Foreign investors investing in Vietnam must comply with the law in Vietnam. But, many reasons such as not knowing Vietnamese, procedures are different for each country, so foreign investors will face problems when doing business registration procedures in Vietnam. In this article, Viet An Law Firm guiding business registration procedures for foreign investors in Vietnam. Business registration procedures for foreign investors are the first procedure for foreign investors to do business legally in Vietnam.
Business registration procedures for foreign investors will perform to the following steps:
Step1: Issuing the Investment Registration Certificate
Before performing the procedure for issuance of the Investment Registration Certificate, the investor has to declare online information about the investment project on the National Foreign Investment Information System.
The investor submits 01 documents to Investment Registration Authority.
The Investment Registration Authority shall issue the investment registration certificate to the investor within 15 days from the receipt of the valid application
Step 2: Issuance the Business Registration Certificate
The investor submits 01 documents to Business Registration Authority in person or online through the National Public Service Portal on business registration.
Within 03 working days from the receipt of the document, the business registration authority shall consider the validity of the document and decide whether to issue Business Registration Certificate
Step 3: Issuing a qualified business license (if any)
In case of the investor doing business in the fields of conditional investment and be requested the qualified business license. The Investor needs to apply for a business license before doing business.
Some lines need a qualified business license such as Retail services of goods; Logistics services; e-commerce services, postal services; educational services…
Business registration document for foreign-investor
Document for issuance of investment registration certificate
- An application form for execution of the investment project;
- A copy of the foreign investor’s passport;
- Proposal for the investment project;
- A copy of the confirmation of the bank with the balance corresponding to the investment amount
- If the project does not require the State to allocate or lease out land or to permit land repurposing, a copy of the document regarding the land use rights: Real estate lease contract, Certificates of land use rights, other document identifying the right to use the location for execution of the investment project;
- Contents of the explanation for the technology to be used in the investment project if the project requires appraisal and collection of opinions on the technology in accordance with the Law on Technology Transfer;
- Other documents relating to the investment project, and requirements on the eligibility and capacity of the investor in accordance with regulations of law (if any).
Document for issuance of business registration certificate
Depending on the type of company that the Investor wants to establish, the Investor has to prepare the corresponding documents. However, basically, the following basic documents are required:
- The enterprise registration application form;
- The Company’s Charter;
- The list of founding shareholders; the list of shareholders that are foreign investors. (if it is a joint-stock company); The list of members (if it is a two-member limited liability company);
- Certified copy of identity card or citizen’s identity card or passport
- (if personal); to decide on the establishment and certification of enterprise
- registration or equivalent documents and citizen identification cards or
- identity cards or passports enclosed with written authorization for capital managers in Vietnam (if it’s an organization);
- Certified copy of the granted investment registration certificate;
- Authorization Letter for Viet An Law Firm.
Some notes when registering a business for foreign-investor
- Foreign-investor has to meet business conditions when performing business registration in Viet Nam. For each investment field, there will be separate conditions on procedures, capital contribution ratio, investment capital, investment form.
- When establishing a company in Viet Nam, foreign investors have to prove their financial capacity. The foreigner proves through Confirmation of the balance of the bank account or savings book bearing the investor’s name with the corresponding amount invested in Vietnam;
- The foreign investor has to ensure the location of the project: have an office lease contract in Vietnam to register the company’s headquarters. Note that the address cannot be an apartment building or a dormitory.
Some questions related to business registration procedure to the foreign-investor
Which fields are foreign investors allowed to register their business in?
The foreign-investor are restricted from investing in some industries according to the List of business lines with prohibited and restricted market access for the foreign investor is stipulated at Decree 31/2021/NĐ-CP
How long does it take to register a business for a foreign investor?
As stipulated in the Law on Investment 2020, the Law on Enterprise 2020, business registration time for foreign-investor is about 20-25 working days.
How much is the business registration fee for foreign-investor?
Foreign investors are free fees for the issuance of investment registration certificates. For business registration certificates, investors must pay a business registration announcement fee of VND 100.000, and receive a free business registration fee of VND 50.000 when submitting an online application through the national public service portal for registration. enterprise.
Service of business registration for the foreign investor of Viet An Law:
- Consulting on conditions for the establishment of foreign-invested companies: capital contribution proportion of foreign investors in Vietnam; business conditions of the trades; project location; note the pre-and post-establishment procedures for foreign-invested companies;
- Consulting on selecting the suitable type of company for investors: Limited Liability Company or Joint Stock Company;
- Consulting on opening capital transfer account, time of capital contribution;
- Consulting and guiding investors to prepare necessary documents to set up foreign-invested companies;
- Consulting, drafting documents to set up companies for investors;
- Authorized representative on behalf of investors to work with Vietnamese competent agencies in the process of carrying out procedures for establishing companies for investors (Applying for an investment registration certificate, enterprise registration certificate, business license, license according to specialized requirements, making a legal seal, announcing seal sample and procedures after establishing a company,…;
The clients interested in the business registration procedure for the foreign investor, please contact Viet An Law firm directly for detailed advice and best support.