Setting up company service in Viet Nam

List of documents to set up export - import company in Vietnam ^Featured

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Vietnam is one of the best attractive foreign investment market. Establishment an export – import company in Vietnam is forecast to have great potential, which is considered as the top prior decisions of many foreign enterprises.

According to Fitch - an international credit rating, Vietnam is ranked as one of the most favorable countries with medium-term potential growth in Asia. With the advantage of a 90-million-people market with the developing and intergarting economy, the capital source of foreign direct investment into Vietnam has increased 4 times in the last decade, the current is more than $8 billion.

Moreover, Vietnam has signed and acceded many free-trade agreements, Transfer Pacific Partnership Agreement (TPP) and the upcoming ASEAN Economic Community (AEC). In this situation, exportation will be the one of the sectors that has potential growth in this market, and establishing a companyin this industry in Vietnam has been concerned by many foreign investors.

The following article of Global Links Asiawill give somes advises and related documents for the firms intending to establish export- import company in Vietnam.

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I. GENERAL LEGAL PROVISIONS

1. Legal basis

Enterprises Law 2005.
Investment Law 2005.
Decree No.108/ 2006/ND-CP detailing and guiding the implementation of a number of articles of the Investment Law.
Commitment to join into WTO of Vietnam.

2. Conditions

2.1. Export – import goods

Conditions for a foreign-invested enterprise to be granted a permit for dealing in goods purchase and sale activities or goods purchase and sale related activities in Vietnam include:

Being an investor from a country or territory which has acceded to a treaty to which the Socialist Republic of Vietnam is a contracting party and under which Vietnam has committed to open its market for goods purchase and sale activities or goods purchase and sale related activities;
Making investment in a form which is conformable with the roadmap having already committed in treaties to which the Socialist Republic of Vietnam is a contracting party and compliant with Vietnamese law;
Dealing in goods or services in accordance with Vietnam's market-opening commitments and Vietnamese law;
Operating within a scope compliant with Vietnam's market-opening commitments and Vietnamese law;
Obtaining approval from a competent state agency defined at this Decree;
Lists of import goods are not prohibited for import in according to prevailing law.

2.2. Management consulting
According to Law investment issued on 29/11/2005 and Pursuant to World Trade Organization (WTO) and the Socialist Republic of Vietnam and WTO's Vietnam is a member issued on 01/01/2007, from the date of WTO accession as provisions:
Based on above provision: Investors can set up one hundred percent (100) foreign own capital for management consulting services.

2.3. Conditions in practice (according to our experiences):
- Minimum charter capital: 100,000 – 200,000 USD.
- Parent company (which was set up at least 1year before the day submit)

3. Dossiers

Legal Documents need to be prepared for setting up new company:

NO.	DOCUMENTS	NOTED
1	Corporate Certificate of Parent Company	Legalized by the Consulate of Vietnam and translated into Vietnamese
2	Charter of Parent Company	Legalized by the Consulate of Vietnam and translated into Vietnamese
3	Audited Financial Report of the latest years	Legalized by the Consulate of Vietnam and translated into Vietnamese
4	Certificate of Bank Balance (the balance has to equivalent to the amount will invest in the company in Vietnam)	Original (with currency in U.S dollars)
5	Passport of the Legal Representative of Parent Company	Legalized by the Consulate of Vietnam
6	Passport of the Legal Representative of the Company in Vietnam	Legalized by the Consulate of Vietnam
7	Office lease Contract of the Company in Vietnam	Notarized Contract
8	Documents that prove the experience of the Parent Company, and in retail: Photos and information (as detailed as possible) of the exports and import for sell in Vietnam. Experienced on implementing business of Parent company in its own country and in other countries (company profile) Contracts or orders of customers in Vietnam (about 3 of each) and management consultant contract (3 of each). Business Process from the period of exporting and importing to the period of selling goods to end user.	Provide as much as possible, with color printing papers.

II. SCOPE OF OUR WORKS

We shall support you these entire following file:

To draft the various documents, check documents, etc. to ensure that they are both consistent with approval requirements of the competent authorities of granting a business permit, modification of a business permit regarding goods purchase and sale activities or goods purchase and sale related activities of foreign - invested enterprises in Vietnam; management consultant services.
Representative of The Client submits the dossier of granting a business permit, modification of a business permit, application for setting up a retail establishment at authorized state Government agency.
To act on behalf of client in contacting with Vietnamese relevant competent authorities for completing the legal procedures in order to establish an Enterprise operating in Vietnam.
To access to authorized state government agency to reduce business permit grant time;

Time:

The time for preparing the dossier is at most 10 working days, in some special cases, it can be reduced;
The time for proceeding for granting a business permit, modification of a business permit is from 60 to 70 working days after receiving fully appropriate information of enterprise

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