Finance Standard # 1: Legality

All legal organizations ensure it's brand name and reputation is legal. AIESEC as a similar organization needs to ensure legal profile as well. 

This standard helps you with needs which need to be covered for an external and also internal environmen to ensure basics of legality and governance integrity. 



> Compendium and constitution

For every entity, it needs to have a compendium or constitution of the entity that fits the following descriptions:

 -it needs to fulfill conditions of external law
 -it needs to follow AIESEC International Compendium
 -it needs to be approved by national plenary
 -it needs to include the following contents:

Suggested structure:

 1 subject and goals of AIESEC activities
 2 the election of MCP
 3 role of MC and LC definition
 4 way of managing with finance and legalities
 5 entity membership criteria
 6 define who would be accountable for Finance and legal affairs

> Legal representative

Official document signed by general assembly which confirm who was elect as president (in LC as well as in MC) of association for at least 5 last years. 

> Global Membership Criteria

- see booklet from Membership Sub-committee but in general terms the Global Compendium has the following requirements

  • AI payments & no debts: Pay all fees that the entity has to pay including debts

  • State Of Global Association (SOGA): Fill in all quarterly surveys within the time frame

  • Internal Audit (IA) Survey: Complete the survey twice per year within the time frame

  • Confirm AI balance: Confirm the balance and send a signed scanned copy before the deadline

  • Global Finance Board survey (GFB): Fill in all quarterly surveys within the time frame

  • IC & IPM Representative: Have an MCP representative at both IC and IPM legislations

  • Submit an unqualified external audit for the latest fiscal year

  • Have an independent bank account

  • Have a legal status registered as an entity

  • Have a compendium and Constitution translated in English

  • Have an external body (SG or BoA)

  • Have a VAT status or proof that entity is excempt to pay in English

  • Submit a trademark registration for classes 32, 36 and 41 of AIESEC name and logo

  • Have one legislative meeting per year where the Assembly needs to decide the process of selection or election of the MCP

  • Realize in average 2 EPs and 2 opportunities per LC

  • Not have more than 1 lost case with ICB per 1000 exchanges in period between membership checks.

  • Have an ECB in place

> Entity Membership Criteria

Specify National membership criteria for local committees in Compendium or Constitutions and have at least one legislative meeting during the year to review the fulfillment.

> Legal Registration

Copy of official document which establishes AIESEC in the country or territory.

> Tax Status

Registration with the tax office according to external laws
All taxes paid as due

> Trademark Registration

All AIESEC logos registered in the country (e. g. AIESEC, YouthSpeak).

> Exchange contracts

Contracts must be signed for GT TNs, GV TNs, GT EPs, GV EPs. Contract must include:
- Subject of contract
- Price
- Details of the organization/EP
- Dates
- Signatures of both sides
- Alignment with national/international/local compendium

> BD and sponsorship contracts

Contracts must be signed with BD partners and every partner which pay for any kind of service or sponsorship
Contract must include:
- Subject of contract
- Price
- Details of partner
- Dates
- Signatures of both sides
- Alignment with national/international/local compendium

> Visa

All international MC members or CEEDers must to have a valid visa if the law doesn't say anything different.
Visas for EPs of all exchange products and Trainees must be compliant with external law.

For example: IGV interns should have a volunteering visa instead of a tourist visa in case the law of your country or territory requires it. Your international MC members or IGT interns, should have a work visa .

> Professional legal advice

Ensuring we have external legal advice to protect our entities and the brand (e.g. by having a probono lawyer, in-house lawyer or a lawyer in the BoA). 


Global compendium

Every entity needs to have its own compendium, AIESEC International has also one. Check what your rights and duties are as an entity. Compendium is the first MUST READ document for every VPF!
Remember to always check the latest version!.

content: Global compendium

Legality in AIESEC

Learn All the essential parts of legal management needed in AIESEC. 


Visa requirements to different entities

Visas are very important part of legality in AIESEC. It is essential whenever we are travelling. Check which kind of Visas your members and exchange participants will need for going to different entities. 

content: database