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Consulting on Offshore Investment procedures

Nguyễn Thành Tựu
0916.303.656

Name: NGUYEN THANH TUU-(MR. TONY)

Job title: MBA Lawyer – CEO- 

Phone: +84 9.19.19.59.39

Email: tuulawyer@nvcs.vn

Consultancy area: Investment- Tax- M&A – IP – Dispute settle.

Language: Vietnamese – English

OFFSHORE INVESTMENT

Due to expansion of economic intergration, not only foreign investors conduct investment in Vietnam but also Vietnamese investors seek chances to exploit, develop and expand market abroad. With many years of experience in this field, NVCS always willing to provide Vietnamese Investors useful legal advice as well as possible relating to procedures of offshore investment. Therefore, the Investor shall have detailed as well as overall view on offshore investment.
Investment Procedure:
The Investor just need to prepare:

  • Personal identifying documents (ID card, people’s ID card, Passport) in case the Investor is an individual or Enterprise Registration Certificate, Decision of Enterprise Establishment in case the Investor is an organization.
Investors shall be provided legal information about forms of offshore investment in order to choose the most appropriate one, such as:
  • Establishment of economic organization;
  • Execution of BCC Contract;
  • Purchasing a part or whole of charter capital of an economic organization in a foreign country;
  • Purchasing, selling securities, valuable papers or investing via securities investment funds, or other intermediate financial institutions, etc.
Investors also are advised in detail about specific capital source implementing investment project, method of capital contribution and investment capital mobilization as well as conditions for issuance of offshore Investment Registration Certificates.
Estimated Timing:
  • Only from 30 working days;
Expenses:
  • Only from USD500;

OVERSEAS INVESTMENT PROCEDURES 2020

 

Offshore investment means an investor’s business investment activities outside the territory of Vietnam that are carried out through capital transfer, or payment for the purchase of a part of the whole of a business establishment and other activities inaccurately to establish ownership and participate in the management of that investment.

In recent years, Vietnam’s economy has grown more reliable and more robust, which is also one of the reasons for domestic investors to expand their business, explore, and invest on abroad, look for new sources of profits, a new business environment as well as develop new strategies, and approach world business culture.

Understanding that mentality, Nguyen va Cong su Law Firm, and associates lawyers, who have many years of experience consulting on offshore investment activities draft the following consultation so that customers can understand, know what needs to be done to legally conduct foreign investment.

 

* Procedures for applying for an offshore investment registration certificate:

– Conditions for the investor to be granted an offshore investment registration certificate:

  • Offshore investment activities comply with the principles of overseas investment.
  • Offshore investment activities are not in the industries or trades banned from business investment.
  • Investors must ensure that they can arrange foreign currencies or be committed by credit institutions to arrange foreign currencies to carry out investment activities abroad. In case the capital in foreign currency transferred abroad is at least VND 20 billion and is not part of the project under the authority to decide on foreign investment policies, the Ministry of Planning and Investment must consult the home bank. water before licensing to investors.
  • Having the decision to invest abroad according to regulations.
  • There is a document from the tax authority certifying the investor’s fulfillment of tax obligations by the time of submitting the investment project dossier.

– Outstanding forms of offshore investment:
• Establish a new economic organization to conduct business investment activities (the Company) by the laws of the host country.
• Domestic investors performing business cooperation contracts in foreign countries;
• Acquisition of part or all of the charter capital of an overseas economic organization to participate in the management and implementation of business investment activities in foreign countries;
• Buying and selling securities, other valuable papers or investing through securities investment funds, other financial intermediaries in foreign countries;
• Depending on the law of the host country, there may also be other forms of investment. Domestic investors need to choose the host country and learn about the laws of that country.

– Classification of offshore investment projects:

  • According to the amount of capital contributed by investors, offshore investment projects are divided into the following four categories:
  • Projects with outward investment capital of less than 20 billion VND are not subject to policy approval.
  • Projects with outer investment capital of over VND 20 billion are not subject to policy approval (the Ministry of Planning and Investment consulted in writing from the State Bank of Vietnam).
  • The project is subject to the Prime Minister’s policy approval:
  • Projects in the fields of banking, insurance, securities, newspapers, radio, television, and telecommunications with outward investment capital of VND 400 billion or more;
  • Investment projects not belonging to banks, insurance, securities, newspapers, radio, television, and telecommunications with outward investment capital of VND 800 billion or more.
  • The project is subject to the approval of the policy of the National Assembly:
  • Projects with outer investment capital of over VND 20,000 billion;
  • Projects that require the application of unique mechanisms and procedures that need to be decided by the National Assembly

