WHAT DOCUMENTS ARE INCLUDED IN THE APPLICATION FOR ADDITIONAL INDUSTRIES FOR FOREIGN-INVESTED ENTERPRISES?
QUESTION
Dear TLK Law Firm, I currently have questions and hope to hear from you as follows: My business operates with foreign investment and has been granted an investment certificate. And this year I want to add more business fields. However, I do not clearly understand the regulations on additional occupational documents. So I want to know, what documents are included in the application for additional industries for foreign-invested enterprises? Looking forward to your company's answer. Thank you!
RELATED ARTICLES
1. Adding industries, increasing investment capital
2. How to add business lines for companies with foreign investments
3. Can foreign-invested enterprises establish representative offices in Vietnam?
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
Business lines are the business fields in which the company is allowed to operate in accordance with regulations on conditional business lines and restricted market access lines. Thus, when a foreign-invested enterprise that has been granted an investment certificate wants to add its business line, what conditions must it meet? What documents are required for additional career documents? This is a question that many customers sent to TLK Law Firm.
Therefore, through this article, we will answer your questions about "What documents are included in the application for additional industries for foreign-invested enterprises?".
Photo 1. What documents are included in the application for additional industries for foreign-invested enterprises?_Hotline: 0972118764
I. SOME IMPORTANT LEGAL ISSUES RELATED TO ADDITIONAL INDUSTRIES OF FOREIGN-INVESTED ENTERPRISES
1. Forms of investment in Vietnam
Pursuant to the Investment Law 2020, forms of investment in Vietnam include:
(1) Investment in establishing economic organizations;
(2) Investing in capital contribution, purchasing shares, purchasing capital contributions;
(3) Implement investment projects;
(4) Investment in the form of BCC contract;
(5) New forms of investment and types of economic organizations according to Government regulations.
Thus, when investing in Vietnam, investors have the right to choose one of the above investment forms, and if they meet the specific requirements for each form of investment, the investor will be approved by the agency. The state has the authority to issue investment certificates.
2. Prohibited business investment sectors
Pursuant to the Investment Law 2020, industries banned from business investment include:
(1) Trading in narcotics prescribed in the Investment Law 2020;
(2) Trading in chemicals and minerals prescribed in the Investment Law 2020;
(3) Trading in specimens of wild plants and animals originating from the wild according to the provisions of the Convention on International Trade in Endangered Species of Wild Plants and Animals; Specimens of endangered, precious, and rare species of forest plants, animals, and aquatic animals Group I originating from natural exploitation according to the Investment Law 2020;
(4) Prostitution business;
(5) Buying and selling humans, tissues, corpses, body parts, and human fetuses;
(6) Business activities related to human cloning;
(7) Trading in firecrackers;
(8) Debt collection service business.
Thus, when making business investments, investors should be careful to avoid investing in industries and professions that are prohibited from investing according to the provisions of law.
=> See more: Transferring capital contributions in foreign companies?
Photo 2. What documents are included in the application for additional industries for foreign-invested enterprises?_Hotline: 0972118764
II. PROCEDURE FOR IMPLEMENTING PROCEDURES FOR ADDITIONAL CAREERS WITH FOREIGN-INVESTED ENTERPRISES
1. Steps to carry out procedures for adding professions to foreign-invested enterprises
Step 1: Procedures for changing business lines;
Step 2: Procedures for adjusting investment projects.
2. Documents for additional industries for foreign-invested enterprises
Pursuant to the Investment Law 2020, when adding business lines of foreign-invested enterprises. At that time, the investor must make adjustments to the content of the business line recorded in the Investment Registration Certificate issued in advance. Investors need to prepare conversion documents including the following documents:
(1) Document requesting adjustment of investment project;
(2) Report on the implementation of investment projects up to the time of adjustment;
(3) The investor's decision to adjust the investment project;
(4) Explain and provide documents related to adjusting the business content in the investment project.
Thus, when changing or adjusting the investment registration certificate, investors need to prepare the above documents to request the competent state agency to change the certificate according to the provisions of law.
III. SUMMARY OF THE ANSWER SECTION: WHAT DOCUMENTS ARE INCLUDED IN THE DOCUMENTATION FOR ADDITIONAL INDUSTRY FOR FOREIGN INVESTED ENTERPRISES?
Dear Customers, from the above synthesis and analysis, TLK Law Firm would like to give the following answer:
To be eligible for additional industries with foreign-invested enterprises, enterprises need to prepare dossiers with specific documents as follows:
1. Document requesting adjustment of investment project;
2. Report on the implementation of investment projects up to the time of adjustment;
3. Investor's decision to adjust the investment project;
4. Explain and provide documents related to adjusting the business content in the investment project.
=> See more: What types of taxes must foreign invested companies pay to the State Budget?
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 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.
V. SOME QUESTIONS RELATED TO ADDITIONAL INDUSTRIES OF FOREIGN-INVESTED ENTERPRISES
Question 1: How are the forms of investment support regulated?
Reply:
Pursuant to the Investment Law 2020, forms of investment support are prescribed as follows:
(1) Support the development of technical and social infrastructure systems inside and outside the investment project fence;
(2) Support training and human resource development;
(3) Credit support;
(4) Support for access to production and business premises; Support production and business establishments to relocate according to decisions of state agencies;
(5) Scientific, technical and technology transfer support;
(6) Support market development and provide information;
(7) Research and development support.
Thus, when participating in investment activities, investors will receive state support in the above forms according to the provisions of law.
Question 2: Do I have to resubmit the Investment Registration Certificate if the adjusted registration content is not subject to an Investment Registration Certificate?
Reply:
The answer is: It is not required to resubmit the Investment Registration Certificate.
Pursuant to Decree No. 31/2021/ND-CP, for investment projects that have been granted an Investment Registration Certificate but have adjusted content that does not require a Investment Registration Certificate, the investor shall return the Investment Registration Certificate to the investment registration agency (if the investor so wishes) and continue implementing the investment project according to the provisions of law.
Question 3: Can income from investment activities of foreign investors be transferred abroad?
Reply:
The answer is yes.
Pursuant to the Investment Law 2020, after fully fulfilling financial obligations to the State of Vietnam according to the provisions of law, foreign investors are allowed to transfer abroad the following assets:
(1) Investment capital, investment liquidation;
(2) Income from business investment activities;
(3) Money and other assets are legally owned by the investor.
Thus, the income from investment activities of foreign investors will be transferred abroad when the investor has fully fulfilled its financial obligations.
=> See more: Consulting on establishing investment projects quickly, professionally and comprehensively
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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