Documents and order and procedures for opening a payment account when applying by post for household businesses

Can business households open a payment account? Documents, order and procedures for opening a payment account when applying by post.

1. Can business households open a payment account?

Article 11 of Circular 23/2014/TT-NHNN, amended by Clause 6, Article 1 of Circular 02/2019/TT-NHNN, stipulates that subjects allowed to open payment accounts include:

“Article 11. Subjects opening payment accounts

1. Individuals opening payment accounts at banks and foreign bank branches include:

a) People aged 18 years or older with full civil act capacity according to Vietnamese law;

b) People from full 15 years old to under 18 years old do not lose or have limited civil act capacity;

c) People under 15 years old, people with limited civil act capacity, people who have lost civil act capacity according to the provisions of Vietnamese law open a payment account through a legal representative;

d) People with difficulties in cognition and behavior control according to Vietnamese law open a payment account through a guardian.

2. Organizations that are legally established and operating according to the provisions of Vietnamese law include: organizations that are legal entities, private enterprises, business households and other organizations that are allowed to open payment accounts at banks and foreign bank branches according to the provisions of law.”

Accordingly, your business household is allowed to open a payment account at a bank or foreign bank branch if it has been legally established and operated, in accordance with the provisions of Vietnamese law.

2. What are the documents for opening a payment account for business households?

Documents to open payment accounts of business households are carried out in accordance with regulations for documents to open payment accounts of organizations, specifically stipulated in Clause 2, Article 12 of Circular 23/2014/TT-NHNN, amended by Clause 2, Article 1 of Circular 16/2020/TT-NHNN, including:

(1) For payment accounts of organizations, banks and foreign bank branches are regulated and guide customers on the types of documents in the payment account opening file but must include at least the following documents:

a) Application for opening a payment account made according to the form of the bank or foreign bank branch where the account is opened and in accordance with the provisions of Clause 2, Article 13 of this Circular (amended in Clause 3, Article 1 of Circular 16/2020/TT-NHNN), specifically:

The application form for opening an organization’s payment account is prescribed by the bank or foreign bank branch but must include at least the following contents:

– Full and abbreviated transaction name; head office address; transaction address; phone number; field of operation and business; Tax code (if any);

– Information about the legal representative of the organization opening the payment account as prescribed in Points a and b, Clause 1 of this Article;

– Information about the chief accountant or person in charge of accounting (if any) of the organization opening the payment account as prescribed in Points a and b, Clause 1 of this Article;

b) Documents proving that the organization opening the payment account is legally established and operating: Establishment decision, operating license, business registration certificate or other documents as prescribed by law;

c) Documents proving the representative status of the legal representative along with identification documents of those people;

d) Decision to appoint chief accountant or person in charge of accounting or contract to hire accounting services from the organization opening the payment account (if any) with identification papers of the chief accountant or person in charge of accounting.

(2) The documents in the application for opening a payment account as prescribed above are originals or electronic copies or certified copies or copies issued from the master book or copies with originals for comparison according to the provisions of law. In case of presenting the original for comparison, the bank or foreign bank branch must confirm the copy and be responsible for the accuracy of the copy compared to the original. Consular legalization of documents issued by foreign competent authorities is carried out in accordance with the provisions of law. In case the documents in the payment account opening application are electronic copies, the bank or foreign bank branch must have solutions and technology to collect, check and compare, ensuring that the electronic copy has complete, accurate content and matches the original according to the provisions of law.

(3) Banks and foreign bank branches may agree with the customer on whether or not to translate into Vietnamese the documents in The application for opening a payment account must be in a foreign language but must ensure the following principles:

a) Banks and foreign bank branches must check, control and ensure the accuracy and completeness of the content translated into Vietnamese compared to the content of documents in a foreign language;

b) Documents in a foreign language must be translated when requested by a competent state authority; The translation must be certified by an authorized person of the bank or foreign bank branch or must be notarized or authenticated.

