Labor export: What documents do service providers in Vietnam need to prepare to prove capital?

According to Article 13 of Decree No. 38/2020/NĐ-CP of Vietnam’s Government, documents proving capital conditions prepared by enterprises permitted to organize guest worker programs (hereinafter referred to as “service providers”) include:

- With respect to enterprises issued with enterprise registration for at least 1 year: Audited financial statements of the previous year and financial statements from the beginning of the year to the end of the quarter before issuance of the license according to accounting standards of Vietnam issued by the Ministry of Finance.

- With respect to enterprises issued with business registration for less than 1 year from the date of first business registration: Audited reports on equity using accounting standards of Vietnam issued by Ministry of Finance within 1 month of submitting application or documents on contribution of capital for enterprise establishment include:

+ Copies of following papers: Records of contributions of founding shareholders, shareholder registry, share ownership confirmation documents in case of joint stock companies; records of contributions of members, member registry and documents confirming contributed capital of limited liability companies with at least 2 members or higher; decision on fund allocation of owners to single-member limited liability companies whose owners are organizations; records of contribution of partners and partners contributing with partnership companies;

+ Receipt of money transferred to accounts of companies in commercial institutions – in case of founding shareholders/founding members/owners/partners/contributors who are individuals; cheques or standing orders or other appropriate non-cash payment methods according to applicable regulations and law – in case of founding shareholders/founding members/owners/partners/contributors who are enterprises;

+ Confirmation of commercial institutions licensed for operation in Vietnam regarding account balance at the time in which enterprises apply for license issuance (in case of cash contribution) or certificates of evaluating organizations in Vietnam regarding evaluation results of contributed assets which remain valid for another 30 days from the date of submitting application for issuance of license for organizing guest worker programs together with documents proving transfer of ownership of contributed assets according to Law on Enterprises (in case of contribution in form of assets).

View more details at Decree No. 38/2020/NĐ-CP of Vietnam’s Government, effective from May 20, 2020.

Le Hai

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