Standards Governing the Establishment of Bills Finance Companies Article 10

An entity intending to establish a bills finance company shall, within six months after receiving an approval from the competent authority, apply to the Ministry of Economic Affairs for corporation registration, and within three months after completing the registration, apply to the competent authority for the issuance of a business license by submitting the following documents in triplicate:1. Business license application;2. Corporation registration documents;3. Capital verification report;4. Proof of bond deposit in accordance with Article 36 of the Act;5. Articles of incorporation;6. Minutes of promoters meeting;7. List of shareholders and minutes of shareholders meetings;8. List of directors and minutes of board of directors meetings; if there are managing directors, list of managing directors and minutes of managing directors meetings;9. List of supervisors;10. A written statement undertaking that no directors, supervisors, or managerial officers have any situations provided under Paragraph 1, Article 4 of the Governing Regulations;11. List of managerial officers and staff members, and their qualification documents;12. Bylaws and business processes;13. Records of at least 14 days of simulated business operations; and14. Other documents as required by the competent authority.Before the time limit for application of corporation registration or application for issuance of business license set forth in the preceding paragraph expires, an entity may apply for an extension of the deadline if it has a legitimate reason. The deadline may be extended only once, up to a maximum of three months. Where an entity misses the deadline without obtaining approval for an extension, the competent authority may void its establishment approval.