Question:
I want set up a foreign-invested company for trading veterinary medicine in Vietnam.
If you company can support us with this I would be grateful for information from your side regarding:
- Total amount required (cost for the services & license receiving etc.) and time necessary for license receiving.
Looking forward on your feedback.
Answer:
We understand that Client is now seeking legal advices for establishment of a foreign – invested company for trading veterinary medicine in Vietnam. We therefore are grateful to present you our Legal Services Proposal for your review and consideration.
- BRIEF SUMMARY OF BACKGROUND AND OURCOMMENTS
Regarding your case, we would like to provide some advice as follows:
(i) Regarding the proposed business activities of FIC
In order obtain the Investment Registration Certificate and Enterprise Registration Certificate in Vietnam for trading veterinary medicine, Client must satisfy conditions as follows:
- Foreign investor is prestigious & effective trader or manufacturing veterinary medicine in its countries shown through incorporation certificate, audited financial statements of two last years, catalog, brochure, certificate (if any);
- The FIC has to have at least one warehouse for storing products;
- The capital injection into Vietnam at least 100.000 USD.
(ii) Location of the head office and warehouse
Location of the head office shall be considered as the location of Investment Project. Accordingly, the competent authority shall examine whether such locations are in line with the master plan of the province or not. In order to get the license, the investor must prove that the FIC has the right to use the location through the leasing contracts. In order to prove such locations are in line with the master plan, the investor has to collect the legal documents of lessors to show out the purpose of such locations are suitable for locating the office and warehouse.
(iii) Legal representative of the FIC
Under Vietnamese laws, the FIC can have one legal representative (individual who exercises the rights and fulfills the obligations on when making transactions on behalf of the enterprise, represents the enterprise) or more. There must always be at least one legal representative that resides in Vietnam. If the enterprise has only one legal representative, such person must resides in Vietnam. In case he/she is absent from Vietnam, he/she must authorizes another person in writing to perform the legal representative’s right and obligations.
(iv) Roadmap for the incorporation of the FIC:
Step 1: Applying for Investment Registration Certificate
- Preparing the application dossier: We shall collect necessary information and documents from the Upon receipt of necessary information and documents from the Client, we shall translate documents from English into Vietnamese and prepare the application dossier under the standard forms. The initial drafted application dossier shall be sent to the Client for comments. Then, after updating the application dossier based on the Client’s comments, we shall obtain the preliminary comments from the competent authority and send the finalized application dossiers for the Client to sign and seal. We anticipate that this phase shall be completed within 7 working days.
- Submission of application dossier: Within 02 working days from receipt of duly signed and sealed application dossier, we shall submit the application dossier to the competent authority. It shall take about 15 working days from submission of application dossier to the competent authority for the provincial licensing authority to grant the Investment Registration Certificate.
Step 2: Applying for Enterprise Registration Certificate
- Preparing dossier: Based on the information provided by the Client, we will draft and provide the application dossier in both Vietnamese and English for the Client’s Then, after updating the application dossier based on the Client’s comments, we shall obtain the preliminary comments from the competent authority and send the finalized application dossiers for the Client to sign and seal. We anticipate that this phase shall be completed within 03 working days
- Submission of application dossier: Within 01 working day from receipt of duly signed and sealed application dossier and after getting the Investment Registration Certificate, we shall submit the application dossier to the competent authority. It shall take about 05 working days from submission of application dossier to the competent authority for the provincial licensing authority to grant the Enterprise Registration Certificate.
Within 2 working days we shall complete the post licensing procedures such as publishing the establishment information of company in National Registration Portal, obtaining seal for the FIC.
Step 3: Applying for Import and Trading License
- Submission of application dossier: Within 01 working day from receipt of duly signed and sealed application dossier and after getting the Certificate of Enterprise Registration, we shall submit the application dossier to the competent authority. It shall take about 45 working days from submission of application dossier to the competent authority for the licensing authority to grant the Import and Trading License.
2. Scope of works
With regards to the establishment of FIC for conducting whole sale of cosmetic products in Vietnam, our scope of work shall be as follows:
SCOPE OF SERVICES
Preparation of the application documents:
- Notifying application documents required in accordance with Vietnamese law;
- Drafting application documents required for submission purpose;
- Liaising with the Client to discuss the draft application documents;
- Amending the application documents based on the Client’s comments;
- Obtaining preliminary comments from the licensing authority on the draft application documents;
- Finalizing the application documents following comments from the licensing authority; and
Translating the final version of the application documents into Vietnamese for execution.
Licensing procedures:
- Submitting the application dossier to the licensing authority on behalf of the client;
- Monitoring and following up with the relevant authorities on the approval process;
- Keeping the client updated on the developments and additional requirements, if any; and
- Assisting the Client in obtaining the Investment Registration Certificate; Business Registration Certificate; Import and Trading Licnese.
- Obtaining the seal of the FIC and implementing the procedures to declare the seal of FIC;
- Publishing the information of FIC in National Registration Portal.
- PROFESSIONAL FEE
The fee for SB Law to perform services as mentioned in 4 above will be as follows:
- For obtaining Investment Registration Certificate: 3,000USD (Three thousand US Dollar);
- For obtaining Enterprise Registration Certificate: 550USD (Five hundred and fifty US Dollar);
- For obtaining Import and Trading License: 3,000USD (Three thousand US Dollar);
- The fee is exclusive of VAT (10%) and actual cost for translating your documents from English into Vietnamese (10USD/150 words).
Once again, we would like to thank for your kind co-operation. If you have futher any inquiry, please feel free to contact us.
