What Foreign Investors Should Know When Setting up company in Vietnam in 2022?

  In the period of global economic integration, especially Post-Covid-19 era,  Vietnam – a developing country is considered one of the countries with potential markets that foreign investors choose to establish the business here taking advantage of the government policy to promote the economy i.e. “new normal” adaption living with Covid-19, quick opening of border allowing tourists to visit Vietnam since Apr 2022,  tax reduction, public investment increase…

Whom can set up business in Vietnam?

First, the objects allowed to establish and manage enterprises in Vietnam are all organizations and individuals who are not in the following cases: (i) Minors; people with limited legal capacity; incapacitated people; people having difficulties controlling their behaviors; organizations that are not juridical persons; (ii) People who are facing criminal prosecution, kept in temporary detention, serving an imprisonment sentence, serving an administrative penalty in a correctional institution or rehabilitation center, has limited legal capacity or is incapacitated, is not able to control his/her own behaviors, is banned by the court from holding certain positions or doing certain works; other cases prescribed by the Law on Bankruptcy and the Anti-corruption Law. At the same time, individuals with foreign nationality implementing business investment activities in Vietnam are considered foreign investors. The implementation of investment forms; the scope of operation as well as related procedures must meet the conditions under the Investment Law; related legal documents; other conditions of international treaties that Vietnam is a member.

How to invest and set up business in Vietnam?

Second, foreigners, foreign investors must explore legal forms of investment in Vietnam including: (i) Investing in establishing economic organizations; (ii) Invest in capital contribution, share purchase and purchase capital; (iii) Implementing investment project; (iv) Investment in the form of BCC contract; (v) Forms of investment and new economic organizations according to the Government’s regulations. They need to consider projects planning to invest in Vietnam in case of requesting approval of investment policy of 2020 Investment Law. The investment project of foreign investors is required to carry out procedures for granting investment registration certificates. If the case must be proposed to approve the investment policy, they must prepare dossiers and carry out procedures to request approval of investment policies. When completing the procedure, they will be granted a written decision on investment policy and investment registration certificates. If not falling in the case of approval of investment policy, foreign investors conduct procedures for applying for investment registration certificates.

What documents required to set up company in Vietnam?

Third, after being granted a certificate of foreign investment registration, foreign investors shall continue the procedures for enterprise registration. Vietnam laws do not have to limit the type of enterprise to foreign investors, hence investors can choose: One member limited liability Company; Two-member limited liability companies or more; Joint stock company; Partnerships. Each type of business has different advantages and disadvantages, and foreign investors should base on the purpose and investment scale to choose the type of suitable form of investment. In addition, the investment under the conditional business lines need to fully meet the conditions according to the provisions of law. Depending on the type of business, there will be the document requirements that need to register accordingly. And most importantly, foreign investors must prepare necessary conditions and sufficient conditions (validated documents for use in Vietnam, business name, head office address, business line, charter capital, legal representative,…) attached to the understanding and implementation of the order and procedures when they want to establish a certain type of enterprise in accordance with the Enterprise Law 2020.

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers have Attorneys in Hanoi, Attorneys in Ho Chi Minh and Attorneys in Danang. 

Source: https://antlawyers.vn/library/what-foreign-investors-should-know-when-setting-up-company-in-vietnam-in-2022.html

How to Invest, Do Business and Reside in Vietnam in 2022?

  With economic opening policies, especially after the Covid-19 pandemic, Vietnam is an attractive destination for foreign investors. Accordingly, the number of foreign investors in Vietnam is constantly increasing. In order to create favorable conditions for individual investors with direct capital investment or representatives of foreign organizations investing in Vietnam to live, work, Vietnam has policies, suitable for each type of investor in being granted temporary residence cards in Vietnam.

Investors using visas, temporary residence cards under the investment category sponsored  by foreign investment companies and with the temporary residence card symbol DT, are divided into three types of temporary residence cards as follows: (i) DT1 – Issued to foreign investors in Vietnam and representatives of foreign organizations investing in Vietnam with a contributed capital of VND 100 billion (USD 4.5 mil) or more or investing in industries, professions eligible for investment incentives, geographical areas with investment incentives decided by the Government; (ii) DT2 – Issued to foreign investors in Vietnam and representatives of foreign organizations investing in Vietnam with a contributed capital of between VND 50 billion (USD 2.3 mil) and under VND 100 billion or investing in industries, trades to encourage development investment decided by the Government; (iii) DT3 – Issued to foreign investors in Vietnam and representatives of foreign organizations investing in Vietnam with capital contribution from VND 03 billion (USD 136k) to less than VND 50 billion. Temporary residence cards with a specific term for investors and representatives of foreign organizations investing in Vietnam are as follows: Temporary residence cards with symbol DT1 have a term of not more than 10 years; Temporary residence card with symbol DT2 is valid for no more than 05 years; Temporary residence card with symbol DT3 is valid for no more than 03 years. In case foreign investors and representatives of foreign organizations investing in Vietnam with a contributed capital of less than VND 03 billion, they will not be granted a temporary residence card, instead they will apply for a signed visa DT4 which is valid for no more than 12 months.

