Question: We are registered with IR ( Insurance Regulator) as a composite broker providing both insurance and reinsurance services.
We have been working with the Vietnamese market for the last 10 years and have developed a considerable amount of business.
We would now like to open a representative office in order to enhance the business and also to make things work better.
Your assistance in procuring the local licence would be highly appreciated.
Please let us know how we need to proceed on this front.
Awaiting to hear from you soon.
Answer: This is reference to our conservation from which, we understand that your company (hereinafter referred to as “Client”) is now seeking legal advices for establishment of Representative Office in Hochiminh City (hereinafter referred to as “R.O”).
We therefore are grateful to present you our Legal Services Proposal for your review and consideration
1.SCOPE OF WORKS
Following works are proposed based on the request of Client. However, depending on the specific position/situation of Client, several work items may not be necessary.
Meanwhile, other works may be required. However, any additional works shall not fall under the scope of this Legal Service Proposal, but could be provided upon request.
1.1. Preparation of the application documents:
- Notifying application documents required in accordance with Vietnamese law;
- Drafting application documents required for submission purpose in English language;
- Liaising with you to discuss the draft application documents;
- Amending the application documents based on your 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 your behalf;
- Monitoring and following up with the relevant authorities on the approval process;
- Keeping you updated on the developments and additional requirements, if any; and
- Assisting you in obtaining License for establishment of R.O
1.2. Post-licensing procedures:
- Placing an announcement on establishment of R.O on the newspaper;
- Obtaining Tax Code Registration for R.O;
- Obtaining Seal Sample and Certificate of Seal Sample Registration
Roadmap for carrying out above scope of work can be described in details as follows:
a. Preparing the application dossier:
We shall collect necessary information and documents from you. Upon receipt of necessary information and documents from you, 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 you for your comments. Then, after updating the application dossier based on your comments, we shall obtain the preliminary comments from the competent authority and send the finalized application dossiers for you to sign and seal. We anticipate that this phase shall be completed within from 12 working days. The prepared documents shall then be sent to you for review, signing and seal.
b. 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. c. Licensing Process: Within 35 working days from submission of application dossier to Licensing Agency, we shall obtain License for establishment of R.O for Client. d. Post licensing: Within 15 working days we shall complete the post licensing procedures such as publishing the establishment of R.O, obtaining Seal Sample, Certificate of Seal Sample Registration and Tax Code Registration for R.O.
The Deliverables will include documents prepared in English. Vietnamese Version shall be provided if the document is required for submission to licensing bodies. Client will review, approve and where necessary sign these documents.
3. PROFESSIONAL FEE
The Price for performing the SB Law services as mentioned in item 3 above will be as follows: – For obtaining License for Establishment of R.O: 4,572USD (Four thousand five hundred and seventy two US Dollar);
For placing announcement of establishment of R.O, obtaining Tax Code Certificate, Seal Sample of R.O: 809 USD (Eight hundred and nine US Dollar);
Our cost is exclusive of 10% VAT and cost for translating documents from English into Vietnamese (10USD/150 words).