Tiếng Việt
中文Who is not entitled to contribute capital to establish an insurance enterprise in Vietnam?
Under Clause 1, Article 64 of the Law on Insurance Business 2022, shareholders and capital-contributing members establishing an insurance enterprise must satisfy the following conditions:
- Organizations and individuals entitled to establish and manage enterprises in Vietnam under the Law on Enterprises;
- Organizations with juridical person status operating lawfully; where contributing 10% or more of the charter capital, they must have been profitable in the 03 most recent consecutive fiscal years up to the time of submitting the license application dossier and satisfy financial conditions as prescribed by the Government;
- Insurance and reinsurance enterprises already licensed in Vietnam, when contributing capital to establish a new enterprise, must have been profitable in the 03 most recent consecutive fiscal years and satisfy the capital adequacy ratio as prescribed.
Organizations and individuals not satisfying the above conditions (for example: not entitled to establish or manage enterprises under the Law on Enterprises; organizations without juridical person status or not operating lawfully) are not entitled to contribute capital to establish an insurance enterprise.
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If your company needs to review governance authority, resolutions, charter documents or internal dispute risk, ANT Legal can help assess the file and suggest appropriate next steps.
May an individual contribute capital to establish an insurance enterprise in the form of a limited liability company?
No. Under Article 65 of the Law on Insurance Business 2022, members contributing capital to establish an insurance enterprise in the form of a limited liability company must be organizations and satisfy the general conditions in Article 64. Therefore, an individual cannot contribute capital to establish an insurance enterprise in the form of a limited liability company. (An individual may participate as a shareholder of an insurance enterprise in the form of a joint-stock company if the conditions are satisfied.)
What does the dossier for the establishment and operation license of an insurance enterprise include?
Under Article 69 of the Law on Insurance Business 2022, the dossier includes:
- Written request for issuance of the establishment and operation license;
- Draft charter of the insurance enterprise;
- Business plan for the first 05 years, clearly stating the intended insurance operations, risk management model, technical provisioning method, reinsurance program, capital investment and solvency;
- Curriculum vitae, judicial record cards, copies of diplomas and certificates evidencing the competence and professional qualifications of persons proposed to be appointed as Chairman of the Board of Directors, General Director, actuary and other key managerial positions;
- Other documents as prescribed by law.
How can ANT Legal help?
ANT Legal assists in reviewing conditions for shareholders and capital-contributing members, preparing the dossier for the establishment and operation license of insurance enterprises, and working with the Ministry of Finance.
For quick advice, you may contact a lawyer at 0966.475.966.
Related articles
- Establishing a joint-stock company: order and procedures in Vietnam
- Order and procedures for registering a multi-member limited liability company
- Procedures for dissolving a single-member limited liability company