The application file for applying for a temporary residence card to a foreign investor must be documents proving the status of the sponsoring agency, organization, individual; documents proving the relationship between the investor and the sponsoring agency, organization or individual; information of the sponsored investor; relevant document information to determine the type of temporary residence card issued to investors; and declarations in accordance with the law.

If foreign investors and representatives of foreign organizations investing in Vietnam wishing to stay in Vietnam, they need to apply for a temporary residence card according to the conditions, documents, procedures of Vietnamese law.  It is important to consult with immigration law firm in Ho Chi Minh City, or in Hanoi, Da nang for effective solutions.

Source: https://antlawyers.vn/library/how-to-invest-do-business-and-reside-in-vietnam-in-2022.html

What Foreign Investors Should Consider to Open a Business in Vietnam

  In the context of integration and globalization, the number of foreign investors whom wish to make investment and open a business in Vietnam has increased due to the attractiveness of the business environment.

Business considerations to open a business in Vietnam

Foreign investors often consider Vietnam an attractive destination to register businesses for several compelling reasons:

1. Robust Economic Growth: Vietnam has experienced consistent and robust economic growth over the past few decades. It is one of the fastest-growing economies in Southeast Asia and offers ample opportunities for foreign investors to tap into a growing consumer market.

2. Favorable Demographics: Vietnam boasts a young and increasingly affluent population, making it a promising market for various industries, including consumer goods, technology, and services for investors to open a business in Vietnam.

3. Strategic Location: Vietnam’s strategic location in Southeast Asia provides easy access to other fast-growing markets in the region, including China, Thailand, and Singapore. Its proximity to major shipping routes is also advantageous for trade.

4. Investment-Friendly Policies: The Vietnamese government has implemented a range of investment-friendly policies, including tax incentives and preferential treatment for foreign investors in specific sectors. These policies aim to attract foreign capital and technology.

5. Bilateral and Multilateral Trade Agreements: Vietnam has signed numerous trade agreements, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA), which offer preferential trade terms and access to a broader market.

6. Skilled and Cost-Effective Labor: Vietnam’s workforce is known for its relative affordability compared to some neighboring countries. It also boasts a pool of skilled and diligent labour, making it an attractive location for manufacturing and outsourcing operations.

7. Infrastructure Development: The Vietnamese government has invested significantly in infrastructure development, including transportation, logistics, and energy. These improvements enhance the ease of doing business and connectivity within the country.

8. Political Stability: Vietnam has maintained political stability for many years, providing a secure environment for foreign investment. The government’s commitment to economic reform and openness to foreign participation adds to this stability.

9. Supportive Investment Agencies: Local investment promotion agencies provide assistance and support to foreign investors in navigating the investment process.

10. Diverse Investment Sectors: Vietnam offers investment opportunities across various sectors, including manufacturing, technology, agriculture, tourism, and renewable energy. This diversity allows investors to choose sectors that align with their expertise and interests.

11. Growth of the Middle Class: The rising middle class in Vietnam is driving increased consumer spending, creating a demand for a wide range of products and services.

12. Improving Business Environment: Vietnam has made efforts to improve its business environment, streamline administrative procedures, and reduce bureaucracy to make it easier for foreign investors to open a business in Vietnam

13. Access to Global Value Chains: Vietnam’s participation in global value chains, particularly in electronics, textiles, and manufacturing, makes it an attractive destination for companies seeking to integrate into these supply chains.

14. Tourism Potential: Vietnam’s natural beauty, rich cultural heritage, and historic sites contribute to its growing tourism industry, attracting foreign investment in hotels, resorts, and related services.

15. Green Energy Initiatives: Vietnam is increasingly focusing on renewable energy projects, presenting opportunities for foreign investors in wind, solar, and hydroelectric power to open a business in Vietnam.

