May transfer capital overseas for investment

Nội dung bài viết

According to the Decree No. 83/2015/ND-CP dated September 25, 2015 prescribing offshore investment, an investor may transfer foreign currency, goods, machinery and equipment overseas  before  being  granted  an  offshore  investment registration  certificate  to  pay  expenses  for  the  formulation  of  an investment project including: Market and investment opportunity research, field survey…. Of which, the limit on foreign currency transferred overseas is  5%  of  total  offshore  investment  capital  and  USD 300,000  in  real  value,  and  shall  be  included  in  the  total  offshore investment capital.

An  investor  shall  submit  three  sets  of  dossier of  application  for  an  offshore  investment  registration certificate to the Ministry of Planning and Investment, and concurrently register  investment  information  on  the  national  information  system  on offshore  investment. The Ministry of Planning and Investment shall check the validity of the dossier. In case the dossier is invalid or needs clarification of some information, within five working days after receiving the dossier, the Ministry of Planning and Investment shall issue a written notice to the investor for dossier completion.

For a project with registered foreign currency capital equivalent to VND  20  billion  or  more  to  be  transferred  overseas,  the  Ministry  of Planning  and  Investment  shall  collect  written  opinions  from  the  State Bank of Vietnam.

Within seven working days after receiving the written request from the Ministry  of  Planning  and  Investment,  the  State  Bank  of  Vietnam  shall send  its  written  opinions  to  the  Ministry  of  Planning  and  Investment. Past this time limit, if the Ministry of Planning and Investment receives no  written  opinion,  the  State  Bank  of  Vietnam  shall  be  regarded  as having approved the investment project dossier.

Under this Decree, immediately after its investment project is completed, an investor shall liquidate the project in accordance with the law of the host country or territory. Within  six  months  after  the  tax  finalization  report,  an  investor  shall  transfer  back  home  all remaining proceeds from the liquidation. If wishing to extend the time limit, an investor shall send a written request stating the reason to the Ministry of Planning and Investment for consideration and decision.  Extension may be granted only once and must not exceed six months. Within 60 days after completing the liquidation of the investment project  and  transfer  of  all  remaining  proceeds  (if  any)  from  the liquidation  of  the  investment  project,  an  investor  shall  carry  out procedures to terminate the offshore investment project.

This Decree takes effect on the signing date and supersedes the Government’s Decree No.78/2006/ND-CP of August 9, 2006, prescribing offshore investment.



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