ADDING INDUSTRIES, INCREASING INVESTMENT CAPITAL
QUESTION
Dear TLK Law Firm, I currently have questions and hope to hear from you as follows: My business has registered its business line. So let me ask, is it possible for a business to add more industries and increase investment capital now? If so, how to do it? Looking forward to your company's answer. Thank you!
RELATED ARTICLES
1. How to add business lines for companies with foreign investments
2. Contents of investment registration certificate
3. Can foreign companies register new industries?
Thank you for your trust and sending questions to TLK Law Firm. Based on legal regulations and practical solutions, we would like to send you the following consulting content:
LEGAL BASIS
1. Document consolidating the Investment Law No. 03/VBHN-VPQH passed by the National Assembly on January 25, 2022;
2. Decree No. 31/2021/ND-CP issued by the Government on March 26, 2021 detailing and guiding the implementation of a number of articles of the Investment Law;
3. Other legal documents providing relevant guidance.
CONSULTATION CONTENT
If you are looking for advice on adding a new industry or increasing investment capital for your business, we understand that expanding your business and increasing your investment capital are important decisions that require careful understanding. Firm in legal regulations and implementation procedures? Can businesses register additional industries or increase investment capital? This is the question that most customers send to TLK Law Firm.
Therefore, through this article, TLK Law Firm will answer your questions about adding industries and increasing investment capital through the article below.
Photo 1. Adding industries, increasing investment capital._Hotline: 0972118764
I. SOME IMPORTANT LEGAL ISSUES RELATED TO ADDITIONAL industries AND INCREASING INVESTMENT CAPITAL
1. Does adding a business line require an adjustment to the Investment Certificate?
Pursuant to the Investment Law 2020, investors carry out procedures to adjust the Investment Registration Certificate in case the investment project adjustment changes the content of the Investment Registration Certificate.
Based on the contents of the Investment Registration Certificate prescribed in the Investment Law 2020, the addition of business lines does not change the investment project objectives specified in the Investment Registration Certificate. Once the investment has been granted, the enterprise does not need to carry out procedures to adjust the Investment Registration Certificate.
2. What industries are added to foreign-invested companies?
Enterprises are allowed to add industries and occupations that are included in the Vietnamese economic industry code system and do not belong to industries and occupations that are banned from business investment. However, if it is a conditional business line, the investor must meet the conditions prescribed by Vietnamese law and satisfy the conditions in WTO commitments, FTAS agreements, AFAS... and other bilateral agreements between Vietnam and countries that these investors are nationals of those countries .
3. Is it necessary to carry out procedures to adjust the Investment Registration Certificate to increase investment capital?
According to the Investment Law 2020, cases of investment project adjustment are prescribed as follows:
- The investor carries out procedures to adjust the Investment Registration Certificate in case the investment project adjustment changes the content of the Investment Registration Certificate;
- Investors whose investment projects have had their investment policies approved must carry out procedures for approval to adjust their investment policies if they fall into one of the following cases:
(1) Changing the objectives specified in the investment policy approval document; additional targets subject to investment policy approval;
(2) Change the scale of land area used by more than 10% or more than 30 hectares, change the investment location;
(3) Changing the total investment capital by 20% or more changes the scale of the investment project;
(4) Prolonging the investment project implementation progress if the total project investment time exceeds 12 months compared to the investment project implementation schedule specified in the initial investment policy approval document;
(5) Adjusting the operating term of investment projects;
(6) Technological changes have been evaluated and consulted during the investment policy approval process;
(7) Changing the investor of an investment project whose investment policy is approved at the same time as approving the investor before the project is exploited and operated or changing conditions for investors (if any).
- For investment projects with approved investment policies, investors are not allowed to adjust the investment project implementation schedule by more than 24 months compared to the investment project implementation schedule specified in the first-time investment policy approval document, except for one of the following cases:
(1) To overcome consequences in cases of force majeure according to the provisions of civil law and land law;
(2) Adjusting the progress of investment projects due to the investor's delay in receiving land allocated, leased, or allowed to change land use purposes by the State;
(3) Adjust the progress of investment project implementation at the request of state management agencies or state agencies that are slow in implementing administrative procedures;
(4) Adjustment of investment projects due to changes in planning by state agencies;
(5) Changing the objectives specified in the investment policy approval document; additional targets subject to investment policy approval;
(6) Increasing total investment capital by 20% or more changes the scale of the investment project.
Thus, in case a change in investment capital changes the content of the Investment Registration Certificate, the investor shall carry out procedures to adjust the Investment Registration Certificate. In case the investment project adjustment has been approved by the investment policy, the investor must carry out the procedure to approve the investment policy adjustment.
=> See more: What documents are included in the application for additional industries for foreign-invested enterprises?
Photo 2. Adding industries, increasing investment capital_Hotline: 0972118764
II. SUMMARY OF THE ANSWER SECTION: ADDING industries, INCREASING INVESTMENT CAPITAL
Dear Customers, from the above synthesis and analysis, TLK Law Firm would like to give the following answer:
According to the Investment Law 2020, businesses can completely add industries and increase investment capital. Specific processes and conditions may vary depending on the regulations of state management agencies and relevant laws. However, to add industries and increase investment capital, businesses need to comply with the licensing application process. new license or modification of an existing license.
III. HOW SHOULD YOU BEST CHOOSE AN ORGANIZATION THAT PROVIDES LEGAL SERVICES?
An organization providing quality and reputable legal services should have the following criteria:
First: Must be an official legal organization with a legal operating license;
Second: It is better if the Board of Directors must be lawyers, experienced and have high degrees;
Third: Have a team of lawyers and a systematic, professional, and thoroughly trained human resources system;
Fourth: Friendly, dedicated and make every effort for the benefit of customers. Consider customer satisfaction and work quality as your own honor;
Fifth: Professional, thoughtful, flexible and logical service provision process to optimize work performance and save customers' time;
Sixth: Reasonable and competitive service prices;
Seventh: Rich services in both fields of supply and service packages in the same field for customers to choose the appropriate service package, as well as comprehensive support for customers throughout the operation process. movement;
Eighth: Have the ability to Connect - Promote commercial relationships for customers if customers have needs,...
Finding a comprehensive, professional and reputable legal consulting organization is what every customer wants. Because no one wants to risk losing both money and time when the results are not as expected. However, finding such an organization is not easy because the number of service providers in the Vietnamese market today is very large with varying quality.
A suggestion for you: Although our TLK Law Firm does not dare to claim to be the best legal service provider on the market, we satisfy all of the above criteria and more will definitely be a good choice for you.
=> See more: Can foreign-invested enterprises establish representative offices in Vietnam?
IV. SOME QUESTIONS RELATED TO ADDITIONAL CAREERS AND INCREASING INVESTMENT CAPITAL
Question 1: Is it possible for company X that sells decorations to supplement its firecracker business?
Reply:
Firecracker business is one of the industries banned from investment and business according to the Investment Law 2020, so company X is not allowed to do this type of business nor is it allowed to add this business line.
Question 2: What procedures do foreign-invested companies need to follow when adding industries?
Reply:
Enterprises need to carry out the following two procedures: procedures for adjusting the investment registration certificate and procedures for changing the business registration certificate. If you need detailed support about a specific industry that needs additional information, you can contact TLK Law Firm for support.
=> See more: Transferring capital contributions in foreign companies?
Above is some general advice that we would like to offer to our customers. As a service provider, we always understand and are ready to accompany and solve the needs and difficulties that customers are facing. If you still have questions or need more in-depth advice, please contact the hotline: 0972118764 to receive direct advice from a lawyer (completely free consultation).
Thank you very much!
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