– Components of the application file for an offshore investment registration certificate:

  • Registration document for foreign investment (according to the form issued by the Ministry of Planning and Investment;
  • Investment project proposal;
  • Decision to invest abroad;
  • Copy of identity card, citizenship card or passport for individual investors; A copy of the Certificate of Establishment or an equivalent document certifying the legal status of the institutional investor (the equivalent report includes one of the following documents: Investment license; or Investment certificate; or Certificate of investment registration for investor being a foreign-invested enterprise in Vietnam; or Certificate of business registration; or establishment decision).
  • Copy of one of the documents proving the financial capacity of the investor.
  • Commitment to self-balance foreign currency sources or a written commitment from authorized credit institutions to arrange foreign currency for investors;
  • Tax authorities’ written confirmation of the investor’s fulfillment of tax obligations by the time of submission of the investment project dossier.
  • A written approval from the competent state authority for the satisfaction of offshore investment conditions (only applicable to offshore investment projects in banking, securities, insurance, and department learning and technology)
  • Document certifying the location of the investment project (applicable only to the following projects (Article 8 of Decree 83/2015 / ND-CP):
  • Energy project;
  • Projects for farming, planting, catching and processing agricultural, forestry and aquatic products;
  • Investment projects in the field of mineral exploration, exploration, exploitation, and processing;
  • The investment project to build production, processing, and manufacturing facilities;
  • Real estate and infrastructure business construction and investment projects.

– Competence to process dossiers of application for offshore investment registration certificates: The Ministry of Planning and Investment.

thủ tục trình tự đầu tư nước ngoài

source: internet

 

* Activities that investors need to perform after being granted an offshore Investment Certificate:

+ Remittance of investment abroad:

After receiving the overseas Investment Certificate, the investor needs to carry out the procedures to transfer money abroad.

The steps to take are as follows:

Step 1: Open a Capital account at Vietnam Commercial Bank after obtaining an investment license. The Bank for verification of Capital account information: account number, foreign currency, Bank name.

Step 2: Submit Investment License and Capital Account Confirmation Letter to the State Bank to apply for Foreign Exchange Transaction Approval Letter. Estimated time: 10 days.

Step 3: Submit your Outward Investment Certificate and Foreign Exchange Transaction Approval Letter to activate your Capital account and make money transfer overseas.

To transfer money abroad for an investment, the Bank will require the following documents:

  • Overseas investment certificate issued by the Ministry of Planning and Investment in Vietnam;
  • Foreign exchange transaction approval letter issued by the State Bank of Vietnam;
  • Documents proving the origin of the remittance money to invest;
  • Transactions made via capital accounts in foreign currencies are opened at Vietnam commercial banks according to the capital contribution progress registered at foreign exchange transactions with the State Bank of Vietnam.

+ Report on investment project content:

Investors need to implement all reporting in writing and through accounts of national investment information systems as follows:

Report mode Content reports Agency receiving reports Deadline for reporting
Notice of overseas investment activities Send written notice of investment in foreign countries together with written approval of investment policy or documents proving the right to receive investment in the host country

(Form 09 attached)

– Ministry of Planning and Investment;

– The bank of Viet Nam;

– Vietnam representative agency in the host country

Within 60 days from the date the investment project is licensed in the host country
Periodically report on operation Send written notice

(Form No. 10 attached)

– Ministry of Planning and Investment;

– The bank of Viet Nam;

– Vietnam representative agency in the host country

Quarterly and annually.
Periodic financial reports Send written notice with financial statements or other documents of equivalent value

(Form No. 11 attached)

– Ministry of Planning and Investment;

– The bank of Viet Nam;

– Vietnam representative agency in the host country;

– The financial;

– Within 06 months from the date of the tax finalization report or equivalent legal document of the investment project in the host country

 

Thus, with the above information sources, Nguyen va Cong su Law Firm, and Lawyers – Partners hope that they have provided customers with useful knowledge and insights into what needs to be done to register. investment projects abroad.

CONTACT US

Hotline: +84 919 19 59 39 (Call Lawyer immediately for free consultation – Mr. Tuu)

Email: Luatsu@nvcs.vn (Just CLICK on Email and fill in the blank with your information, the Customers shall be quickly complete the legal process)

 0919 19 59 39    

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