CAN FOREIGN COMPANIES REGISTER NEW INDUSTRIES?
QUESTION
Dear TLK Law Firm, I currently have questions and hope to hear from you as follows: My company is a foreign-invested company participating in business investment activities has been granted a business registration certificate. However, I don't know clearly whether my company can register new professions. So I want to know that can foreign companies register new professions? Looking forward to your company's answer. Thank you!
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3. How to add business lines for companies with foreign investments
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. Investment Law No. 61/2020/QH14 passed by the National Assembly on June 17, 2020;
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
Currently, with the trend of integrating into the global economy, Vietnam is one of the countries attracting investment from foreign investors. More and more foreign investors are investing in Vietnam in many forms. Different methods including establishing a foreign company. During their operations, businesses tend to expand their business activities and add a number of industries. However, not all businesses and industries are added during the business investment process. So, can foreign-invested companies register new professions? This is a question that many customers sent to TLK Law Firm.
Therefore, through this article, we will answer your questions about "Can foreign companies register new professions?"
Photo 1. Can foreign companies register new professions?_Hotline: 0972118764
I. SOME IMPORTANT LEGAL ISSUES RELATED TO FOREIGN INVESTED COMPANIES REGISTERING NEW INDUSTRIES
1. Market access conditions for foreign investors
Pursuant to the Investment Law 2020, market access conditions for foreign investors specified in the list of industries and occupations with limited market access for foreign investors include:
(1) Charter capital ownership ratio of foreign investors in economic organizations;
(2) Investment form;
(3) Scope of investment activities;
(4) Investor's capacity; partners participating in investment activities;
(5) Other conditions as prescribed in laws and resolutions of the National Assembly, ordinances and resolutions of the National Assembly Standing Committee, decrees of the Government and international treaties to which the Socialist Republic of Vietnam Nam is a member.
Thus, when accessing the market, foreign-invested enterprises need to meet the above conditions for investment activities according to the provisions of law.
2. Conditions for adding business lines of foreign-invested companies
Pursuant to the Investment Law 2020, foreign-invested companies can register additional business lines. And when adding business investment lines, it is necessary to comply with the following regulations:
(1) Investment and business sectors and trades must meet necessary conditions for reasons of national defense, national security, social order and safety, social ethics, and community health;
(2) Business investment conditions for industries and occupations specified in the Investment Law 2020 are specified in laws and resolutions of the National Assembly, ordinances, resolutions of the National Assembly Standing Committee, and decrees of the Government. Government and international treaties to which the Socialist Republic of Vietnam is a member. Ministries, ministerial-level agencies, People's Councils, People's Committees at all levels, other agencies, organizations and individuals are not allowed to issue regulations on business investment conditions;
(3) Business investment conditions must be regulated in accordance with the reasons specified in the Investment Law 2020 and must ensure openness, transparency, objectivity, saving time and compliance costs for investors. private;
(4) Regulations on business investment conditions must have the following contents:
- Subjects and scope of application of business investment conditions;
- Forms of application of business investment conditions;
- Content of business investment conditions;
- Documents, order, and administrative procedures to comply with business investment conditions (if any).
(5) Business investment conditions are applied in the following forms:
- License;
- Reference;
- Certificate;
- Document of confirmation and approval;
- Other requirements that individuals and economic organizations must meet to carry out business investment activities without requiring written confirmation from a competent authority.
Thus, amendments and supplements to business investment lines must be in accordance with the above provisions of law.
3. Ensuring business investment activities
Pursuant to the Investment Law 2020, the state does not require investors to comply with the following requirements:
(1) Priority is given to purchasing and using domestic goods and services or must purchase and use goods and services from domestic manufacturers or service providers;
(2) Export of goods or services reaches a certain rate; restrict the quantity, value, type of goods and services exported or produced and supplied domestically;
(3) Import goods in quantity and value corresponding to the quantity and value of exported goods or must balance foreign currency from export sources to meet import needs;
(4) Achieve localization rate for domestically produced goods;
(5) Achieving a certain level or value in research and development activities in the country;
(6) Providing goods and services at a specific location domestically or abroad;
(7) Set up the head office at the location required by the competent state agency.
Thus, when conducting investment activities, investors are not required to comply with the above requirements according to the provisions of law.
=> See more: Can foreign-invested enterprises establish representative offices in Vietnam?
Photo 2. Can foreign companies register new professions?_Hotline: 0972118764
II. SUMMARY OF ANSWER SECTION: CAN FOREIGN COMPANIES REGISTER NEW INDUSTRIES?
Dear Customers, from the above synthesis and analysis, TLK Law Firm would like to give the following answer:
Foreign-invested companies that meet the conditions prescribed by law will be granted an investment registration certificate. However, in the course of business operations, foreign-invested companies can register new professions according to the provisions of law.
=> See more: Transferring capital contributions in foreign companies?
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.
IV. SOME QUESTIONS RELATED TO FOREIGN COMPANIES REGISTERING NEW INDUSTRIES
Question 1: What is a conditional business line?
Reply:
Pursuant to the Investment Law 2020, conditional business lines are those in which the implementation of business investment activities in that line or trade must meet necessary conditions for reasons of national defense and national security, social order, safety, social ethics, and community health.
Question 2: How are the forms applied to business investment conditions regulated?
Reply:
Pursuant to the Investment Law 2020, business investment conditions are applied in the following forms:
(1) License;
(2) Reference;
(3) Certificate;
(4) Document of confirmation and approval;
(5) Other requirements that individuals and economic organizations must meet to carry out business investment activities without requiring written confirmation from a competent authority.
Thus, when all the conditions for business investment are met, investors will be eligible to apply the above forms according to the provisions of law.
Question 3: Is it possible to invest in establishing a foreign enterprise in Vietnam to provide services of sending workers to work abroad under a contract?
Reply:
The answer is No.
Pursuant to Decree No. 31/2021/ND-CP, the service of sending workers to work abroad under contracts belongs to industries that foreign investors are not allowed to access in Vietnam. Therefore, customers cannot do business in the service of sending workers to work abroad under contracts in Vietnam according to the provisions of Vietnamese law.
=> See more: What types of taxes must foreign invested companies pay to the State Budget?
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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