One of the market access conditions for foreign investors is the condition that foreign investors must meet; in order to invest in industries and trades on the list of industries and trades with restricted market access for foreign investors accordingly the Law on Investment. So, when it is necessary to change the industry or business line of a foreign-invested company, what procedures should investors perform? LSX Law Firm would like to have some legal opinions on the dossier of changing industries of foreign capital companies as follow.
Investment law 2020
Step 1: change business registration content
The investment step the company needs to make is the procedure to change the business registration content. Dossier of change of business lines of foreign-invested companies at the business registration office
- Firstly, notice of change of business registration information signed by the legal representative of the enterprise;
- Secondly, resolution, decision and copy of meeting minutes of the Members’ Council, for limited liability companies with two or more members, partnerships, of the General Meeting of Shareholders, for joint-stock companies, resolutions and decisions of the company owner, for single-member limited liability companies, on the change of business lines or lines.
The application is submitted at the Business Registration Office where the enterprise’s head office is located.
Processing time: 03 – 06 working days
Step 2: Adjust the project implementation objectives on the Investment Registration Certificate
The investment registration certificate contains the content of the project implementation objective, so after carrying out the procedures for changing the business registration content the investor should adjust the project implementation objective.
Profile changing industry , business of the companies invested abroad at the registrar investment
- A written request for adjustment of the investment project;
- Report on the implementation of investment projects;
- Proposal for project implementation;
- Decision of the Owner/Board of Members/General Meeting of Shareholders on the adjustment of the Investment Registration Certificate;
- Certified copy of Certificate of Business Registration;
- A certified copy of the issued Investment Registration Certificate;
Time limit for processing dossiers: 10 working days from the date on which the Department of Planning and Investment receives valid dossiers.
Some notes when carrying out procedures for changing and adding foreign capital companies
In case, business lines are granted accordingly the old industry code system, the enterprises need to carry out the procedures for changing the industry in parallel with the content of coding the old business lines.
If the enterprise is still using the old form of the investment certificate, the enterprise will carry out the procedures for granting and changing it to a new and changed Investment Registration Certificate.
Besides, amendment of the company’s charter with the section on business lines to suit the adjusted content.
Finally, hope this article Dossier of changing industries of foreign capital companies is useful for you.
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Accordingly; conditional business lines are when business subjects in these lines need to meet certain conditions to be allowed to do business; or provide services and goods to the market. Including: capital conditions; conditions for practice certificates, conditions for applying for a sub-license; conditions for certification of eligibilit