WHERE TO SUBMIT AN APPLICATION TO ESTABLISH A FOREIGN-INVESTED ENTERPRISE?
QUESTION
Dear TLK Law Firm, I currently have questions and hope to hear from you as follows: I want to establish a limited liability company with two or more members headquartered in Ho Chi Minh City and my company has foreign investment. However, I do not clearly understand the regulations on where to submit applications to establish a foreign-invested enterprise? 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. Enterprise Law No. 59/2020/QH14 passed by the National Assembly on June 17, 2020;
2. Investment Law No. 61/2020/QH14 passed by the National Assembly on June 17, 2020;
3. Decree No. 01/2021/ND-CP issued by the Government on January 4, 2021 regulating business registration;
4. Other legal documents providing relevant guidance.
CONSULTATION CONTENT
With the trend of global economic integration, calling for foreign investment capital is one of the options that many countries around the world and Vietnam are aiming for. To promote the development of the market economy, the Vietnamese Government has introduced many preferential investment policies for foreign investors. Accordingly, establishing foreign-invested enterprises is increasingly easier and more convenient. However, when submitting applications to establish foreign-invested enterprises, many organizations and individuals do not know where to submit applications. This is a question that many customers sent to TLK Law Firm.
Therefore, through this article, we will answer your questions about "Where to apply to establish a foreign-invested enterprise?"
Photo 1. Where to submit an application to establish a foreign-invested enterprise?_Hotline: 0972118764
I. SOME IMPORTANT LEGAL ISSUES RELATED TO THE ESTABLISHMENT OF FOREIGN-INVESTED ENTERPRISES
1. What is investment capital? What is a foreign investor?
Pursuant to the Investment Law 2020, investment capital is money and other assets according to the provisions of civil law and international treaties to which the Socialist Republic of Vietnam is a member to carry out investment activities business.
Investors are organizations and individuals carrying out business investment activities, including domestic investors, foreign investors and economic organizations with foreign investment capital. And foreign investors are individuals with foreign nationality or organizations established under foreign law that conduct business investment activities in Vietnam.
2. Conditions for establishing a foreign-invested enterprise
Pursuant to the Investment Law 2020 and Enterprise Law 2020, when establishing a foreign-invested enterprise, the following conditions must be met:
(1) Regarding the entity establishing the company
Organizations and individuals have the right to establish and manage businesses in Vietnam except in the following cases:
- State agencies and units of the people's armed forces use state assets to establish business enterprises to make their own profits;
- Cadres, civil servants and public employees according to the provisions of the Law on Cadres and Civil Servants 2008 and the Law on Public Employees 2010;
- Officers, non-commissioned officers, professional soldiers, workers, and defense officials in agencies and units of the Vietnam People's Army; officers, professional non-commissioned officers, and police workers in agencies and units under the People's Public Security of Vietnam, except those appointed as authorized representatives to manage the State's capital contribution in the enterprise or management at state-owned enterprises;
- Leading and professional managers in state-owned enterprises according to the provisions of the Enterprise Law 2020, except those appointed as authorized representatives to manage the State's capital contribution in other enterprises;
- Minors; people with limited civil act capacity; people who have lost their civil act capacity; people with difficulty in cognition and behavior control; organizations without legal status;
- People who are being prosecuted for criminal liability, detained, serving a prison sentence, serving administrative measures at a compulsory drug treatment facility, a compulsory education facility or being detained by a court. Prohibited from holding certain positions, practicing certain professions or doing certain jobs; Other cases according to the provisions of the Bankruptcy Law 2014 and the Law on Prevention and Anti-Corruption 2018. If requested by the Business Registration Authority, the person registering to establish a business must submit a criminal record card to the Business Registration Authority;
- Organizations that are commercial legal entities are banned from doing business or operating in certain fields according to the provisions of the 2015 Penal Code.
(2) Regarding market access conditions
- Market access for foreign investors includes: Charter capital ownership ratio of foreign investors in economic organizations; Investment form; Scope of investment activities; Investor capacity; partners participating in investment activities; Other conditions as prescribed in laws, resolutions of the National Assembly, ordinances, resolutions of the National Assembly Standing Committee, decrees of the Government and international treaties to which the Socialist Republic of Vietnam is a member tablets.
- Must have an investment project and carry out procedures for granting and adjusting the Investment Registration Certificate, except in the case of establishing innovative small and medium-sized start-up enterprises and creative start-up investment funds according to the provisions of the Law on Investment. Law on supporting small and medium enterprises.
Thus, when establishing foreign-invested enterprises, organizations and individuals need to fully meet the above conditions according to the provisions of law.
=> See more: What types of periodic reports must be submitted by foreign companies?
Photo 2. Where to submit an application to establish a foreign-invested enterprise?_Hotline: 0972118764
II. SUMMARY OF THE ANSWER SECTION: WHERE TO SUBMIT AN APPLICATION TO ESTABLISH A FOREIGN-INVESTED ENTERPRISE?
Dear Customers, from the above synthesis and analysis, TLK Law Firm would like to give the following answer:
When registering to establish a foreign-invested enterprise, individuals/organizations should submit documents to the Investment Registration Office - Department of Planning and Investment where the enterprise is headquartered.
=> See more: What industries can foreign-invested enterprises operate in?
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 ESTABLISHING A FOREIGN INVESTED ENTERPRISE
Question 1: What are the conditions for foreign investors to contribute capital, purchase shares and purchase capital contributions of economic organizations?
Reply:
Pursuant to the Investment Law 2020, foreign investors contributing capital, purchasing shares, purchasing capital contributions of economic organizations must meet the following regulations and conditions:
(1) Market access conditions for foreign investors prescribed by the Investment Law 2020;
(2) Ensuring national defense and security according to the provisions of the Investment Law 2020;
(3) Land law regulations on conditions for receiving land use rights, land use conditions in islands, communes, wards, border towns, coastal communes, wards and towns.
Thus, foreign investors have the right to contribute capital, buy shares, and purchase capital contributions from economic organizations, but must fully meet the above conditions according to the provisions of Vietnamese law.
Question 2: How long is the deadline for issuing a business registration certificate?
Reply:
Pursuant to Decree No. 01/2021/ND-CP, after organizations and individuals meet all conditions to establish an enterprise, within 03 days from the date of receiving valid documents, the Investment Registration Office - Department of Planning and Investment will issue a business registration certificate according to the provisions of law.
Question 3: What are the conditions for a business registration application to be received to enter information?
Reply:
Pursuant to Decree No. 01/2021/ND-CP, business registration documents are received to enter information into the National Information System on business registration when the following conditions are met:
(1) Have enough documents according to the provisions of Decree No. 01/2021/ND-CP;
(2) The business name has been filled in in the Application for Business Registration, Application for Registration of Change in Business Registration Content, Notice of Change in Business Registration Content;
(3) Have a contact address of the person submitting the business registration application;
(4) Fully paid business registration fees and charges according to regulations.
Thus, when the above conditions are met, the business registration application will be received by the Business Registration Office to enter information according to the provisions of law.
=> See more: What are the benefits of foreign-invested enterprises?
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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