05 Mar New Provisions on Bank Accounts of Foreign Representative Office in Vietnam(Last Updated On: September 16, 2020)
According to Circular No. 32/2016/TT-NHNN guiding the opening and maintenance of current accounts at payment service providers and under the provisions of this Circular, the organizations without legal person status such as family households, cooperative groups, private enterprises, foreign representative offices and lawyer’s offices are not eligible for opening current accounts. Many current accounts of the organizations without legal person status such as family households, cooperative groups, private enterprises, lawyers’ offices, etc. which have been opened before Circular 32 takes effect shall be closed before March 01, 2018.
However, on February 12, 2018, State Bank of Vietnam promulgated Circular no. 02/2018 amending, supplementing to some articles in Circular no. 32/2016/TT-NHNN as follows:
Before March 01, 2019 (Previously, the change was required to be done before March 01, 2018) banks, foreign bank branches shall cooperate with customers who are family households, cooperative groups, foreign representative offices other organizations without legal person status in re-signing the contract on opening, using current account to convert to:
- Personal current account
- Or legal person’s current account
- Or joint current account
- Or closing the account if requested by the customer
Before June 01, 2018, banks, foreign bank branches shall notify the customers of the conversion of current account’s form; instead of before June 01, 2017 as before.
Remarkably, this Circular no longer requires banks, foreign bank branches to close the accounts which are current accounts of family households, cooperative groups, other organizations without legal person status that have not completed the conversion.
This Circular shall take effect since February 12, 2018.
WHO WE ARE
- VIVA is a business consulting company, specializes in business compliance procedures according to local business laws and regulations since 2006. VIVA has been continuously trusted by thousands of well-known clients since 2006.
- The insights and consistent backgrounds in Business Laws - Accounting and Corporate Finance - Tax Management – Labor Relations and Payroll - Secretarial services help us build trust and confidence in the entrepreneurs’ community.
- We have been successfully providing service for thousands of leading companies from Hong Kong, Japan, US, EU, Singapore, India, China, Korea…. in forms of FDI companies, Foreign representative offices, Foreigner working in Vietnam, Vietnamese SMEs, Chief Operation Officers.
- VIVA's logo is our Brand name, our signature, it states our faith - independence - transparence - and loyalty for client's interest. The signature is commitment and honor on our outstanding expertise and professionalism. It is the symbol of good standing for our clients whenever they are doing business with customers, partners, the local competent state agencies...