Vietnam corporate bank account opening services

After establishing the company, there are many procedures that company has to implement. In particular, corporate bank account opening is a necessity and the most priority.

The corporate bank account is opened at commercial banks and other credit institutions for implementing transactions and payment of the company.

As can be seen, the corporate bank account is very important to each business. Therefore, enterprises should implement the corporate bank account opening procedure as soon as possible.

VinaSC specialized in offereing Vietnam Corporate Bank Account Opening services for FDI enterprises.

Our services help enterprises control their cashflow and minimize risks during the operation in Vietnam.

The scope of VinaSC’s Corporate Bank Account opening services focuses on supporting customers the following points:

1. Types of corporate bank account that VinaSC offers:

Currently, VinaSC is providing customers with the following corporate bank account opening services:

– Vietnam dong current account;

– Foreign currency current account;

– Direct Investment Capital account;

– Indirect Investment Capital account for foreigners;

2. Subject of being eligible for corporate bank account opening:

a. Current account

Pursuant to Clause 6 of Article 1 of Circular 02/2019/TT-NHNN, organizations that are legal entities are allowed to open current accounts at banks or foreign bank branches.

Accordingly, certain types of businesses with legal status under the Enterprise Law 2020 will be allowed to open bank accounts for organizations. Consists of:

 Limited Liability Company
 Single-member Limited Liability Company
 Joint Stock Company
 Partnership

b. Direct investment capital account:

Pursuant to Point a of Clause 1 of Article 5 of Circlar 06/2019/TT-NHNN, the subjects opening the direct investment capital account consist of:

i) Foreign Direct Investment (FDI) enterprises:

 Enterprises established in the form of investment to establish economic organizations;
 Enterprises with foreign investors contributing capital, buying shares or capital contributions of the enterprise, leading to the foreign investors owning 51% or more of the enterprise’s charter capital;
 Enterprises established after separation, merger or consolidation resulting in foreign investors owning 51% or more of the enterprise’s charter capital;
 Newly established enterprises in accordance with specialized laws;

ii) Foreign investors entering Business Cooperation Contract (BCC) and foreign investors directly implementing the Public-Private Partnership (PPP) project without establishing project enterprises (hereinafter refer to as foreign investors directly implementing the PPP project).

c. Indirect investment capital account:

Pursuant to Clause 1 of Article 3 of Cirular 05/2014/TT-NHNN, the subjects opening indirect investment capital account consist of:
– “Foreign investors” who are nonresident foreign organizations conducting indirect investment activities in Vietnam;
– “Foreign investors” who are nonresident foreign individuals conducting indirect investment activities in Vietnam;

3. Is it mandatory to open a bank account?

a. Current account:

– It is not mandatory in accordance with the law.
– However, businesses nowadays are paying taxes through electronic form of tax payment to reduce time and cost.
– Therefore, although it is not mandatory, bank account opening is necessary for businesses.

b. Direct investment capital account:

Pursuant to Clause 2 of Article 5 of Circular 06/2019/TT-NHNN stipulating that those who are subject to open a direct investment capital account, bank account opening is mandatory.

c. Indirect investment capital account:

Pursuant to Circular 05/2014/TT-NHNN stipulating that those who are subject to open an indirect investment capital account, bank account opening is mandatory.

4. Why is it necessary to open corporate bank account for the company?

• To better control the company’s cashflow.

• To express the company’s professionalism.

• To manage company’s financial activities conveniently.

• Using a bank account in payment of transactions with a value of over VND 20 million helps to be eligible to record deductions in accounting – tax as prescribed.

• To help investors remit money and profits abroad legally.

5. The procedure of corporate bank account opening

The procedure of corporate bank account opening for company and businesses:

Step 1: Choose bank for account opening.

Step 2: Prepare dossiers for corporate bank account opening.

Step 3: After completing all dossiers, we will apply them at bank.

Step 4: Prepare an amount to deposit into the account (the minimum amount depends on the regulations of each bank)

6. Necessary dossiers for corporate bank account opening

• True copy of Enterprise Register Certificate (ERC);

• True copy of chief accountant’s ID card or passport (if any);

• True copy of legal representative’s or account owner’s ID card or passport;

• True copy of ID card or passport of authorized person making transaction at bank (if any);

• Application form to open an account according to the bank’s form (the form can be downloaded at the bank’s website or taken directly at the bank).

Why should you use VinaSC’s Vietnam corporate bank account opening services?

– VinaSC is cooperating with many large banks in many provinces, such as: ACB, Vietcombank, Techcombank, Viettinbank, Shinhan Bank, Indovina Bank, etc.

– Experienced staff in corporate bank account opening.

– Clearly understanding the law helps to simplify the procedures and save time in preparing documents.

– Personnel with high foreign language ability can communicate directly with customers.

– With many years of experience in many fields, VinaSC helps minimize risks during business operations.

– VinaSC’s service fee is consistent with the quality of service that customers receive.

Other services of Vinasc Group?

Besides, VinaSC also offers a variety of services for businesses:

• Consulting and conducting foreign company establishment procedure in Vietnam

• Consulting and conducting foreign work permits procedure in Vietnam

• Consulting and conducting foreign loan registration procedures

• Consulting and conducting the remittance procedure of transfer capital and profits abroad.

• Independent audit service

• Tax review and tax audit services

• Chief accountant services, accounting full package

• Consulting services and conducting tax procedures according to the law

• Office for rent

• Shared office service

• Virtual office service

• Real estate brokerage services.

Please contact us for timely advice and support.