Question
Answer
Foreign companies apply for bank accounts in Vietnam ?
Yes, an oversea corporate entity can open an account at a bank in Vietnam. The process for an oversea company to open a business bank account in Vietnam is as follows:
Upon having a demand for opening an account, the applicant shall prepare 01 (one) set of application file as stipulated at Article 12 of this Circular and submit in person or by postal service or by electronic means to the bank, foreign bank branch where the proposed account is opened.
After checking, collating to ensure the documents of the application file are sufficient, eligible as stipulated, the bank, the foreign bank branch shall proceed to sign the agreement on opening and use of current account with customer.
The bank, foreign bank branch does not need to require the legal representative of the account to be physically present at its desk to sign paperwork at the time of opening, but must apply methods to verify the accuracy of the stamp (if any) and signature of the legal representative of the account holder on the agreement to open and use of the current account and ensure they are the same as the stamp specimen (if any), signature specimen in the application form (Item 1, Point a Clause 2, Point b Clause 3 Article 14 Circular No.08/VBHN-NHNN dated February 27, 2018).
Documents needed to open a business checking account at a commercial bank in Vietnam include:
For corporate entity:
Corporate account opening form prescribed by the bank, the foreign bank branch where the proposed account is opened, and in conformity with provisions at Clause 2 Article 13 of this Circular;
Documents to prove the corporate entity is legally established and operated: Decision on the establishment, operating licence, certificate of incorporation, memorandum and articles of association or other papers in accordance with law;
Documents to prove the representability of the legal representative and the decision to appoint the chief accountant or the person in charge of accounting (if applicable) of the corporate entity, ID card or valid passport of such people (Clause 2 Article 12 Circular No. 08/VBHN-NHNN dated February 27, 2018).
The above documents (except for the Corporate account opening form prescribed by the bank) are the originals or certified copies. If documents in the account opening file are in foreign language, the bank, the foreign bank branch shall agree with client regarding translation of such documents into Vietnamese, but must ensure the following principles:
Documents to prove the corporate entity is legally established and operated (decision of establishment, operating licence, certificate of incorporation), documents to prove the representability of the legal representative in the opening and use of bank account ( decision on appointment, authorization letter) must be translated in full into Vietnamese;
Passport and other documents in the account opening file shall only be translated into Vietnamese upon the request of competent authorities;
The translation into Vietnamese shall need the originals to check, collate;
The payment service provider shall be responsible for controlling and ensuring the truthfulness, accuracy and completeness of the content translated into Vietnamese and the content in the originals (Clause 4 Article 12 Circular No. 08/VBHN-NHNN dated February 27, 2018).
In conclusion, oversea company can open accounts at a commercial bank in Vietnam in accordance with law./.
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DMS Law firm in Vietnam
Director
(Signed)
Lawyer Do Minh Son