3. Sequence and procedures for opening payment accounts for business households

Article 14 of Circular 23/2014/TT-NHNN, amended by Clause 5, Article 1 of Circular 16/2020/TT-NHNN stipulates the order and procedures for opening payment accounts for business households via electronic means as follows:

(1) When If there is a need to open a payment account, the customer must prepare one (01) set of documents as prescribed in Article 12 of this Circular and send them electronically to the bank or foreign bank branch where the payment account is requested to be opened.

(2) When receiving the customer’s payment account opening file, the bank or foreign bank branch must check and compare the documents in the account opening file and handle:

a) If the documents in the payment account opening application are complete, legal, valid and the elements declared in the account opening application completely match the documents in the payment account opening application, the bank or foreign bank branch will open a payment account for the customer according to the provisions of Clause 3 of this Article;

b) If the documents in the payment account opening application are not complete, legal, valid or the elements declared in the account opening application do not match the documents in the payment account opening application, the bank or foreign bank branch shall notify the customer to complete the application;

c) In case a bank or foreign bank branch refuses to open a payment account, it must notify the customer.

(3) After completing the inspection, comparison, and verification of customer identification information according to the provisions of law on money laundering prevention and combat, the bank and foreign bank branch shall enter into an agreement to open and use a payment account with the customer as follows:

a) For individual payment account holders: banks and foreign bank branches must meet directly with the customer or the customer’s legal representative (in case of opening an account through a legal representative) to conclude an agreement to open and use the payment account, except for the cases specified in Clauses 4 and 6 of this Article and Article 14a of this Circular;

b) For payment accounts of organizations: banks and foreign bank branches are allowed to meet or not meet directly with the customer’s legal representative when concluding the agreement to open and use the payment account. In case of not meeting directly with the customer’s legal representative, the foreign bank branch must apply appropriate measures to verify the accuracy of the signature, stamp (if any), digital certificate (if any) of the legal representative of the account holder on the agreement. Open and use a payment account and ensure compliance with the signature, stamp (if any), digital certificate (if any) of the legal representative of the account holder during the process of using the payment account;

c) For joint payment accounts:

– In case the subject opening a joint payment account is an individual, the bank or foreign bank branch shall enter into an agreement to open and use the payment account according to the provisions of Point a of this Clause;

– In case the entities under whose name the joint payment account is opened are an organization, bank, or foreign bank branch, enter into an agreement to open and use the payment account according to the provisions of Point b of this Clause,

(4) In case the customer is an individual in a foreign country, the bank or foreign bank branch that opens an account does not meet the customer directly but must verify customer identification information through the agent bank or intermediary and must ensure accurate verification of the customer opening the account and take full responsibility for the identification and verification of the customer opening a payment account at their unit. The selection of an intermediary to verify customer identification information must comply with the provisions of law on money laundering prevention and combat.

(5) Procedures for opening an individual’s payment account electronically are carried out in accordance with the provisions of Article 14a of this Circular.

(6) The opening of a payment account for a customer with which a bank or foreign bank branch has established a relationship and completed the identification and verification of customer identification information is decided by that bank or bank branch, but must ensure that sufficient information and documents are available or collected in the payment account opening file according to the provisions of Article 12 of this Circular.

(7) After concluding an agreement to open and use a payment account with the customer, the bank or foreign bank branch shall notify the payment account number, name, and start date of operation of the payment account to the customer. Banks and foreign bank branches ensure to collect sample signatures, digital certificates (if any) of the account holder or legal representative of the account holder and other related persons (if any), sample seals (if any, for account holders that are organizations) to check and compare during the process of using the payment account.

(8) Banks and foreign bank branches, based on the conditions and supply capabilities of their units, shall guide customers on the order and procedures for opening payment accounts, including cases of refusal to open payment accounts in accordance with the provisions of this Circular and the law on prevention and combat of money laundering and are responsible for the accuracy, rigor and completeness of documents for opening payment accounts with customers. goods.

Thus, business households established and operating in accordance with the provisions of Vietnamese law can open payment accounts at banks and foreign bank branches in Vietnam. Documents, order and procedures are carried out according to law.