Registration and licensing of MFO

Experience of many years in the field of microfinance allow us to offer cooperation to microfinance organizations (MFOs) and commercial banks (Banks) with confidence. Our lawyers are successfully implementing projects for registration and licensing of MFO. Moreover, we have successful experience in transforming microcredit companies into microfinance companies and banks as well as reorganization of MFO. The range of services offered to MFO is wide from consultation on the application of banking legislation and legislation for MFO to issue of securities, work with problem loans, transformation and reorganization of MFO and Banks.

MFO REGISTRATION

The legislation of the Kyrgyz Republic provides the following forms of microfinance organizations (MFO):

1. microfinance company (MFC)
2. microcredit company (MCC)
3. microcredit agency (MCA)

If you want to register an MFO, then entrust this work to us and you will receive a comprehensive solution to your task.

Legal services for registration of MFO are included:

• initial consultation on the choice of the most optimal form of MFO based on the goals and objectives
• drafting of all constituent documents

• preparation of all documents for receiving a consent from the National Bank of the Kyrgyz Republic

• registration with the justice authorities
• registration of constituent issue of shares (for MFO in the form of OJSC/CJSC)
• obtaining a Certificate of registration (License) of the National Bank of the Kyrgyz Republic
• registration with the tax office
• registration with the social fund
• one main seal on automatic equipment

In addition to registration of MFO you can also entrust our specialists with issues of making changes to these MFO, to get permission for officials of MFO and other issues of interaction with the NB KR.

From the link below you can also find a comparative analysis of legal status of the MCC and MFC according to the legislation of the Kyrgyz Republic conducted by our lawyers.

LICENSING of MFC

According to the requirements of regulatory acts of the National Bank of the Kyrgyz Republic, some operations by the MFC requires an additional license from the National Bank of the Kyrgyz Republic or removal of the restrictions of the National Bank of the Kyrgyz Republic. Such operations are:

• acceptance of term deposits from individuals and legal entities on the refund basis in order to save the customers savings

• purchase and sale of debt security (factoring)

• issuance of guarantees in an amount which should not exceed from the maximum size of the loan for each borrower

• retail banking services under an agent agreement with a bank - without opening accounts for the clients in MFC

• lending and other operations in foreign currency
• purchase and sale of foreign currency on its own behalf

Our regular clients are leading MFC of Kyrgyzstan therefore the specialists of the Law company DE URE consult can offer with confidence its services in preparing a package of documents to obtain an additional license from the National Bank of the Kyrgyz Republic or removing the restrictions on the above operations.

Still have questions? Contact our lawyers and get a free consultation.