Vietnam: Notification of establishment of the venture capital fund

According to Decree No. 38/2018/NĐ-CP of Vietnam’s Government, notification of establishment of the venture capital fund is required. To be specific:

- Within 05 working days from the date of establishment of the venture capital fund, the fund management company must submit the notice of establishment which is prepared according to the forms No. 01a and 01b enclosed herewith to the company registration office at the place where the fund’s head office is located.

Such notice must be enclosed with the following documents:

+ The fund’s Charter;

+ Service contract signed with the fund management company (if any);

+ The bank’s certification of paid-in capital;

+ Certified copies of ID cards or Passports or citizen’s identity cards of individual investors; or certified copies of establishment decisions or company registration certificates or documents of equivalent validity of institutional investors;

+ The minutes and resolution of the General meeting of shareholders or the Management Board, or decision of the Member Board or of the owner in conformity with regulations in the Charter of the institutional investor, that contributes capital to the fund, on the appointment of its official to represent its capital contributed to the fund, enclosed with personal profiles of this authorized official.

- The company registration office shall consider the validity of the notice and enclosed documents received within a period of 15 working days from the receipt of the notice.

+ If the notice and enclosed documents are valid, the company registration office shall send a certification of establishment to the fund management company.

+ If the notice and enclosed documents are invalid, the company registration office shall send a written response which specifies the reasons and contents to be modified (if any) to the fund management company.

- Within 05 working days from the receipt of certification of the notice of establishment of the venture capital fund, the fund management company shall publish information about the establishment of the venture capital fund on its website or portal and send the copy of the notice of the fund establishment to the Ministry of Planning and Investment for publishing on the National SMEs support portal. The fund shall begin its operations after the fund-related information has been published on the National SMEs support portal.

- The fund management company shall assume responsibility before the law for the truthfulness and accuracy of contents of the notice of establishment and enclosed documents. The company registration office shall assume responsibility for the validity of the notice of establishment and enclosed documents, and not assume responsibility for violations against the law committed by the fund management company or investors.

- The company registration office shall not settle disputes that arise among investors, or between an investor and the fund management company or another organization or individual.

The following changes must be reported to the company registration office at the place where the fund's head office is located for publishing on the National Business Registration Portal:

+ Increase or decrease in the fund’s paid-in capital;

+ Extension of operating period of the fund;

+ The fund liquidation or dissolution;

+ Transfer of capital contributions between investors.

Decree No. 38/2018/NĐ-CP of Vietnam’s Government takes effect from March 11, 2018.

-Thao Uyen-

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