Question: We are seeking the acquiring business in Vietnam. Our Business Scope
- My company is a Payment Service Provider specialized in eCommerce transactions processing.
- My company works with acquirers to process the transactions. My company has many acquirers globally including China, SEA, EU and etc.
- My company has the Payment Service Provider license from Visa and MasterCard in China.
- So far, my company does not have acquirer cooperation with Vietnam banks.
Our Goal:
(1) To set up a Vietnam entity which can apply for payment license;
(2) To obtain the payment license ASAP.
We would like to know every details of the Vietnam incorporation registration therefore, we need your expertise and resources to help us reach the above goals. Please advise the next steps and we will try best to support.
Answer:
I am Lawyer of SB Law. I was entrusted to provide you legal advice regarding to the following issue. Please see our comments here under:
- You can setup a foreign invested company for providing payment service in Vietnam. However, this company shall be subject to following conditions:
+ Your Parent Company who is registered as shareholder/owner in Vietnam must not be a credit organization in your home country.
+ Your Company in foreign country shall be allowed to own maximum 55% total shareholding in the company in Vietnam. Remained 45% shareholding of the company shall be held by Vietnamese Shareholder.
- Total time for obtaining Payment License shall be around 12 -16 months. However, we shall try to accelerate the licensing process for you.
Please let us know if you still wish to go forward with this plan.
