Adjusting business sectors of foreign enterprises in Vietnam

According to the new regulations, business sectors/investment sectors are recorded in the Certificate of Business Registration as well as the Certificate of Investment Registration (old form) or the Confirmation paper for changing business information. Those enterprises which still use the old certificate, besides changing business sectors, need to separate the old one into the Certificate of Business Registration and the Certificate of Investment Registration. To give our clients a hand, Viet An Law Firm collects some regulations on changing business sectors of foreign enterprises in Vietnam as follows:

Procedures for changing business registration information:

Dossier need to be prepared includes the following documents:

• Notification of changing business registration information;
• Minutes of changing business sectors (of the Board of Directors of joint-stock company; the Board of Members of limited liability company…);
• Decisions on changing business sectors;
• Written request for announcement of business registration information on the National Business Registration Portal;
• Power of attorney for Viet An Law Firm.

The process includes 3 steps:

Step 1: Viet An Law Firm shall consult and give clients guidelines to prepare dossier;

Step 2: Viet An shall represent for clients to submit dossier, supervise the process and receive results at the business registry office;

Step 3: After being approved by the business registry office, the company shall announce its information on the National Business Registration Portal.

Duration:

The procedures for changing business sectors could be completed from 03 to 05 working days.

Procedures for changing investment registration information:

Notices:

• If the company still use the old Certificate of Investment Registration (has not been separated yet), they shall have to perform the procedures for changing investment registration information and claiming for the new certificate simultaneously;
• Decree No. 118/2015/NĐ-CP giving guidelines for the Law on Investment 2014 regulates that the procedures for changing investment registration information shall be applied to conditional business sectors. Those not in the list of conditional business sectors are not bound to the procedures. However, as reality proved, the company should change investment registration information whenever they intend to change.

Dossier need to be prepared includes the following documents:

• Written request for adjustment of the Certificate of Investment Registration;
• Decisions and meeting minutes on changing business sectors (of the company’s owner or the company’s president of single-member limited liability company; of the Board of Members of multi-member limited liability company; of the Board of Directors of joint-stock company; of partners of partnership);
• Explanation for meeting conditions of conditional investment fields;
• Social-economic explanation for investment objectives, scales, locations, investment capital, duration, demand for land use, technology measures and environment measures (if the investment project’s scale is from 300 billion VND and does not belong to conditional investment fields);
• Notarized copy of the Certificate of Investment Registration;
• Appendix of the charter of company;
• Report on investment project execution up to the date of adjustment;
• Power of attorney for Viet An Law Firm.

Procedures for adjustment of the Certificate of Investment Registration:

Viet An Law Firm shall represent for clients to submit dossier, supervise the process, explain when required and receive results at the investment registry office.

Duration:

The process for adjustment of the Certificate of Investment Registration lasts around 30 – 40 working days, depending on conditions of the fields intended to be registered and real capacities of investors.

If our clients have any concern about the procedures for changing business sectors, please feel free to contact Viet An Law Firm to get legal advice!