CURRENCY EXCHANGE

Establishment of Authorized Institutions (Currency Exchange Offices)

The establishment and commencement of operations of authorized institutions are subject to the approval of the Ministry of Treasury and Finance and the Ministry of Trade.

Authorized institutions are established as either Group A or Group B, depending on the transactions they will carry out. The company is obliged to pay the application fee and expenses specified in the Communiqué, as well as the company capital, according to the region in which it will operate. Authorized institutions, which must be established as joint stock companies, may also open branches in designated regions. In the establishment of authorized institutions, the company partners must meet the qualifications specified in the relevant legislation.

In the establishment of authorized institutions, a founding permit is obtained in the first stage, and an operating permit must be obtained in the subsequent stage. Any share transfers, address changes, or amendments to the articles of association that may be made by authorized institutions that have commenced operations will also be subject to the approval of the Ministry of Treasury and Finance and the Ministry of Trade.