Opening company bank accounts is a crucial post-licensing procedure for foreign-invested companies in Vietnam. This step is essential for fulfilling financial obligations, capital contributions, and seamless business transactions.
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Bank Account Opening Is One of The Most Post-Licensing Essentials for Foreign-Invested Companies in Vietnam
Once a foreign-invested company is established, post-licensing procedures become imperative. These include VAT invoice registration, seal-making, company signboard, bank account opening, capital contribution, and tax payment, etc.
Opening a bank account post-establishment is a pivotal task. It enables companies to fulfill financial obligations, receive capital from shareholders and owners, and facilitate seamless financial transactions during business operations.
Types of Company Bank Accounts for Foreign-Invested Companies
- Direct Investment Capital Account (DICA):
The Direct Investment Capital Account (DICA) refers to demand accounts in either foreign currency or Vietnamese dong that are established by Foreign Direct Investment (FDI) enterprises or foreign investors at licensed banks. These accounts serve as a platform for conducting transactions related to foreign direct investments within Vietnam. These are utilized for shareholders, investors, or foreign entities contributing capital to the Vietnamese company. It also facilitates the distribution of dividends or a share of the company’s value upon dissolution.
- Current Accounts in VND:
Current Accounts in Vietnam is one of the types of company bank accounts that are dedicated to tax payments and fulfilling financial obligations with the government, conducting business transactions in Vietnamese Dong.
- Current Accounts in Freely Convertible Foreign Currency (USD, EURO, JPY, etc.):
Foreign-invested companies are allowed to open and use an account in foreign currencies. Adherence to Vietnamese laws on foreign exchange control is essential.
Account Holder Verification and Process
Similar to personal accounts, a company account requires a designated account holder. It can be a single individual or multiple individuals jointly named as account holders. In the case of multiple account holders, transactions require approval from all named holders.
There is no discrimination between domestically-owned and foreign-invested companies. The account holder, whether Vietnamese or foreign, must be physically present in Vietnam during the account opening to verify their identity.
LTS LAW offers remote bank account opening services with selected partner banks. Contact us for more information.
Card Services and Visa Requirements
The company bank account holders can request the issuance of a bank card linked to their account for convenient card transactions. For foreign individuals seeking a card, a temporary residence card or a visa in Vietnam for 12 months or more is required.
The time required for banks to assist in account opening and card issuance for foreign-invested companies depends on the client’s compliance with the bank’s requirements.
Typically, the process takes between 1 to 2 weeks based on our experience.
Account holders can register for internet banking services, facilitating online transactions as per the bank’s regulations.
Documents Required for Company Bank Account Opening
- Investment Registration Certificate
- Enterprise Registration Certificate
- Company Charter
- Passports of Account Holders
- Forms provided by the selected bank
- And other documents as may be required by the bank
List of Vietnamese Banks to open company bank accounts:
- Vietnam Joint Stock Commercial Bank for Foreign Trade (Vietcombank)
- Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank)
- Bank for Investment and Development of Vietnam (BIDV)
- Military Commercial Joint Stock Bank (MBBank)
- Vietnam Bank for Agriculture and Rural Development (Agribank)
- Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank)
- Asia Commercial Joint Stock Bank (ACB)
- Vietnam Technological and Commercial Joint Stock Bank (Techcombank)
- Asia Commercial Joint Stock Bank (ACB)
- Vietnam Joint Stock Commercial Bank for Private Enterprises (Viet Capital Bank)
List of Foreign Banks in Vietnam for opening company bank accounts:
- Standard Chartered Bank
- HSBC (Hongkong and Shanghai Banking Corporation)
- ANZ (Australia and New Zealand Banking Group)
- Shinhan Bank
- CIMB Bank
- Bangkok Bank
- United Overseas Bank (UOB)
- Maybank (Malayan Banking Berhad)
- CTBC Bank (Chinatrust Commercial Bank)
- Deutsche Bank
Opening a bank account is a critical step for foreign companies in Vietnam, ensuring smooth financial operations. LTS LAW is committed to supporting clients in this process, providing remote account opening services with selected partner banks. Contact us to initiate your business journey!