Offshore investment activities help expand business scale, exploit new markets, help businesses learn new technologies to improve production and bring higher economic profits. Here, tinhanhphapluat.com would like to share with customers about investment procedures abroad.
Firstly, on conditions for granting offshore investment registration certificates:
– Offshore investment activities comply with the principle of outward investment.
– Offshore investment activities are not in the sectors and trades banned from business investment.
– Investors have committed to arrange foreign currencies by themselves or to be permitted by credit institutions to arrange foreign currencies to carry out offshore investment activities; In case the amount of capital in foreign currency transferred abroad is equivalent to VND 20 billion or more and does not belong to projects under the authority of deciding on offshore investment policies, the Ministry of Planning and Investment shall seek written opinions of the Bank. State Bank of Vietnam.
– Having an offshore investment decision as prescribed.
– There is a document of the tax authority certifying the investor’s fulfillment of tax payment obligations up to the time of submission of the investment project file.
Secondly, in terms of offshore investment, the following forms are included:
– Establishment of an economic organization in accordance with the law of the host country;
– Performance of BCC contracts abroad;
– Acquisition of part or all of the charter capital of an overseas economic organization to participate in the management and implementation of business investment activities abroad;
– Buying and selling securities, other valuable papers or investing through securities investment funds and other intermediary financial institutions abroad;
– Other forms of investment in accordance with the laws of the host country.
Thirdly, regarding the types of offshore investment projects:
Based on the amount of capital contributed, foreign investors are divided into the following 4 types:
– Projects not subject to approval of the policy, with an outward investment capital of less than VND 20 billion.
– Projects not subject to approval of the policy, with an outward investment capital of over VND 20 billion. (Please consult the State Bank of Vietnam).
– Projects subject to approval by the Prime Minister:
– Projects in the fields of banking, insurance, securities, newspapers, radio, television and telecommunications with outward investment capital of VND 400 billion or more;
– Investment projects other than banks, insurance, securities, newspapers, radio, television and telecommunications with outward investment capital of VND 800 billion or more)
– Projects subject to approval by the National Assembly:
– Projects with outward investment capital of VND 20,000 billion or more;
– Projects requiring the application of special mechanisms and policies should be decided by the National Assembly
Fourthly, the dossier of application for the Certificate of outward investment includes the following components:
– Registration document for outward investment;
– Copy of identity card, identity card or passport for individual investors; copy of the Establishment Certificate or other equivalent documents certifying the legal status for institutional investors;
Other equivalent documents certifying the legal status of the investor include one of the following papers: Investment license; or investment certificate; or Certificate of investment registration for investors being foreign-invested enterprises in Vietnam; or certificate of business registration; or establishment decision.
– Proposal of an investment project;
– A copy of one of the documents proving the financial capacity of the investor: financial statement of the last 02 years of the investor; financial commitment of the parent company; financial institutions’ commitment to financial support; guarantee of financial capacity of the investor;
– Commitment to self-balance foreign currency sources or documents of authorized credit institutions committing to arrange foreign currency for investors;
– Making offshore investment decisions according to Clauses 1 and 2, Article 57 of the 2014 Investment Law
For offshore investment projects in the fields of banking, securities, insurance, science and technology, the investor shall submit the competent state agency’s written approval of satisfaction of the first conditions. investment abroad according to the provisions of the Law on Credit Institutions, the Law on Securities, the Law on Science and Technology and the Law on Insurance Business.
Fifthly, the agency receiving and processing dossiers: Ministry of Planning and Investment.
Sixthly, regarding the order of carrying out procedures for applying for offshore investment licenses:
– Within 03 working days from the date of receipt of investment project dossier, the Ministry of Planning and Investment shall send the dossier to consult the related state agencies for appraisal.
– Within 15 days after receiving the investment project dossier, the consulted agency shall give its evaluation opinions on the contents under its management.
– For projects requiring the Government to decide on investment policies, within 30 days after receiving investment project dossiers, the Ministry of Planning and Investment shall organize the evaluation and make evaluation reports and submit them to the Prime Minister. Prime Minister.
– For projects requiring the National Assembly’s decision on investment policy: The Ministry of Planning and Investment shall report to the Prime Minister to set up a State Evaluation Council (in 05 days). The State Council of Appraisal organizes the appraisal and prepares the appraisal report (within 90 days) and the Government sends the decision on outward investment policy to the agency in charge of appraisal of the National Assembly (before the declaration Congressional meeting 60 days).