Hong Bang Law has 10 years of consulting experience in the field of investment and business. We have supported many foreign and domestic investors to set up companies and accompany them during the implementation of investment projects and activities in Vietnam.
According to current Vietnamese law, economic organizations wishing to register for foreign currency exchange must register with competent state agencies. In order for customers to understand the provisions of the law related to the procedure for granting a certificate of registration of a foreign currency exchange agent, Hong Bang Law would like to send you detailed advice on the service of implementing foreign currency exchange. This custom is as follows.
Legal grounds
- Circular 11/2016/TT-NHNN
- Decree 89/2016/ND-CP
- Decree 16/2019/ND-CP
- Decision 21/2008/QD-NHNN
Condition
- Having a foreign currency exchange agent located at one or more of the following locations:
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- The tourist accommodation establishment has been rated 3 stars or higher by the state management agency in charge of tourism;
- International border gates (land, air, waterway);
- The amusement park with prizes for foreigners is licensed in accordance with the law;
- Ticket office of foreign airlines, maritime, tourism and international ticket offices of Vietnamese airlines;
- Tourist areas, trade centers, supermarkets with foreign tourists visiting and shopping;
- Having a professional process for foreign currency exchange, taking measures to ensure security and safety in the process of foreign currency exchange; At the place of transaction, there must be a public exchange rate notice board, a sign showing the name of the authorized credit institution and the name of the foreign currency exchange agent;
- To be authorized by an authorized credit institution to act as a foreign currency exchange agent;
- An economic organization may only act as a foreign currency exchange agent for an authorized credit institution.
Dossiers composition
- An application form for approval of registration of a foreign currency exchange agent (made according to the form in Appendix 01 of Circular No. 11/2016/TT-NHNN);
- A written commitment of the economic organization, together with a copy of the evidencing paper (if any) on the establishment of a foreign currency exchange agent at the location prescribed by the Government on conditions for the economic organization to carry out its operations. Currency exchange agents; the economic organization’s commitment to act only as a foreign currency exchange agent for an authorized credit institution;
- Copies of papers proving the organization’s legal establishment and operation: Certificate of enterprise registration, Certificate of investment registration or other equivalent papers as prescribed by law;
- Report on the situation of equipment and facilities in service of foreign currency exchange;
- A certificate issued by an authorized credit institution to employees directly working at a foreign currency exchange agent, which confirms that the employee has been trained in skills to recognize real and fake foreign currency;
- The foreign currency exchange process includes the following main contents: taking measures to ensure security and safety in the process of foreign currency exchange; recording, issuing invoices to customers, keeping documents, invoices and books; accounting and bookkeeping regimes; report mode;
- A copy of the foreign currency exchange agent contract signed with an authorized credit institution, including the following main contents:
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- Name, head office address, contact phone number of the contracting parties;
- Names and addresses of foreign currency exchange agents;
- Regulations stipulate that foreign currency exchange agents are only allowed to buy foreign currencies in cash (except for agents located in isolated areas at international border gates) and resell foreign currency in cash (in addition to the foreign currency in reserve). leave) to an authorized credit institution;
- Regulations on the principle of determining the buying and selling exchange rates (for agents located in isolated areas at international border gates) for customers and the cash resale rate of foreign currencies to authorized credit institutions compliance with regulations on foreign exchange management; stipulate agency commission fees (if any);
- Rights and obligations of the parties to the contract, which clearly stipulates that the foreign currency exchange agent must comply with the foreign currency exchange process; stipulate that the authorized credit institution must periodically inspect the activities of the agents to ensure the correct implementation of the contract and the provisions of the law;
- Agreement on the amount of fund to be left and the time limit for selling the purchased foreign currency in cash to an authorized credit institution.
Competent authority to settle
State Bank branches in provinces and centrally-run cities.
Deadline for settlement
30 days from the date the State Bank branch in the province or city receives the complete and valid application.
Services provided by Hong Bang Law
Hong Bang Law will accompany customers in the whole process of carrying out the procedure with consulting and support services such as:
- Advising customers on conditions, documents and procedures for foreign currency exchange agent registration;
- Receive information provided by enterprises; Drafting documents and records according to the provisions of law and ;
- An authorized representative of the client to carry out procedures at a competent state agency;
- Monitor the processing of dossiers by competent state agencies, explain to state agencies file-related issues;
If you need more detailed advice and answers as well as how to access this service, please contact directly the Deputy Director of Sales: Lawyer Nhat Nam via hotline: 0912.35.65.75, 0912.35.53.53 or call the toll free legal consultation hotline 1900.6575 or send a service request via email: lienheluathongbang@gmail.com
Wishing you and your family good health, peace and success!
Best regards!