PROCEDURES FOR ESTABLISHING FOREIGN ENTERPRISES

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PROCEDURES FOR ESTABLISHING FOREIGN ENTERPRISES

PROCEDURES FOR ESTABLISHING FOREIGN ENTERPRISES

(FDI – FOREIGN DIRECT INVESTMENT)

In 2019, it is assessed to continue to be a strong foreign investment year, with the desire to support the best services for foreign investors to establish foreign-invested companies in Vietnam. Saigon An Tin Accounting instructs in detail the procedures for establishing foreign-invested enterprises as follows:

PROCEDURES FOR ESTABLISHING FOREIGN ENTERPRISES

PROCEDURES FOR ESTABLISHING FOREIGN ENTERPRISES

I - Basic steps to set up a foreign enterprise:

Step 1: Apply for an investment certificate;

Step 2: Register to establish a business;

Step 3: Announcing the content of business registration on the National Portal on business registration. Engraving legal seal, notifying the use of the company's sample;

Step 4: Apply for a business registration license in the case of a retail business

II - Procedures for issuance of investment certificates

Subjects need to apply for an Investment Certificate:

For companies with 1% to 100% of the capital contributed by foreign investors right from the establishment of the enterprise, it is compulsory to apply for an investment certificate before registering the establishment of the enterprise;

The company with foreign capital (the company has been granted an investment registration certificate in Vietnam) continues to establish more economic organizations; investment in capital contribution, purchase of shares, capital contribution of economic organizations; Investment in new BCC contracts or capital contribution from 1% to 100% of the charter capital of the company must carry out the procedures for granting investment certificates;

Cases of foreign investors contributing capital to or buying shares in a Vietnamese company having a business registration certificate (including the case of buying up to 100% of the company's contributed capital) are not required to carry out procedures. Issuance of Investment Registration Certificate. Therefore, in the case of foreign investors contributing capital to Vietnamese people to establish a company (ie a joint venture between Vietnam and a foreign investor), the optimal and minimized procedure should follow the order:

Step 1: Establish a Vietnamese company;

Step 2: Apply for a qualified license for conditional occupations

Step 3: Transfer of contributed capital to foreign investors;

Step 4: Apply for a business license in case the business performs retail activities and apply for another license as a fire protection license, etc. for production facilities.

III- Implementation process:

Before carrying out procedures for granting Investment Registration Certificates, investors shall declare information on investment projects online on the National Information System on Foreign Investment. Within 15 days from the date of online filing, the investor submits the application file for the Investment Registration Certificate to the Investment Registration Authority;

After the Investment Registration Agency receives the dossier, the investor shall be granted an account to access the National Information System on foreign investment to monitor the situation of dossier processing;

The investment registration agency uses the national information system on foreign investment to receive, process and return the results of investment registration documents, update the situation of processing dossiers and issue codes for the project. investment project.

IV- Application file for Investment Certificate includes:

* Note: For investment projects subject to investment policy decision, the application is applied in accordance with Articles 33, 34 and 35 of the 2014 investment law; Investment registration agencies grant investment registration certificates to investors within 05 working days from the date of receiving investment decision documents.

For investment projects not subject to investment policy decisions, investors shall carry out the procedures for granting investment registration certificates as follows:

Written request for investment project implementation;

Copy of identity card, ID card or passport for individual investors; a copy of an Establishment Certificate or other equivalent document confirming the legal status of an investor being an organization;

Investment project proposals include the following contents: investors implementing projects, investment objectives, investment scale, investment capital and plans for capital mobilization, investment location, duration and schedule. , the demand for labor, proposals for investment incentives, assessing the socio-economic impacts and efficiency;

Copies of one of the following documents: financial statements for the last 2 years of investors; commitment to financial support of the parent company; commitment to financial support of financial institutions; guarantee of financial capacity of investors; Notes on financial capacity of investors;

Proposing demand for land use; In case the project does not ask the State to allocate land, lease land or permit the change of land use purpose, then submit a copy of the location lease agreement or other documents certifying that the investor has the right to use the location for real existing investment projects;

Explanation on the use of technology for projects specified at Point b, Clause 1, Article 32 of this Law includes the following contents: technology name, technological origin, technological process diagram; Main specifications, usage status of machinery, equipment and main technology lines;

BCC contract for investment projects in the form of BCC contract.

Time limit for processing dossiers:

Within 15 days after receiving a complete dossier, the investment registration agency grants an investment registration certificate; In case of refusal, the investor must notify in writing to the investor and state the reason.

V- Authority to issue investment certificates:

Industrial Zone Management Board for investment projects in industrial zones;

Department of Planning and Investment for investment projects outside industrial zones, export processing zones, high-tech zones, economic zones;

The Department of Planning and Investment where the investor places or plans to set up its head office or executive office to implement an investment project shall receive an Investment Registration Certificate for the following investment projects:

Investment projects implemented in many provinces and cities directly under the Central Government;

Investment projects implemented in and outside industrial zones, export processing zones, high-tech zones and economic zones.

VI - Register to establish a business

After being granted the Investment Certificate, the enterprise conducts business registration at the Business Registration Office - the Department of Planning and Investment or via the website.

The current business registration is very fast with a time of only 3-7 days.

Procedures for granting Business License at Department of Industry and Trade (Only applicable to companies operating in the field of real retail goods):

Application for business license;

Explain that the condition is met;

Confirm experience

Notes on financial capacity, bank confirmation

Copy of Investment Certificate;

Business registration certificate

Certificates of land use rights;

Power of attorney

Completion time: 25 - 30 working days

Service of establishing foreign-invested enterprises of Saigon An Tin Accounting includes:

+ Advising on the capital contribution ratio of foreign investors in Vietnam;

+ Advising on selecting the appropriate type of company for investors: limited liability companies or joint stock companies, head office addresses, capital, business lines, opening capital transfer accounts, capital contribution periods;

+ Conditional advice, guide investors to prepare necessary documents to establish foreign-invested companies;

+ Consulting, drafting documents to set up companies for investors;

+ Representatives of investors working with competent Vietnamese authorities in the process of establishing an enterprise for investors (Please apply for investment registration certificate, business registration certificate, and do legal entities, announcement of seal forms, post-establishment procedures, tax law consulting services - accounting, transfer of profits abroad, labor - insurance, and ownership-related issues wisdom…);

+ Comprehensive advice on activities arising in the process of conducting business in Vietnam for investors.