Normally, the executive offices under the BCC contracts will exist in parallel with the performance of the BCC contract. Therefore, the termination of the BCC contracts is also concurrent with the termination of the operating offices’ existence. Following the issue, LSX will give you a brief on the termination of the operation executive offices in BCC contracts in Vietnam.
- 2020 Investment Law
Accordingly, the agencies that are responsible for terminate the operation of the executive offices are the Investment registration office where the executive office will take place.
Termination of the operation executive offices in BCC contracts procedure
Step 1: Submit the dossier
Firstly, the foreign investors may prepare a dossier notice of termination of operation of the executive office, which includes:
- Decision to terminate the operation of the executive office in case the executive office ceases to operate before the deadline
- List of creditors and the amount of debt paid
- List of employees, rights and interests of employees have been settled
- Certification of tax authorities on the fulfillment of tax obligations
- The social insurance agency’s certification of the fulfillment of the social insurance obligation
- Certificate of operation registration of the executive office
- A copy of the investment registration certificate
- A copy of BCC contract.
Secondly, the investor shall submit the dossier to the Investment registration agency where the office is located. In fact, the dossier must be sent within 07 working days from the date of issuance of the decision to terminate the operation of the executive office.
Step 2: Receive and process the dossier
Then, within 15 days from the day on which the investors submit the dossier; the investment registration authority shall decide to revoke the operation registration certificate of the executive office.
Lastly, hope the article “Termination of the operation executive offices in BCC contracts in Vietnam”. In case you have any questions, please contact Lawyer X for quick and best legal services: 0833102102.
Foreign investment means that organizations and individuals of one country bring capital in different forms into another country to conduct business activities for profit. Foreign investment is made in the form of direct investment or indirect investment.
Accordingly, there are 3 other ways: PPP contract; capital contribution, purchase of shares, purchase of contributed capital; establishment of an economic organization.
Yes, they can. Because operating executive office under BCC contract is the investors’ right. Thereby, they can cancel it if it is not necessary