MICROFINANCE INSTITUTIONS MUST HAVE FEASIBLE BUSINESS PLAN FOR THE FIRST 3 YEARS
This is the requirements at the Circular No. 03/2018/TT-NHNN dated February 23, 2018 of the State Bank of Vietnam on licensing, organization and operation of microfinance institutions.
Conditions for licensing the microfinance institution’s organization and activities, including: there is a feasible incorporation and business plan for the first 3 years; the charter capital is not less than legal capital; there are controlling owners and founding members; having charter.
Besides, a controlling owner of an MFI which is incorporated in the form of single-member limited liability companies; a founding member of an MFI which is incorporated in the form of multiple-member limited liability companies; there is at least a founding member being political organization or socio-political organization; there is at least a founding member which has directly run or managed a microfinance program/project safely and steadily for at least 3 consecutive years before the application submission…
This Circular takes effect on April 15, 2018.
