One of the market access conditions for foreign investors is the condition that foreign investors must satisfy in order to invest in business lines on the list of business lines with restricted market access for foreign investors in accordance with the Law on Investment. Therefore, when it is necessary to change the business lines of a foreign-invested company, what procedures should investors perform? Viet An Law would like to have some legal opinions on the application for change of industry or profession of a foreign direct investment company in the case that it is not required to apply for policy approval.
Steps to change business lines of FDI company in Vietnam
To implement the addition of business lines, foreign-invested companies need to carry out the following procedures and documents:
- Change of business registration content: Change of business lines
- Adjustment of project implementation objectives on the Investment Registration Certificate
Step 1: Change business registration content
Firstly, the company needs to make is the procedure to change the business registration content. Dossier of change in business lines of foreign-invested companies at the business registration agency includes:
- Notice of content change business registration signed by the legal representative of the enterprise;
- Resolutions, decisions and copies of meeting minutes of the Members’ Council for company limited two or more members, a partnerships, of the General Meeting of Shareholders for a joint-stock company. Resolutions and decisions of the company owner, foringle share-holder limited company, on the change of business lines.
- Power of Attorney for Law Viet An to carry out the procedure on behalf of the company.
Dossier to be submitted at Business Registration Agency where the company’s head office is located.
Duration: 03 – 06 working days
Step 2: Adjust the project implementation objectives on the Investment Registration Certificate
The investment registration certificate has the content of the project implementation objective, so after carrying out the procedures for changing the business registration content, the investor should adjust the project implementation objective.
Dossier of change of business lines of foreign-invested companies at the investment registration agency
- A written request for adjustment of the investment project;
- Report on the implementation of investment projects;
- Proposing project implementation;
- Decision of the Owner/Board of Members/General Meeting of Shareholders on the adjustment of the Investment Registration Certificate;
- Certified copy of Enterprise Registration Certification;
- A certified copy of the issued Investment Registration Certificate;
- Power of Attorney for Viet An to carry out the procedures.
Duration: 10 working days from the date on which the Department of Planning and Investment receives valid dossiers.
Some notes when carrying out procedures for changing and adding business lines of foreign capital companies
- In case, business lines are granted according to the old industry code system, the enterprises need to carry out the procedures for changing the industry in parallel with the content of coding the old business lines.
- If the enterprise is still using the old form of the Investment Certificate (not yet renewed), the enterprise will carry out the procedures for granting and changing to the new and changed Investment Registration Certificate at the same time.
- Amendment of the company’s charter with the section on business lines to suit the adjusted content.
Service of Viet An Law related to change business lines of FDI companies in Vietnam
- Advising on conditions for supplementing business lines in accordance with relevant laws
- Consulting procedures for preparing additional documents for business registration;
- Consulting and guiding investors to prepare necessary documents for business in conditional business lines;
- Representing investors to work with competent Vietnamese state agencies in the process of carrying out procedures for adjusting
Clients have any inquiries and demand to complete dossier of change business lines of FDI company in Vietnam, please contact Viet An Law directly for detailed advice and the best support.