HOW TO ADD BUSINESS LINES FOR COMPANIES WITH FOREIGN INVESTMENTS
QUESTION
Hello TLK Law Firm, I currently have questions and hope to hear from you as follows: I am implementing an investment project in Vietnam, currently I want to expand to a number of industries. So let me ask, what are the steps to add business lines for foreign-invested enterprises? Looking forward to your company's answer. Thank you!
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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
Once an enterprise has registered and has been approved by the investment registration agency and issued an Investment Registration Certificate, it must begin operations and carry out the correct content and schedule in the registered profession. However, in some cases, businesses want to add other business lines. So what are the steps to follow to add business lines to foreign-invested enterprises? This is the question that most customers send to TLK Law Firm.
Therefore, through this article, we - TLK Law Firm will answer your questions about steps to add business lines for foreign invested enterprises?
Photo 1.How to add business lines for companies with foreign investments _Hotline: 0972118764
I. SOME IMPORTANT LEGAL ISSUES RELATED TO ADDITIONAL BUSINESS LINES FOR FOREIGN INVESTED ENTERPRISES?
1. What is a foreign-invested enterprise?
According to the Investment Law 2020, a foreign investor is an individual with foreign nationality or an organization established under foreign law that conducts business investment activities in Vietnam.
Economic organization is an organization established and operating under the provisions of Vietnamese law, including enterprises, cooperatives, cooperative unions and other organizations carrying out business investment activities. A foreign-invested economic organization is an economic organization that has foreign investors as members or shareholders.
So, a foreign-invested enterprise is an enterprise established by a foreign investor to carry out investment activities in Vietnam or a Vietnamese enterprise whose shares are purchased, merged or merged by foreign investors repurchased.
2. Additional conditions for business lines of foreign-invested companies
According to the Investment Law 2020 and Decree No. 31/2021/ND-CP detailing a number of Articles of the Investment Law 2020, investors are allowed to decide and take responsibility for the additional industries. to invest and do business in accordance with the provisions of this law and other relevant laws.
- For some industries that require legal capital, when changing or adding industries, enterprises need to adjust capital to meet capital conditions;
- For changes and additions to conditional business registration, requiring a business license, foreign-invested companies also need to apply for a license before doing business.
- Except for industries and occupations on the List of industries and occupations with limited market access for foreign investors specified in Decree No. 31/2021/ND-CP, foreign investors are allowed to access the market as prescribed for domestic investors. Foreign investors are not allowed to invest in industries and occupations that do not have market access according to the provisions of Decree 31/2021/ND-CP.
- For industries and occupations with conditional market access for foreign investors according to the provisions of Decree 31/2021/ND-CP, foreign investors must meet market access conditions posted according to the provisions of Decree 31/2021/ND-CP.
- Foreign investors carrying out investment activities in different industries and occupations specified in Decree No. 31/2021/ND-CP must meet all market access conditions for these industries and occupations there.
II. WHAT IS THE PROCEDURE FOR IMPLEMENTING PROCEDURES FOR ADDITIONAL BUSINESS LINE FOR FOREIGN INVESTED ENTERPRISES?
1. Steps to carry out procedures for adding business lines for foreign-invested enterprises
Step 1: Organizations and individuals prepare documents and applications for additional business lines for foreign-invested enterprises;
Step 2: Submit documents to the competent state agency;
Step 3: Competent state agency evaluates the validity and processes the application;
Step 4: Edit and supplement documents according to instructions from competent state agencies (if any);
Step 5: Organizations and individuals receive the results.
=> See more: Consulting on establishing investment projects quickly, professionally and comprehensively
2. Document components and procedures for handling additional business lines for foreign-invested enterprises
A. Profile components
1. Written request for approval to adjust investment policies, clearly stating the contents of the request for adjustment and reasons for adjustment;
2. Adjusted investment project proposal or Adjusted Pre-Feasibility Study Report or Adjusted Feasibility Study Report;
3. Documents on the investor's legal status;
4. Documents proving the investor's financial capacity;
5. In case the investment project does not request the State to allocate land, lease land, or allow change of land use purpose, submit a copy of land use rights documents or other documents determining the right to use the location. to implement investment projects;
6. Explanation content about the technology used in the investment project for projects subject to appraisal and consultation on technology according to the provisions of law on technology transfer;
7. BCC contract for investment projects in the form of BCC contract;
8. Other documents related to investment projects, conditions and capacity requirements of investors according to the provisions of law (if any);
9. Power of attorney for the person submitting the application (in case of authorizing someone else to do so);
10. Certified copy of personal legal documents (ID card, citizen identification card, valid passport) of the person performing the procedure;
11. Other documents required by competent state agencies (if any).
B. Resolution agency
Investment Registration Office - Department of Planning and Investment where the enterprise is headquartered.
C. How to do it
- Submit directly to the Investment Registration Office - Department of Planning and Investment where the enterprise is headquartere; or,
- Submit via postal service to the Investment Registration Office - Department of Planning and Investment where the enterprise is headquartered; or,
- Submit via the online public service system of the Investment Registration Office - Department of Planning and Investment where the enterprise is headquartered.
D. Implementation results
Investment registration certificate.
=> See more: Company providing investment certificate adjustment service
Photo 2.How to add business lines for companies with foreign investments _Hotline: 0972118764
III. SUMMARY OF THE ANSWER SECTION: WHAT ARE THE STEPS TO ADDITIONAL BUSINESS LINE FOR FOREIGN INVESTED ENTERPRISES?
Dear Customers, from the above synthesis and analysis, TLK Law Firm would like to give the following answer:
Step 1: Organizations and individuals prepare documents and applications for additional business lines for foreign-invested enterprises;
Step 2: Submit documents to the competent state agency;
Step 3: Competent state agency evaluates the validity and processes the application;
Step 4: Edit and supplement documents according to instructions from competent state agencies (if any);
Step 5: Organizations and individuals receive the results.
IV. 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 while 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 company providing the best legal services on the market, we satisfy all of the above criteria and more will definitely be a good choice for you.
=> See more: Contents of investment registration certificate
V. SOME QUESTIONS RELATED TO ADDITIONAL STEPS IN BUSINESS LINE FOR FOREIGN INVESTED ENTERPRISES?
Question 1: How long does it take to complete adding industries to a foreign-invested company?
Reply:
According to Decree No. 31/2021/ND-CP, if the application is valid, the time to complete procedures with the Business Registration Office is 5-7 working days, with the Investment Registration Office is 15 working days.
So the total time to complete procedures for adding professions is 20-22 days. However, for conditional occupations, it may take longer than expected.
Question 2: If the profile is invalid, will I be notified to amend it?
Reply:
The answer is yes.
According to Decree No. 31/2021/ND-CP, in case the dossier is invalid or has unclear content, the competent state agency will notify the investor in writing within 05 days. work from the date of receipt of the application.
=> See more: Can foreign companies register new industries?
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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