We would like to provide some information on possibility of setting up a foreign invested company (hereinafter referred to as the “NewCo”) in Vietnam to conduct import and export right of mineral as follows:
Please be informed that it is possible for you to setup the NewCo in Vietnam to conduct the import and export right of mineral.
In order to optimize your success in setting up the NewCo as mentioned above, you should consider following matters:
– The investor must have sufficient financial ability: You must provide sufficient documents showing that you have a stable financial ability to run the business in Vietnam. Accordingly, a good audited financial statement for the most recent year of your company if you have a company in foreign country and such company has audited financial statement. Also, you should provide a Bank Statement to certify that the current account balance in Bank is sufficient to make the capital contribution into the NewCo as committed.
– The capital to put in the NewCo should be at least 150,000 USD. Kindly noted that an amount of 150,000 USD is the investment capital for running the company in Vietnam. Under Vietnam Law, investment capital shall include (i) charter capital or paid up capital and (ii) loan capital. Charter capital is an amount of money that your company have to contribute to the NewCo in Vietnam, and it should be at least 70,000USD. These amount money shall be used for settling expenditures for running the NewCo in Vietnam such as salary for employee, management cost, payment to furniture suppliers and so on. Loan capital is only the amount of money that you intend to borrow from credit entities or others to finance for operation of the NewCo.
Procedures for setting up a foreign invested company in Vietnam to conduct import and export right of mineral in Vietnam.
In general, conducting import right and export right is considered as a conditional investment sector in Vietnam.
Thus, the application for establishment of the NewCo must undergo the investment evaluation process. Accordingly, before the Licensing Competent Authorities must consult Ministry of Planning and Investment, Ministry of Finance and MOIT to determine whether to grant the investment certificate to your companyto setup the NewCo or not.
For your ease of reference, hereinafter is an overview roadmap of this procedure as follows:
Preparation of application dossier
Submission of application dossier to Provincial Competent Authority
Comments from relevant Ministries
Provincial People’s Committee grant the amended Investment Certificate
Publication on News Paper
Comments from relevant Provincial Department
|Step 1||5-7 working days from receipt of necessary information and documents from your company|
|Step 2||02-03 working days from receipt of signed and sealed documents from your company|
|Step 3||1-2 months from submission of dossier to Provincial Competent Authority|
|Step 4||5-10 working days from receipt of comments from relevant competent authorities|
|Step 5||03 working days from receipt of amended Investment Certificate|
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