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Business > Posts > Is it possible to establish an enterprise specialized in overseas remittances? What are the specific regulations and procedures? If other exchange agencies are linked to this enterprise, do they need to do any registration?
Business "How to?"Monday, 03/21/2005, 04:07

Is it possible to establish an enterprise specialized in overseas remittances? What are the specific regulations and procedures? If other exchange agencies are linked to this enterprise, do they need to do any registration?

Is it possible to establish an e

Is it possible to establish an enterprise specialized in overseas remittances? What are the specific regulations and procedures? If other exchange agencies are linked to this enterprise, do they need to do any registration?
 

The service of overseas remittances or receiving and paying foreign currency (hereafter foreign currency payment) is a conditional business. After completing the registration process, a business owner can refer to the southern branch of the State Bank of Vietnam at 17 Ben Chuong Duong Street, Nguyen Thai Binh Ward, District 1. Tel: 8211824 to get the business license.

According to Circular 02/2000/TT-NHNN dated February 24, 2000, by the State Bank of Vietnam instructing the implementation of the Decision No. 170/1999/QD-TTg dated August 19, 1999, by the Prime Minister about encouraging overseas Vietnamese to send foreign currencies to Vietnam, and regulating conditions and procedures for enterprises which deal with foreign currency payment as follows:

Conditions:
- Being formally contracted with foreign partners dealing with foreign currency payment. Within the contract, the forms of receiving and paying in foreign currencies should be clarified in terms of fee-sharing in dealing with service users between the foreign partner and the enterprise.
- Achieving a feasible scheme of receiving and paying in foreign currencies
- Achieving a convenient and prompt payment system for service users

Procedures:
An enterprise when applying for a business license of servicing foreign currency payment has to submit to the Foreign Currency Management Department the following documents:
- Application forms of servicing foreign currency payment
- Related schemes
- Principle contracts with foreign partners of the same business form (for those enterprises which deal with foreign currencies transferred through foreign partners)
- Notarized copies of the enterprise establishment decision, business registration certificate, investment license, or operation permit.
- Official feedback of management authorities and provincial or municipal branch of the State Bank of Vietnam upon the application process of the enterprise.

The enterprise before starting this business must be present at the southern branch of the State Bank of Vietnam.

In addition, the enterprise can only be recognized as agency of other licensed monetary organizations with the following conditions:
- Achieving a principle contract for agency with the authorized credit organization
- Achieving a convenient and prompt payment system for service users

* About procedures:
The enterprise when applying for an agency permit to do business with other licensed monetary organizations must send to the local branch of the State Bank of Vietnam the following documents:
- Application form for agency for licensed monetary organizations
- Principle contract with licensed monetary organizations
- Notarized copies of the business establishment decision, business registration, investment license or operation permit.
The above circular letter has not mentioned the foreign currency payment between the enterprise as an agency and other economic organizations.

 


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