According to the judgment of the World Bank, Vietnam has always been a destination for foreign investors, because from now to 2020, development is expected to grow at an annual rate of 12%, and the import and export trade volume will reach US$623 billion by 2020. The need to improve logistics is accompanied by this extraordinary growth, while striving to qualify economic development and maximize the interests of manufacturing companies. This has led to the recent surge in demand for the establishment of logistics companies in Vietnam, and domestic and foreign investors believe this is right. In order to provide key information on the start of an organizational agreement to engage in logistics business, the Vietnamese law firm hopes to provide clients with conditions and procedures so that investors can legally conduct business in Vietnam.
Vietnam’s accession to the WTO;
Setting up a domestic logistics company is much simpler than setting up a foreign company, which is reasonable. If a domestic investor establishes a company with 100% domestic capital, in addition to implementing the establishment procedures in accordance with the 2014 Corporate Law and Decree No. 78/2015/ND-CP, the investor is also required to obtain a business license for certain logistics services in the country Authorized agencies depend on the services provided, for example: Vietnam Civil Aviation Administration, Vietnam Maritime Safety Administration,…
These establishment steps include:
Step 1: Submit the establishment of enterprise files according to the form of the Ministry of Planning and Investment;
The file includes:
Business registration application form;
List of members or shareholders (if the company is a multi-member limited company of a joint-stock company);
Legally copy one of the following:
Individual: ID card or valid passport;
Organization: Decisions or equivalent documents regarding business registration or certificates, identification documents of authorized representatives and power of attorney (if the founder is an organization).
If the member is an organization, decide to contribute
Vietnam Power of Attorney.
Step 2: Notify the organization information (the content of the business license organization and the information of the business line.)
After issuing a business license organization, the company must publicly announce it on the national business registration portal.
Step 3: Establish the company seal and notify the company seal
Within a day, the company is awarded from the corporate certificate organization. The Vietnamese should create a seal of the new company and notify the Business Registration Department of the sample of the seal.
After the company is established, it is necessary to apply for a “business license” for some logistics business departments with conditions. Therefore, depending on the logistics route decided by the company, the company is required to meet the specific conditions of the route, which is publicly announced in the conditional business route in the national business organization.
Foreign investment enterprise
Step 1: Investors enumerate project information on the national investment information portal. Within 15 days from the date of online enumeration, the investor shall submit the file to the investment registration agency.
The investment application file includes:
Written permission required to execute investment projects;
Copy of ID card or passport (if the investor is an individual); copy of the business license or equivalent document (if the investor is an organization) proving the legal status of the investor.
An investment proposal, which stipulates: the investors in the project, investment objectives, investment scale, investment capital, capital raising methods, investment location and duration, labor demand, investment incentives requirements, and assessment of the social and economic impact of the enterprise ;
A copy of any of the following documents: the investor’s financial statements for the last two years; the parent company promises to provide financial support; the financial institution promises to provide financial support; guarantees the investor’s financial ability; a description of the investor’s financial ability;
Land use requirements; if the project does not use land allocated by the state, leased or not allowed by the state to change the land use, a copy of the lease agreement or other documents proving that the investor has the right to use the property should be submitted;
Description of the required project application technology;
If the project is executed in accordance with a business cooperation contract, it is a business cooperation contract.
Step 2: After receiving the documents, the investment registration agency should provide investors with an account to enter the national foreign investment information portal to monitor the progress of the procedure.
Step 3: The investment registration agency should use the national foreign investment information portal to receive, proceed, answer the file results, update the progress and issue the project code.
Within 35 days from the date when the investment registration agency receives the documents, the investor should be issued an investment registration certificate in accordance with the above steps, and then the investor will start to establish a business organization.
Foreign-invested enterprises need to apply for “business licenses” for certain logistics services, which is similar to 100% domestic enterprises. However, domestic companies and foreign companies have different requirements in certain aspects, and these requirements are stipulated in specific legal documents.
If you have trouble investing or establishing a company in Vietnam, please contact us: Yaxin is a consulting company with offices in Ho Chi Minh City and Hanoi. YAXIN is also considered to be a Vietnamese enterprise specializing in business information. There are many well-known practice areas in the market, such as labor and employment, banking law, taxation, purchase, sales and mergers, litigation, IPO consulting services and intellectual property. We are confident to provide our clients with the best and effective legal services.
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