Conversion of License to receive and spend foreign currency and other foreign exchange activities opens up opportunities to optimize business operations for casino and prize-winning electronic game businesses. By complying with the law and improving foreign exchange management efficiency, businesses will build a solid foundation for sustainable development. Long Phan’s detailed instructions below will be a guideline to help businesses master the conversion process, thereby confidently moving forward on the path of business success.
In what cases is it necessary to convert the License to receive and spend foreign currency and other foreign exchange activities?
Converting the License to receive and spend foreign currency and other foreign exchange activities applies to two main subjects: casino businesses and businesses doing prize-winning electronic games.
For casino businesses, the conversion applies to units that were previously allowed by the State Bank of Vietnam to collect and spend foreign currency cash for casino business activities. Enterprises can continue to operate according to the old approval document. If necessary, businesses can carry out procedures to convert the previous written approval to a new License (stipulated in Clause 1, Article 35 of Decree 03/2017/ND-CP).
For businesses doing business in prize-winning electronic games, the conversion applies when they need to transfer the old written approval to a new License (stipulated in Clause 1, Article 32 of Decree 121/2021/ND-CP).
Conversion settlement time
Processing time for converting License to receive and spend foreign currency and other foreign exchange activities varies depending on the type of business.
For casino businesses, the processing time is 30 days. This process begins when the State Bank of Vietnam receives all valid documents. During this time, the authorities will review and decide on the issuance of a new license.
For businesses dealing in prize-winning electronic games, the resolution time is 45 days. This time is also calculated from the date the State Bank of Vietnam receives all valid documents.
Procedure for converting the License to receive and spend foreign currency and other foreign exchange activities
Prepared documents
Documents prepared for converting the License to receive and spend foreign currency and other foreign exchange activities vary depending on the type of business.
For casino businesses, documents need to be prepared based on Point a, Clause 2, Article 35 of Decree 03/2017/ND-CP. Specifically, the dossier includes:
Application for conversion of License to collect and spend foreign currency and other foreign exchange activities (according to the form in Appendix 08 of Circular No. 10/2017/TT-NHNN);
Certified copy or copy accompanied by presentation of the original for comparison of Investment Registration Certificate or Investment Policy Decision;
Certified copy or copy with original for comparison of Certificate of eligibility for casino business (if any);
Regulations on management and internal control of foreign currency revenues and expenditures signed by the legal representative of the enterprise;
Document approving cash receipts and payments of foreign currency and other foreign exchange activities has been issued;
Report on the implementation of foreign currency receipts and expenditures and other foreign exchange activities related to casino business activities since receiving written approval from the State Bank of Vietnam.
For businesses operating prize-winning electronic games, documents need to be prepared according to Clause 1, Article 32 of Decree 121/2021/ND-CP. Profile includes:
Application for license conversion according to Form No. 08 specified in Appendix II issued with Decree 121/2021/ND-CP;
Copy of Investment Registration Certificate or Business Registration Certificate;
A copy of the document of the state management agency with a license to conduct business in electronic games with prizes (Investment registration certificate or business registration certificate without business activities in electronic games with prizes) or Certificate of eligibility to conduct business (for enterprises that have been converted to a Certificate of eligibility to conduct business by the Ministry of Finance);
Regulations on management and internal control of foreign currency revenues and expenditures signed by the legal representative of the enterprise;
A copy of the document approving the receipt and payment of foreign currency in cash and other foreign exchange activities that have been issued;
Report on the implementation of foreign currency receipts and expenditures and other foreign exchange activities related to the business of prize-winning electronic games since receiving written approval from the State Bank of Vietnam according to Form No. 09 prescribed in Appendix II issued with Decree 121/2021/ND-CP.
Where to submit a conversion application?
The submission of the application for conversion of the License to receive and spend foreign currency and other foreign exchange activities is done at the State Bank. This regulation applies to both casino businesses and prize-winning electronic games.
The legal basis for submitting this application is specified in Point a, Clause 2, Article 35 of Decree 03/2017/ND-CP for casino businesses. For businesses doing prize-winning electronic games, the legal basis is point b, clause 2, Article 32. Enterprises should pay attention to fully preparing documents according to regulations before submitting. This helps the approval process take place quickly and effectively, avoiding the need to supplement documents multiple times.
Implementation steps
The process of converting the License to receive and spend foreign currency and other foreign exchange activities is different between casino businesses and businesses doing prize-winning electronic games.
1. For casino businesses, the legal basis is point b, clause 2, Article 35 of Decree 03/2017/ND-CP. The conversion procedure will be carried out as follows:
Step 1: The enterprise applies to the State Bank branch in the province or city in the area where the enterprise locates the casino business location.
Step 2: Within 15 days from the date of receiving the enterprise’s documents, the State Bank branch in provinces and cities is responsible for checking the completeness and validity of the documents and sending 01 set of documents to the State Bank of Vietnam with a written assessment opinion of the State Bank branch in provinces and cities on the dossier composition.
Step 3: Within 30 days from the date of receiving complete documents according to regulations, the State Bank of Vietnam reviews and grants the license. In case of refusal, the State Bank of Vietnam will notify the enterprise in writing stating the reason.
2. For businesses doing prize-winning electronic games, the process is based on point b, Clause 2, Article 32 of Decree 121/2021/ND-CP:
Step 1: Enterprise prepares and sends 01 set of documents to the State Bank of Vietnam when there is a need to convert the approval document to a new License.
Step 2: Within 45 days, the State Bank of Vietnam reviews and issues a License according to Form No. 05 specified in Appendix II issued with Decree No. 121/2021/ND-CP.
In case of refusal, the State Bank of Vietnam will issue a written notice clearly stating the reason.
In case the dossier is not complete and valid, within 15 days from the date of receiving the dossier, the State Bank of Vietnam shall send a written request to the enterprise to supplement the dossier.
Consulting services and support for converting the License to receive and spend foreign currency and other foreign exchange activities at Long Phan
Long Phan is proud to provide a comprehensive and effective solution for the process of converting License to receive and spend foreign currency and other foreign exchange activities. Long Phan always updates the latest regulations on foreign currency receipts, expenditures and foreign exchange activities, ensuring businesses always receive accurate and timely advice. With the motto of professional and dedicated work, Long Phan commits to accompanying businesses throughout the license conversion process. Below, Long Phan would like to introduce the consulting and support services at Long Phan including:
Consulting on license conversion processes and procedures.
Assist in preparing and completing documents according to regulations.
Representing the business during the application process and contacting authorities.
Monitor application processing progress and update information for businesses.
Consulting on solving problems that arise during the conversion process.
Converting the License to receive and spend foreign currency and other foreign exchange activities opens up business opportunities for businesses operating casinos and prize-winning electronic games. This process can be done quickly and effectively with professional support from reputable units. Long Phan wishes to become a reliable partner and provide the most optimal solution for you. Please contact Long Phan immediately via hotline 0906735386to receive in-depth advice and comprehensive support, turning challenges into new development opportunities for your business.
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Dương Thị Kim Ngân
Jurist Ngan Duong Thi Kim - Partner of Long Phan, Ms. Ngan possesses profound knowledge in business consulting, labor, and contracts. With dedication and creativity, Ms. Ngân has achieved significant success in advising and supporting businesses in critical areas such as legal matters, finance, management, and contracts. She is committed to providing optimal solutions and helping clients succeed in the business environment.
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