Bank Account Opening Support Service for Foreign Direct Investment (FDI) Enterprises
Typically, after a business is granted the Certificate of Business Registration and the Investment Registration Certificate, FDI enterprises often need to open the following bank accounts:
Direct Investment Capital Account (DICA):
DICA, short for Direct Investment Capital Account, is a payment account in foreign currency or Vietnamese dong, opened by foreign-invested enterprises (FDI) or foreign investors at banks in Vietnam. It is used to conduct transactions related to foreign direct investment activities in Vietnam.
Normally, the DICA account is opened in the foreign currency corresponding to the charter capital stated in the investment registration certificate. The account is usually opened after the enterprise is issued the Investment Registration Certificate.
The DICA account is typically used for the following transactions:
– Receiving capital contributions from foreign investors.
– Using DICA for borrowing and repaying debts with foreign parties.
– Transferring post-tax profits abroad.
In addition to the DICA account, foreign enterprises, after establishment, usually need to open payment accounts in both foreign currency and Vietnamese dong.
Foreign currency accounts are often used to receive payments from exporting goods and services to foreign partners.
Vietnamese dong accounts are primarily used for receiving payments from domestic customers, paying domestic suppliers, employee salaries, taxes, insurance, etc.
The procedure for opening bank accounts for companies and enterprises is as follows:
Step 1: Choose a bank to open an account. FDI enterprises can choose either a foreign bank in Vietnam or a Vietnamese bank.
Step 2: Prepare the required documents for opening a bank account, which typically include:
– Certified copies of the Certificate of Business Registration.
– Certified copies of the Investment Registration Certificate.
– Certified copies of the (passport or ID card) of the legal representative of the company.
– Account opening request form provided by the bank.
Step 3: After preparing the complete set of documents, submit them to the bank along with the company’s stamp.
Currently, VBK is cooperating with various foreign banks in Vietnam and other Vietnamese banks to facilitate the quick and convenient opening of bank accounts for FDI companies. If your company requires assistance, please feel free to contact us.