Can overseas Vietnamese set up a cinematographic enterprise?
Can overseas Vietnamese set up a cinematographic enterprise? What are regulations of registration for establishment of cinematographic enterprises in Vietnam?
I am currently living and working in the US, I have been working in a film studio for more than 15 years. Now I want to set up a cinematographic enterprise in Vietnam to contribute my experience and develop the film industry in Vietnam. What are regulations of registration for establishment of cinematographic enterprises?
Can overseas Vietnamese set up a cinematographic enterprise?
Pursuant to Article 13 of the 2006 Cinema Law as amended by Clause 1, Article 1 of the 2009 Amended Cinema Law, on establishment and management of cinematographic enterprises as follows:
1. Vietnamese organizations and individuals residing in Vietnam may establish and manage film production, distribution or projection enterprises in Vietnam in accordance with this Law and the Enterprise Law.
2. Foreign organizations and individuals and overseas Vietnamese may make investment through cooperation with Vietnamese film production, distribution and dissemination enterprises under business cooperation contracts or by establishing joint ventures.
The foreign share in such a joint venture must not exceed 51% of the joint venture's legal capital.
Thus, if you are a Vietnamese residing in the US and want to set up a cinematographic enterprise, you must make investment through cooperation with Vietnamese film production, distribution and dissemination enterprises under business cooperation contracts or by establishing joint ventures in Vietnam.
What are regulations of registration for establishment of cinematographic enterprises in Vietnam?
In Article 16 of the 2006 Cinema Law on registration for establishment of cinematographic enterprises as follows:
1. Organizations and individuals establishing cinematographic enterprises shall complete the establishment procedures as provided for in the Enterprise Law and this Law.
2. Within seven working days after the date of issuance of a business registration certificate, the business registration agency shall send a copy of the certificate to a competent cinematography state management agency.
3. When changing the name or address of its headquarters, branch or representative office (if any), or business objectives and business lines, the enterprise owner's investment capital, the enterprise's representative at law or other issues in the contents of the dossier of application for business registration, the cinematographic enterprise's director or general director shall notify the competent cinematography state management agency thereof within seven working days as from the date of registration with the business registration agency.
Best Regards!
