The Bank of the Lao PDR (BOL) has issued a Decision on Currency Exchange Business No 393/BOL, 02 Jul 2020, in order to conduct principles and regulations on licensing, operation, management, monitoring and inspection of foreign exchange businesses. This decision aims to become more sustainable, secured and reliable of the foreign exchange business.
Those who intend to conduct currency exchange business must be registered business license with the industry and commerce. After that applicant shall submit the business license of exchange business to the Department of Currency Promotion or a branch of the BOL for consideration. Below are details of submitting documents:
1. Application for permission to conduct currency exchange business in the prescribed form of the BOL
2. A brief biography of the applicant
3. Address certificate
4. Copy of ID card, family register or passport of the applicant
5. Penalty notice (overdue for not more than ninety days)
6. Business Plan
7. Statement of financial position and reserve statement at a commercial bank that has been active for 90 days
8. Copy of enterprise registration or investment license (for legal entities)
9. A recommendation letter or notice of intent which were issued by the Ministry of Industry and Commerce (with red stamp)
10. Copy of last year's tax return certificate (for legal entities)
11. Recruitment Plan
12. Office equipment Plan
13. Stores location certificate and location diagram which is certified by the local authority (in case of renting a place, a copy of the lease agreement must be attached)
14. Authorization of the representative to work with the Bank of the Lao PDR (in case the applicant is unable to contact in person)
15. Two 3X4 photos (up to ninety days old)
Note: Registered capital and business license application fee:
- The registered capital of at least LAK 1 billion (1,000,000,000) which is the capital fund only, which must be the capital of the relevant persons acquired in accordance with the law and must be deposited with a commercial bank in Lao PDR.
- Application for business license to exchange currency in the amount of LAK one hundred thousand (100,000) kip per set. Licensing fee is a percentage of the total registered capital which is zero points zero five percent (0.05%), but the maximum shall not exceed LAK three million (3,000,000).
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