SBLAW would like to provide some information on possibility of establishment of 100% foreign-invested company in Ho Chi Minh City, Vietnam as follows:
A. SPECIFIC QUERIES ON ESTABLISHMENT OF A LIMITED LIABILITY COMPANY
I. SETTING UP A 100% FOREIGN-INVESTED COMPANY IN HO CHI MINH CITY
It is our understand that the Client is considering to establish a 100% foreign-invested company in Ho Chi Minh City, Vietnam (hereinafter referred to as “NewCo”) under kind of limited liability company. Accordingly, the NewCo will mainly focus on management consulting activities.
Under Vietnam Law on Investment and Vietnam WTO’s Commitments, it is possible for foreign Investor which is an organization to set-up a 100% foreign-invested company in Vietnam operating in the field of management consulting.
We also would like to remind you some key points that we advised you at the meeting, including:
- Commonly, the Licensing Body shall not require foreign Investor must be experienced in the field of management consulting services.
- Although Vietnam Law on Investment does not imply a minimum amount of charter capital to setup a company operating in the field of management consulting, the Charter Capital for establishment of NewCo should be at least 50,000 USD and the foreign Investor must prove the availability of such amount.
- The foreign Investor could use the audited annual financial statement and/or banking statement to prove the aforesaid financial capacity. Futhermore, it is noted that Charter Capital can be contributed in many installments without beyond thirty-six (36) months upon the receiving of Investment Certificate due to applicable provision for limited liability company;
- The Investor must provide the papers/documents proving the lawful ownership of the landlord as well as using right of the Investor regarding the NewCo’s proposed registered address. Besides, to use the warehouse (if any), the Investor has to be granted the approval from the District People’s Committee;
The common period of granting Investment Certificate for this type of company is in the region of thirty to forty-five (30 – 45) working days from submission of valid application.
B. SCOPE OF WORK
SB LAW is ready to provide package service to you for the purpose of establishing 100% foreign-invested company in Ho Chi Minh City as follows:
I. LICENSING PROCEDURES
– Providing advices on all legal aspects relating to procedures of obtaining Investment Certificate for the NewCo from competent authority;
– Preparing Application Dossiers (in both Vietnamese and English) and Representing the Client to submit the Application Dossiers to competent authority;
– Working with provincial competence authority on behalf of the Client to obtain the best support on reviewing and considering the application and providing explanation and/or supplementation of application dossiers per request;
– Updating information of the approving process to the Client;
– Receiving Investment Certificate from provincial competent authority and hand it over to the Client.
II. POST-LICENSING PROCEDURES
Regarding the Post-licensing procedures, S&B Law shall assist you to:
– Obtain the Seal and Certificate of Seal Sample Registration from Police Department of Ho Chi Minh City;
– Declaration on establishment of the company on Vietnam National Business Registration Web-Portal;
– Register the Tax Identification Number in Tax Department of Ho Chi Minh City;
C. PROFESSIONAL FEES
For the scope of work as mentioned in Part B, S&B Law kindly offer the professional fee of US$ 4,500 (U.S. Dollars Four thousand and five hundred).
