Licenses library · 112
License to Operate a Currency Exchange Business
外汇兑换经营许可证
ໃບອະນຸຍາດດໍາເນີນທຸລະກິດແລກປ່ຽນເງິນຕາ
Those who intend to operate the currency exchange business Apply at Monetary Policy Department.
Who needs this
Those who intend to operate the currency exchange business
Requirements
- Must be a Lao national individual or is a legal entity who operates related business such as hotel and tourism business
- Operating a profitable business consecutively for the past three years (for legal entities)
- Have a complete registered capital as stipulated in Article 10 of this Agreement
- Have a clear history of activities in Lao PDR, have no involvement with individuals or suspects in money laundering or terrorist financing
- Has not been convicted, is being prosecuted or involved in any crime related to fraud, embezzlement and money laundering
- The currency exchange business license has never been revoked before, except in the case of voluntary termination
- Have a suitable location and ensure the security of currency exchange services
- 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.
Documents — first application
| Document | Note |
|---|---|
| Court Clearence | issued within 90 days |
| List of Equipment | |
| Financial Certification and active bank balance statement of at least 90 days backwards | |
| Curriculum Vitae | of the applicant |
| Copy of ID | copy of Family Registration Book or Copy of Passport of the applicant |
| Business Plan | |
| Instruction Letter | from the Ministry of Industry and Commerce (original) |
| 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) |
| Application Form | use the application form by Bank of Lao PDR |
| Copy of Enterprise Registration Certificate | or Investment License (for legal entity) |
| Certificate of Annual Tax Payment | for legal entity |
| 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) |
| Address Certification | |
| Employees List |
Documents — renewal
| Document | Note |
|---|---|
| Application Form | use the renewal application form by Bank of Lao PDR |
| Business Operating License | License to Operate Money Exchange Business |
| 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) |
| 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) |
| Agreement to use the Currency Buying-Selling Report System with relevant sector | a copy |
Legal framework
- Law on Management of Foreign Currency
- Decision on Money Exchange Business Operation
How to submit
- Means of presentation
- At the Authority Offices
- Address of authority
- Monetary Policy Department, Bank of Lao PDR
- Processing time
- 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.
Validity and renewal
- Has an expiry date
- YES
- Validity
- 12 months
- Renewal process
- 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.
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.