Question: I want to set-up a foreign-invested company which conducts real-estate management services in Hanoi, Vietnam. Please quote.
We refer with thanks to your conversation from which we were requested to advice on establishment of foreign invested enterprise in Hanoi, Vietnam (hereinafter referred to as the “NewCo”). This NewCo shall mainly conduct real-estate management services. We therefore would like to present our proposal as follows:
I. PRELIMINARILY COMMENT OF SBLAW
1. INVESTMENT REGISTRATION CERTIFICATE
According to Vietnam Law on Investment 2014, an investment in the form of the establishment of an economic organization will require a Foreign Investor to go through a two-step licensing process as follows:
- application for obtaining an Investment Registration Certificate (IRC) which is issued to the Foreign Investor itself rather than to the Foreign Invested Enterprise (FIE); and
- registration for establishment of an enterprise by obtaining an Enterprise Registration Certificate (ERC) for the
2. SPECIFIC COMMENTS
According to applicable laws, real-estate management company can conduct the following services:
a, Sell, transfer, lease out, sublet or lease purchase the real estate as authorized by building owners or land owners;
b, Provide services to ensure the normal operation of the real estate;
c, Maintain or repair the real estate;
d, Manage, observe the real estate enjoyment of the clients under agreement;
e, Enjoy rights and fulfill obligations to clients or the State as authorized by the building owners or the land
- Content, time and scope of real estate management, rights and obligations of contracting parties and real estate management price shall be agreed by the contracting
- The real-estate management service company takes responsibility for commitment in the agreement and pay compensation for damage caused by the
II. SCOPE OF SERVICES
|Pre-licensing procedure |
· Attending various meetings with client to explain and confirm the main principles for setting up the Company;
· Preparing a list of legal documents required for the appraisal of the set-up company. Based on the information provided by client, we will review and incorporate these documents into the application file;
2. Drafting documents:
· Drafting the Application Dossier for Investment Registration and Company Incorporation.
· Drafting the Charter of the Company.
|Licensing procedure |
· Reviewing and assembling all required documents to be included in the application file for the Investment Registration and Company Incorporation;
· Representing client to submit the application files for the Investment Registration and Company Incorporation; and
· Acting as client’s attorney to follow up with the competent authorities regarding the
establishment of the company and obtaining the IRC and ERC.
|Post-licensing procedure |
· Making public-notice on company establishment.
· Obtaining Corporate Stamp and Stamp Specimen Registration Certificate.
· Assisting Client on opening company bank account.
Roadmap for carrying out above scope of work can be described in details as follows:
a, Preparing the application dossier: We anticipate that this phase shall be completed within from 03 – 05 working days from full receipt of information/document provided by Client. The prepared documents shall then be sent to Client for review and
b, Submission of application dossier: We shall submit application dossier within 02 working days from full receipt of duly signed and sealed
c, Licensing procedure: For obtaining IRC and ERC, it would take 30 working days approximately.
d, Post-licensing procedure: Within 03 – 05 working days, we shall complete the post- licensing
III. PROFESSIONAL FEE
For performing scope of works as mentioned in Item II, our professional fee shall be:
US$ 4,000 (U.S. Dollars Four thousand).
Note: This fee is exclusive of 10% VAT; translation works (12USD/1 A4-size page/300 words), and other disbursements incurred on Client’s behalf (if any).
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