Registration of foreign exchange transaction

Registration of foreign exchange transaction

Registration of foreign exchange transaction

Registration of foreign exchange transaction related to offshore investment activities

Registration of foreign exchange transaction is an essential procedure in offshore investment activities of investors.

Registration of foreign exchange transaction is that an investor registers to the State Bank information of investors, investment capital, investment accounts opened at permissible credit institutions to implement investment activities aboard and process of transferring investment capital in cash aboard according to the provisions of this Circular.

1. Dossier of registration of foreign exchange transaction related to offshore investment activities

According to Article 9 Circular 12/2016/TT-NHNN, dossier of registration of foreign exchange transaction related to offshore investment activities includes:

  • A request on registration of foreign exchange transaction related to offshore investment activities;
  • An Investment license or Offshore Investment Certificate or Offshore Investment Registration Certificate granted by competent agencies of Vietnam. (A copy granted from original book or an authenticate copy or an a copy attached with the original version for a contrast;
  • An approval or an investment license granted by the competent agency of the investment-received country or documents demonstrating the right of investment operation in the investment-received country complying with laws of the investment-received country;
  • A confirmation of the permissible credit institution on opening investment capital account of the investor where there are clearly account number, kind of foreign currency. (Original version);
  • A confirmation of the permissible credit institution on the amount of cash transferred aboard by the investor before the grant of Offshore Investment Registration Certificate to accommodate expenses arising for the operation of offshore investment in accordance with the provisions of laws to cases which had transferred the investment capital aboard before Offshore Investment Registration Certificate was granted. (Original version);
  • An explanation on the demand of transferring investment capital aboard in Vietnam Dong (to the case that transferring investment capital aboard in Vietnam Dong).

2. Procedures of the registration of foreign exchange transaction

According to Article 10 Circular 12/2016/TT-NHNN the order of implementing procedures of  the registration of foreign exchange transaction is following these steps:

Step 1: The investor sends directly or through a post office 01 (one) dossier of registration of foreign exchange transaction to the competent agency according to the provisions of Article 8 Circular 12/2016/TT-NHNN.

Supplementing and completing the dossier if necessary.

.Step 2: The State Bank is responsible for approving or declining to approve the registration of foreign exchange transaction within 10 (ten) work days from the date of receiving the full and valid dossier of the investor.

Hnlaw & Partners Law Firm

Hotline: 0912.918.296

http://www.hnlaw.vn/en/investment-consultancy/

https://en.wikipedia.org/wiki/Ministry_of_Planning_and_Investment_(Vietnam)

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