Client: I am Japanese person and am considering to establish FIC in Hanoi about IT field.
Then please give me some information to explain him more clearly.
1. Total price to pay your law firm?
2. What kind of document Japanese company prepare in Japan?
3. How many days it take time to finish all?
4. When open company,what Japanese side prepare in Vietnam?
5. After done,new FIC need accountant or some other each month?
6. If not FIC,Japanese side open local company,what is difference? Good point and bad point?
Lawyer: We refer with thanks to your below email and would like to advise as follow:
1. Our price for setting up FIC in IT field shall be 4,000USD. The fee is exclusive of 10% VAT and cost for translation of documents from English into Vietnamese. However, we noted that IT Field in this case shall include software development, software production, software services.
2. Documents to be prepared by Japanese Company shall be: Certificate of Incorporation, Corporate Charter, Audited Financial Statement for the most recent year, Banking Account Statement and Passport of the Person appointed as Legal Representative of the Company in Vietnam. We shall need 03 legalized copies of above said documents.
3. It shall take us 05 working days to prepare the documents and 1,5 months from submission to obtain the Investment Certificate, 13 days for finishing the post licensing procedure.
4. After opening the company in Vietnam, Japanese Side shall open bank account in order to inject the capital into Vietnam, employing staffs for operation.
5. Yes, each month, the FIC must submit monthly tax declaration to the tax authority.
6. Good point of the local company is that it does not take much time and cost for opening the company. Bad point of the local company is that you shall be at high risk of loosing your business in Vietnam. Thus, FIC is always the best choice. Local Company should be selected if you wish to conduct business activities that the Government restricts involvement of foreign investor.
