Amendment of Investment Registration Certificate supplementing business line of non-life insurance

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Question: We are FDI company in Vietnam and would like to amend Investment Registration Certificate (“IRC”) and Enterprise Registration Certificate (“ERC’’) in order to reflect supplementing business line of non-life insurance, please advise?

Answer: We refer with thanks to your call from which we were requested to assist you regarding amendment of Investment Registration Certificate (“IRC”) and Enterprise Registration Certificate (“ERC’’) in order to reflect supplementing business line of non-life insurance (hereinafter referred to as the “Client).

Therefore, we are grateful to set our Legal Services Proposal for your review and consideration as follows:

1.PERFORMANCE TIME AND SCOPE OF WORKS

Performance time:

We estimate performance time to complete the works as follows:

1. Preparing the application dossier: We shall collect necessary information and documents from you. Upon receipt of necessary information and documents from you, we shall translate documents from English into Vietnamese and prepare the application dossier under the standard forms. The initial drafted application dossier shall be sent to you for your comments. Then, after updating the application dossier based on your comments, we shall obtain the preliminary comments from the competent authority and send the finalized application dossiers for you to sign and seal. We anticipate that this phase shall be completed within 05 working days.

2. Amendment of Investment Registration Certificate: Within 02 working days from receipt of duly signed and sealed application dossier, we shall submit the application dossier to relevant competent authority. It shall take about 45 working days from submission of required application dossier to relevant competent authority for obtaining the amended Investment Registration Certificate.

3. Amendment of Enterprise Registration Certificate: Within 02 working days from receipt amended Investment Registration Certificate, we shall submit the application dossier to relevant competent authority. It shall take about 07 working days from submission of required application dossier to relevant competent authority for obtaining the amended Enterprise Registration Certificate.

For avoidance of any doubt, in practice, the administrative procedure can be longer due to that the competent authority must consult relevant ministries before granting license. In such case, SB Law shall try our best to accelerate the progress in order to obtain the approval at the soonest.

4. Scope of works

Our scope of work shall be as follows:

Description of work
Preparation of the application documents:

·     Notifying application documents required in accordance with Vietnamese law;

·     Drafting application documents required for submission purpose;

·     Liaising with Client to discuss the draft application documents;

·     Amending the application documents based on Client’s comments;

·     Obtaining preliminary comments from the licensing authority on the draft application documents;

·     Finalizing the application documents following comments from the licensing authority; and

·     Translating the final version of the application documents into Vietnamese for execution

Licensing procedures:

·    Submitting the application dossier to the licensing authority on Client’s behalf;

·    Monitoring and following up with the relevant authorities on the approval process;

·    Keeping Client updated on the developments and additional requirements, if any; and

·    Receiving result from the competent authority and hand over to Client including: Investment Registration Certificate and Business Registration Certificate.

5. PROFESSIONAL FEE

The Professional fee for performing SB Law services as mentioned in Section 3 above shall be 8000USD

The aforesaid service fee is exclusive of 10% VAT.