this Agreement; 4. Have a clear history of activities in Lao PDR, have no involvement with individuals or suspects in money laundering or terrorist financing; 5. Has not been convicted, is being prosecuted or involved in any crime related to fraud, embezzlement and money laundering; 6. The currency exchange business license has never been revoked before, except in the case of voluntary termination; 7. Have a suitable location and ensure the security of currency exchange services; 8. Have a plan to equip the service equipment and use the system specified by the Bank of the Lao PDR such as currency trading report system, computer, internet and CCTV, telegraph, photocopier, cash register, cash counter machine, calculator, exchange rate notice board and other necessary equipment. |
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| Additional Comment |
Those who intend to conduct the currency exchange business must complete a enterprise registration with industry and commerce sector, and then apply for a currency exchange business license with the Bank of the Lao PDR. Must have a registered capital of at least one billion kip. The capital used as a registered capital must be a working capital only, such capital must be acquired in accordance with the law and must be deposited with a commercial bank in Lao PDR. |
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| REQUIRED DOCUMENTS FORMALITIES - First time | ||||
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| Name | Comment | |||
| Court Clearence | issued within 90 days |
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| List of Equipment | ||||
| Financial Certification and active bank balance statement of at least 90 days backwards | ||||
| Curriculum Vitae | of the applicant |
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| Copy of ID | copy of Family Registration Book or Copy of Passport of the applicant |
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| Business Plan | ||||
| Instruction Letter | from the Ministry of Industry and Commerce (original) |
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| Certificate of Location | or a map of location that is certified by the local authority (If the location is rent, it is required to attach the Lease Agreement) |
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| Application Form | use the application form by Bank of Lao PDR |
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| Copy of Enterprise Registration Certificate | or Investment License (for legal entity) |
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| Certificate of Annual Tax Payment | for legal entity |
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| Power of Attorney (in case the applicant appoints the attorney to proceed with the application) | ||||
| Photo (3x4) | 2 photos of the applicant (taken within 90 days) |
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| Address Certification | ||||
| Employees List | ||||
| REQUIRED DOCUMENTS FORMALITIES - Renew | ||||
|---|---|---|---|---|
| Name | Comment | |||
| Application Form | use the renewal application form by Bank of Lao PDR |
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| Business Operating License | License to Operate Money Exchange Business |
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| Copy of Enterprise Registration Certificate | ||||
| Certificate of Annual Tax Payment | ||||
| Financial Statement | ||||
| Bank Balance Statement | of the Money Exchange Business in the last 1 year (include all the currencies that the business has) |
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| Power of Attorney (in case the applicant appoints the attorney to proceed with the application) | ||||
| Photo (3x4) | 2 photos of the applicant (taken within 90 days) |
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| Agreement to use the Currency Buying-Selling Report System with relevant sector | a copy |
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| Mean of presentation | ||
|---|---|---|
| Means of presentation | At the Authority Offices | |
| Address of authority | Monetary Policy Department, Bank of Lao PDR | |
| Processing Time (Day(s)) | 20 | The Monetary Policy Department or the local provincial branch of the Bank of the Lao PDR will consider the application for the currency exchange business license and notify the results of consideration in written within 20 days from the date of receipt of the complete and accurate documents. |
| RENEWAL INFORMATION | ||
|---|---|---|
| Does the formality have a validity or an expiration date? | YES | |
| How long will the formality be valid for? (in months) | 12 | |
| What is the process and conditions to renew the formality? | Currency exchange business licenses are valid from January to December of each year. Currency exchange operators intending to continue their currency exchange business must apply for a renewal with the Bank of the Lao PDR within 30 days prior to the expiration. | |
| ISSUING FEES | ||||
|---|---|---|---|---|
| Has application fees? | Service fees | Certificate fees | Application fees | Total fees |
| YES | 0.00 | 100000.00 | 0.00 | 100000.00 |
| Comments |
Pursuant to the Decision on Money Exchange Business Operation, no 393/BOL, date 02 July 2020 New business license issuance fee in the amount of 0.05% (zero point zero five percent) of the registered capital up to LAK3,000,000 (three million Kip) |
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| RENEWAL FEES | ||||
|---|---|---|---|---|
| Has renewal fees? | Service fees | Certificate fees | Renewal fees | Total renewal fees |
| YES | 0.00 | 500000.00 | 0.00 | 500000.00 |
| Comments |
Pursuant to the Decision on Money Exchange Business Operation, no 393/BOL, date 02 July 2020 |
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