Furniture manufacturing is a good business because almost every home or office you walk into requires furniture to use and decorate. Besides the large consumption source, Vietnamese law does not limit or regulate business conditions for this industry. Therefore, foreign investors often choose to do this business. However, in order for foreign investors set up furniture manufacturing enterprises, they must follow the following process that LSX Lawfirm guide you.
Investment law 2020
Enterprise law 2020
Register to invest
Foreign investors investing in establishing a new economic organization must carry out investment registration procedures. According to the investment law, foreign investors must submit 01 set of investment registration dossiers to the investment registration authority where the enterprise’s head office is located. Records include:
- A written request for the implementation of an investment project;
- Copy of identity card / identity card or passport for individual investors; a copy of the Certificate of Establishment or other equivalent document certifying the legal status of the investor being an organization;
- Proposal for land use demand or a copy of the location lease agreement or other document certifying; that the investor has the right to use the site to implement the investment project;
- Explanation on the use of technology for investment projects; for projects using technologies on the list of technologies restricted from transfer in accordance with law;
- Proposing investment projects;
- A copy of one of the following documents: financial statements of the last 2 years of the investor; commitment to financial support of the parent company; financial institution’s commitment to financial support; guarantee on the financial capacity of the investor; documents explaining the financial capacity of the investor;
Besides, the investment registration authority shall issue the Investment Registration Certificate; within 15 working days from the date of receipt of a complete and valid application.
Register your business
Investors submit business registration documents at the one-stop department of the Department of Planning and Investment where the enterprise is located. The application dossier includes the following documents:
- Firstly, business registration application form;
- Secondly, list of members or shareholders of the company (if it is a limited liability company with two or more members or a joint stock company);
- Thirdly, a copy of the personal identification document for the investor being an individual or certifying the legal status for the investor being an organization;
- Lastly, company rules.
Within 03 – 05 working days from the date of receipt of the application, if the application is valid and complete, the Department of Planning and Investment will issue a certificate of business registration.
Announce business registration content
Afterwards being granted an enterprise registration certificate, an enterprise must make a public announcement on the National Joint Registration Portal within 30 days from the date of publication.
Accordingly the provisions of Clause 1, Article 26 of Decree 50/2016/ND-CP, if an enterprise fails to publish on time the prescribed contents of enterprise registration on the National Portal, Enterprise registration will be fined from 1,000,000 VND to 2,000,000 VND.
Engrave the seal and notify the use of the seal pattern
Accordingly the new regulations, enterprises have the right to decide for themselves the form, quantity and content of their seals.
After the seal is engraved, the enterprise shall notify the use of the seal sample to the Department of Planning and Investment to publish the enterprise’s notice on the national portal on business registration and issue notices of the enterprise registration. the posting of information about the enterprise’s seal sample for the enterprise.
Finally, hope this article Foreign investors set up furniture manufacturing enterprises is useful for you.
Accordingly the provisions of Vietnamese law, Foreign Investors may choose to establish any type of business such as sole proprietorship, limited liability company, corporation shares, partnerships.
No, a Foreign Capital Company does not need a Legal Representative or a Director who is Vietnamese.
The two most common types of enterprises are limited liability companies and joint-stock companies.