Question: I am foreigner investor and would like to know more about Food & Beverage (“F&B”) Business in Vietnam, how to set up company in this field in Hanoi Vietnam?
Answer: We understand that you would like to have our advice on establishment of 100% Foreign Invested Company (hereinafter referred to as “FIC’) which is owned by you (herein after referred to as “Client”) in Hanoi.
We further understand that upon the establishment, the FIC shall engage with Food & Beverage (“F&B”) Business. We are therefore grateful to present you hereinafter our Legal Services Proposal for your review and consideration.
1. BRIEF PROCEDURE ON SETTING UP FOREIGN INVESTED COMPANY IN VIETNAM
The licensing procedure for setting up FIC shall have to undergo two following steps:
- Step 1: Obtainment of Investment Registration Certificate. The Law requires that within 15 working days from submission of the application dossier the competent authority shall have to issue the Investment Registration Certificate for Foreign Investor. However, having preliminarily discussed with the Licensing Authority, we do not much expect that the licensing authority can comply with this requirement in practice, especially, those relating to conditional investment sectors.
- Step 2: After obtainment of Investment Registration Certificate, Client shall be required to obtain the Enterprise Registration Certificate. The Law requires that within 05 working days from submission of application dossier, the competent authority shall have to issue the Enterprise Registration Certificate for forming the Foreign Invested Company.
Other Certificates needed to be obtained after establishment of the FIC: Under Vietnam Law, after completion of licensing process for opening the Company, in order to officially operate the a coffee shop, Client shall need to obtain
(i) Certificate of satisfaction on food safety and hygiene;
(ii) Certificate of satisfaction on conditions for fire fighting and prevention and
(iii) Commitment on environment protection.
2. TIME SCHEDULE
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 07 working days.
b. Licensing Procedure: 02 working days from receipt of documents duly signed and sealed from Client, we shall submit the application dossier for starting the licensing procedure. 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. In case of obtainment of Enterprise Registration Certificate, it may take 07 working days from the submission date.
c. Post licensing: Within 03 working days from the issuance date of Enterprise Registration Certificate, we shall complete the post licensing procedures such as announcing on the newly establishment of the FIC, making seal and posting the seal sample information into the National Enterprise Information Portal. d. For avoidance of any doubt, in practice, the administrative procedure can be longer due to that the competent authority must consult relevant ministries before granting License. In such case, SB Law shall try its best to accelerate the progress in order to obtain the approval at the soonest.
2. PROFESSIONAL FEE
Professional Fee for performing the SB Law services as mentioned in item 1 above will be 4,000USD (Four thousand US Dollar).
This service fee is exclusive of 10% VAT, bank charge and cost for translation of documents from English into Vietnamese (10USD/150 words).
