Laos is making it mandatory for foreign investors to create a local bank account within 15 days of getting their business license.
This new rule has applied since 10 February 2024.
It is also mandatory to use the Kip currency. The move is a part of the government’s efforts to ensure more foreign currency to enter the Laos banking system. This has been a goal since it was discovered that the recorded foreign investment inflows were much lower than the agreed upon value of investment capital.
Source: ASEAN Briefing
