Rules for applying the cooperation mechanism to foreign investors in Vietnam

According to Circular No. 02/2017/TT-BKHĐT of the Ministry of Planning and Investment of Vietnam, rules for applying the cooperation mechanism to foreign investors are specified as follows:

- The investor that applies for investment registration and enterprise registration is entitled to decide whether to apply the cooperation mechanism stipulated in this Circular or follow the separate procedures specified in Law on Investment, Law on Enterprises and other guiding documents.

- The investor shall prepare the application and be legally responsible for the legality, truthfulness and accuracy of the information declared in the application for investment registration and enterprise registration. The number of sets of application for investment registration and enterprise registration is specified in regulations of law on investment and enterprises.

- Investment registration authorities and Business registration authorities shall cooperate, exchange information and only request the investor to submit one copy of the following documents if it is required in both the application for investment registration and the application for enterprise registration:

+ The passport or personal identification papers with the same value as a passport if the investor is an individual;

+ The Decision on establishment or the Enterprise Registration Certificate or papers with the same value as these documents if the investor is an organization;

+ The document authorizing another entity to follow procedures for investment registration and/or enterprise registration.

In such case, the investment registration authority shall keep the copy submitted by the investor and send the copy of the aforesaid paper to the business registration authority. The copy provided by the Investment registration authority is deemed to be the valid one.

- Investment registration authorities and Business registration authorities shall be responsible for integrity of the documents in the process of document transfer and cooperating in the confirmation of document transfer when applying the cooperation mechanism.

- Investment registration authorities and Business registration authorities shall ex officio consider the validity of application, process the application for investment registration and the application for enterprise registration; cooperate, share information and be responsible for the scope of functions and tasks of each agency. The investment registration authority shall specify necessary addition or revision of documents every time such an application is submitted.

- The uniqueness and clearness of the enterprise’s name shall be verified at the time the Business registration authority notifies the Investment registration authority of the valid application for enterprise registration.

- The time limit for issuance of the Enterprise Registration Certificate, the written confirmation of changes in enterprise registration contents under the provisions shall begin at the time the business registration authority receives information on the Investment Registration Certificate, document of the Department of Planning and Investment on approving the capital contribution or purchase of shares or stakes of the foreign investor.

View details at Circular No. 02/2017/TT-BKHĐT of the Ministry of Planning and Investment of Vietnam, effective from June 15, 2017.

-Thao Uyen-

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