Thứ Hai, 5 tháng 6, 2017

Post Licensing Procedures

The issuance of the business registration certificate respectively the investment certificate is the first step to commerce operations.  However, even after the changes in the Vietnam investment law, there are some post-licensing procedures, as listed below, which can be time consuming and therefore should be kept in mind.

The following  check-list should be considered:
1/ Notification to the investment certificate issuing body on the commencement of the operation of the company within 15 days from the of issuance of the investment certificate;
2/ The establishment of the company must be published in three consecutive issues of daily newspaper within 30 days;
3/ The official seal of the company has to be produced and registered with the provincial police department;
4/ A tax registration must be applied for issuance tax code at provincial Tax Department;
5/ A investment bank account must be opened at Commercial bank in Vietnam for implementation invested transactions;
6/ A chief accountant must be nominated;
7/ Once an investor has fully paid up its capital contribution, the company is required to issue a certificate of capital contribution.
8/ The company must be submitted report every 3 month or 6 month and at the end of the year to Department of Planning and Investment, and the General Department of Statistics of Vietnam;
9/ The foreign owned company or partnership company must be summit the audited financial report of each year to provincial Department of Planning and Investment and Tax Department by March 30th in the next year of finance year;
10/ For recruitment of expatriates, the company must submit an application to the local Department of Labour, Invalids and Social Affairs (“DOLISA”) for work permit in Vietnam before hiring foreigner to work in Vietnam;
11/ Should the legal representative of the company be a foreign national, he/she is required to obtain the temporary residence card in Vietnam that allow him/her to live in Vietnam.

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