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APPLICATION FORM FOR CHANGE OF FOREIGN LOAN REGISTRATION
In some cases, investors will have to change the registration of foreign loans to the competent authorities. So what are these cases, what is the application form for change of foreign loan registration? Find out in the article below.
- When to apply for a change of foreign loan registration?
According to regulations, if there is any change in the loan information described in the registration confirmation document, the borrower needs to make an amended registration with the State Bank of Vietnam (SBV). However, there are some exceptions, the borrower does not need to make an amendment registration in the following situations:
- Change the time for capital withdrawal or principal repayment within 10 working days compared to the plan confirmed by the SBV;
- Change of the borrower’s address, but no change in the province or city where the borrower is headquartered;
- Changes to Lenders and information relating to Lenders, provided that the Lender is not merely a representative of the Lenders and the change does not affect their representation;
- Change the name of the commercial transaction of the bank providing account services or the bank servicing the secured transaction;
- Change the interest and fee payment plan of the loan compared to the plan confirmed by the SBV, as long as the interest determination method and other terms on fees do not change from the loan agreement;
- Change the amount of withdrawals, repayment of principal, interest, and fees within 100 units of the currency of the foreign loan currency against the registered amount;
- Change the actual withdrawal and principal repayment amount of a particular period less than the amount stated in the withdrawal and repayment plan.
- Application for change of foreign loan registration?
According to Article 19 of Circular 12/2022/TT-NHNN, a dossier of registration for change of a foreign loan includes:
- Application for change (Appendix 4 of Circular 12/2022/TT-NHNN)
- Copies and Vietnamese translations of agreements related to the content of registration of changes of the borrower.
- If there is a change in the loan amount or loan term, the borrower should obtain written approval from the competent authority in accordance with the law on management of state-owned enterprises.
- For cases of change in increase in loan amount or unrealized loan use purpose, the dossier must meet the requirements in Clause 3, Article 16 of the Circular.
- In case the borrower is a credit institution or a branch of a foreign bank and wishes to increase the foreign loan amount, the dossier must satisfy the conditions in Clause 7, Article 16 of the Circular.
- In order to complete the application for change in loan amount, withdrawal plan, and repayment plan, the borrower needs a written confirmation from the bank providing account service about the status of capital withdrawal and repayment.
Note, if the bank providing the account service is unable to provide confirmation due to the closure or suspension of operations, and in cases of withdrawal and repayment not through the foreign loan account, the borrower may choose to provide other documents, as prescribed at Point d, Clause 8, Article 16 of this Circular.
- What is the process and procedures for applying for changes in foreign loan registration?
Article 18 of Circular 12/2022/TT-NHNN, the process of registering changes in foreign loan registration is carried out as follows:
Step 1: Prepare your application. Some notes at this stage are:
- Case 1: If the borrower has notified the change of information on the Website before submitting the application, they need to print the Application from the Website, sign and stamp.
- Case 2: In case the borrower fails to notify the change of information on the Website before submitting the application, they must complete the Application form for change of foreign loan according to Appendix 04 enclosed with this Circular.
Step 2: Apply:
- Time limit for submitting application for change of foreign loan: 30 working days from the date:
+ The parties sign the change agreement or before implementing the changed content (for cases where the change agreement is not required but must still ensure compliance with the foreign loan agreement);
+ The successor organization of the obligation to repay the foreign loan has a business registration certificate or the date of signing the agreement to change the borrower in case the original borrower is divided, separated, consolidated or merged (whichever comes later) and before continuing to withdraw capital, repayment of foreign loans;
+ The borrower needs to complete the update of information on change of name and/or address to transfer the head office to another province or city on the National Business Registration Database;
+ The lender, guarantor, guarantor, or other related parties, as confirmed in the registration document, should send notice to the borrower about the name change before making money transfers related to them.
Step 3: Get the result
The State Bank shall provide written confirmation or refusal to confirm the loan change registration within the time limit:
- 12 working days from the date of receipt of complete and valid documents from the borrower if they have notified the change of information before submitting the application;
- 15 working days from the date of receipt of complete and valid documents from the borrower if they do not notify the change of information before submitting the application.
- Application Form for Change of Foreign Loan Registration
Phone: (+84) 961 366 238
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- vphn@siglaw.com.vn
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