| Article 3 | The minimum paid-in capital, contribution and earnings thereon, or designated operating funds of a specialized credit card business institution for engaging in card issuing business or card acquiring business shall be NT$200,000,000. Such requirement may be adjusted by the Competent Authority in view of social and economic conditions, and practical needs.
The minimum paid-in capital in the preceding paragraph shall be subscribed in full by the promoters at the time of incorporation. |
| Article 4 | To apply for the establishment of a credit card company, the promoters shall submit two copies of the following information/documents to the Competent Authority for approval:
1. An application;
2. The roster of promoters and related evidentiary documents;
3. The minutes of promoters' meeting;
4. An explanation of the source(s) of the promoters' funds;
5. A business plan describing the scope of business, principles and directions of business operations and actual implementation methods, market prospects and risk/benefit analysis;
6. Personal information of the responsible persons such as the designated president (general manager) and vice president (deputy general manager);
7. Articles of incorporation;
8. Internal credit card business rules and processes;
9. Agreements among relevant parties to such credit card business regarding their respective rights and obligations; and
10. Other documents as required by the Competent Authority. |
| Article 5 | To apply for the establishment of a foreign credit card company, the applicant shall submit two copies of the following information/documents to the Competent Authority for approval:
1. An application;
2. A certified copy of the resolution adopted by its board of directors or an equivalent certified document approving the establishment of a branch in the Republic of China;
3. A business plan of the branch describing the scope of business, principles and directions of business operation and actual implementation methods, market prospects and risk/benefit analysis;
4. Personal resume of the branch manager to be assigned to the branch and relevant evidentiary documents;
5. The branch's internal credit card business rules and processes;
6. Agreements among relevant parties to the branch's credit card business regarding their respective rights and obligations;
7. A certified copy of the articles of incorporation;
8. Documentation proving the due incorporation and existence of the applicant as a legal entity and the business license issued by the regulator in the home country;
9. A power of attorney issued by a responsible officer of the applicant in the home country authorizing a lawyer or certified public accountant to file the application; and
10. Other documents as required by the Competent Authority.
The certification of relevant documents referred to in the preceding paragraph shall be made by a notary public in the home country of the applicant or by a ROC consulate or representative office abroad. |
| Article 6 | A bank, credit cooperative or other institution intending to engage in concurrently credit card business shall submit the following information/documents to the Competent Authority to apply for approval:
1. An application;
2. A photocopy of business license;
3. Articles of incorporation or equivalent documents;
4. A business plan describing the scope of business, principles and directions of business operation and actual implementation methods, market prospects and risk/benefit analysis;
5. Minutes of the board of directors or council members meeting;
6. Internal credit card business rules and processes;
7. Agreements among relevant parties to the credit card business regarding their respective rights and obligations; and
8. Other documents as required by the Competent Authority.
After the application in the preceding paragraph has been approved by the Competent Authority, the applicant shall post or file the related business items in accordance with the provisions prescribed by the Competent Authority. |
| Article 7 | The internal credit business rules referred to in the Regulations shall contain the following particulars:
1. The organization structure and department functions;
2. The allocation, management and training of personnel;
3. The internal control systems (including management of business operations and accounting system);
4. Internal audit system;
5. Principles and policies for business operation;
6. Procedure for handling consumer disputes;
7. Operations manual and division of authorities and duties; and
8. Other matters as required by the Competent Authority. |
| Article 8 | If the application submitted by a credit card business institution for approval to establish or engage in concurrently credit card business has any of the following situations, the Competent Authority may reject such application:
1. The application documents contain false information or misrepresentation;
2. The applicant fails to complete relevant corrective actions for the application as required by the Competent Authority within the given period of time;
3. In the Competent Authority's opinion, the applicant would be unable to soundly and efficiently operate the business; or
4. Any other nonconformity with these Regulations exists. |
| Article 9 | A credit card company or a foreign credit card company shall, within six (6) months after obtaining Competent Authority's approval for establishment, complete the registration of incorporation and submit the following documents to the Competent Authority to apply for the issuance of [credit card] business license:
1. Documents to be submitted by a credit card company are:
(1) An application for business license;
(2) Documents evidencing registration of incorporation;
(3) An accountant's audit report certifying that the [minimum] capital has been paid in full;
(4) Articles of incorporation;
(5) Roster of shareholders;
(6) Roster of the directors and minutes of the meeting of the board of directors (the roster of the managing directors and minutes of meeting of the board of managing directors shall also be submitted if applicable);
(7) Roster of supervisors and the minutes of the meeting of the supervisors; and
(8) Other documents as required by the Competent Authority.
2. Documents to be submitted by a foreign credit card company are:
(1) An application for business license;
(2) Documents evidencing registration of the branch;
(3) Documents evidencing that the designated operating fund to be used in the Republic of China has been remitted in; and
(4) Other documents as required by the Competent Authority.
The time limit referred to in the preceding paragraph may be extended upon application by the credit card company or foreign credit card company submitted prior to the expiration of such time limit if justifiable reasons exist; provided, that such extension may not exceed six (6) months and only one extension is allowed. The Competent Authority may revoke or repeal the approval for establishment if the application for extension is not approved. |
| Article 10 | If it is found after a credit card business institution has been issued a license that its application contains false information, or the credit card business institution in the opinion of the Competent Authority has been grossly ineffective in business operations, or the credit card business institution has not commenced business operations within six (6) months after its incorporation, the Competent Authority may revoke or repeal the approval for establishment, order the return of [credit card] business license and notify the Ministry of Economic Affairs ("MOEA") thereof. However, the time limit for commencing business operations may be extended upon approval by the Competent Authority if justifiable reasons exist; provided, that such extension may not exceed six (6) months and only one extension is allowed. |
| Article 11 | With the exceptions to banks and credit cooperatives engaging in concurrently credit card business, if a credit card business institution wishes to amend its business license, it shall apply to the Competent Authority for approval and for issuance of a new business license. |
| Article 12 | If a specialized credit card business institution wishes to establish an additional branch, it shall apply to the Competent Authority for approval and issuance of business license by submitting an application and a business plan to the Competent Authority. Such specialized credit card business institution shall also apply to the Competent Authority for approval when it plans to relocate or close a branch. |
| Article 13 | The Competent Authority may restrict the establishment of new credit card business institutions in view of the economic and financial conditions in the Republic of China. |