Vietnam’s strong economic growth, favorable investment policies, strategic location, and diverse opportunities across various sectors make it an appealing choice for foreign investors looking to open a business in Vietnam and expand their businesses in Southeast Asia. However, it’s essential for investors to conduct thorough market research, understand local regulations, and seek professional legal advice in Vietnam to navigate the complexities of the Vietnamese business landscape successfully.

Legal considerations to open a business in Vietnam

To open a business in Vietnam, however, foreign investors must meet the requirements of Vietnam and international treaties to which Vietnam is a party.

Firstly, the field in which foreign investors wish to conduct business must not be on the list of industries that have been denied entry to the market for foreign investors or are prohibited from doing so under the Law on Investment.

Secondly, foreign investors may be restricted to the percentage of charter capital ownership in some economic organizations.  For example, foreign investors ownership could only be up to 30% of charter capital of a commercial bank in Vietnam.  Limiting the amount of charter capital is indirectly restricting the management and control rights of investors. Instead of freely making policies or decisions, foreign investors have to depend on other members of the company, namely domestic investors. The investors are suggested to consult with corporate lawyers in Vietnam or banking and finance lawyers in Vietnam for specific details in the specialized area like banking or finance.

Thirdly, foreign investors must consider the type of business they want to register. A foreign insurance enterprise, for example, may operate in Vietnam as an insurance limited liability company or as a branch of a foreign non-life insurance enterprise.

If the investor registers the establishment of an enterprise that is not under Vietnam law and the international treaties that Vietnam has signed, the application for registration is considered invalid.

In addition, each type will also have certain limitations. For example, setting up a joint stock company might not be suitable for all investors. In the governance of a joint stock company, the decision-making process is complicated and time-consuming with different sequences and procedures.

Finally, the Vietnam law also have requirements on the legal status, financial status, and competence of investors in certain professions. To open a business in Vietnam, foreign investors must meet all the prescribed conditions.

In conclusion, the foreign investors would need to undertake the legal research into the business it wish to register in Vietnam, and make strategic decision considering the legal and business requirements to maximize the benefits Vietnam would bring to open a business in Vietnam.

About ANT Lawyers, a law firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/corporate-lawyers-in-vietnam/what-foreign-investors-should-consider-in-making-investment-in-conditional-areas.html

What Are the Procedures for Applying the Enterprise Registration Certificate for Foreign Investor in Vietnam?

 According to Viet Nam’s commitments under the framework of the WTO and EVFTA agreement, foreign investors are allowed to establish foreign-invested enterprises to conduct business activities in Vietnam. However, the order and procedures for establishing enterprises for foreign investors must comply with the provisions of Vietnamese law.

Accordingly, this process consists of two main steps: (1) carry out the procedures for applying for the Investment Registration Certificate and (2) carry out the procedures for applying for the Enterprise Registration Certificate. In other words, to be granted the Enterprise Registration Certificate to officially and legally conduct business activities, a foreign investor must first obtain an Investment Registration Certificate.

For investment registration, foreign investors must have an investment project, except in the case of establishing a creative start-up small and medium-sized enterprise and an innovative start-up investment fund under the law on business support small and medium. The industries and trades in the investment project must not be in the industries and trades that prevent the access the market for foreign investors or the industries and trades being banned from doing business under the Law on Investment 2020. After that, investors need to prepare a dossier for issuance of the Investment Registration Certificate to be submitted to the Department of Planning and Investment where the investor implements the investment project.

Dossier for applying for the investment registration certificate includes: an application for issuance of the investment certificate; the Investor’s financial capacity report is prepared and responsible by the Investor; an explanation of the ability to meet the conditions that the investment project must satisfy according to the provisions of law for the project in the field of conditional investment; the economic – technical explanation includes the following main contents: objectives, scale, investment location, investment capital, project implementation progress, land use demand, technological solutions and solutions environmental legislation; draft of the company’s charter with full signatures of the legal representative, members or authorized representatives; members list; documents for verifying the investor’s legal status; documents for verifying financial ability. The investment registration authority repond to the application for the Investment Registration Certificate to the investor within 15 days from the date of receipt of a valid dossier.

After being granted the Investment Registration Certificate, the foreign investor shall carry out the procedures to be granted the Enterprise Registration Certificate. In this step, the legal conditions are not as strict and complicated as the first step, but it also requires investors to prepare a number of papers and documents. Depending on the type of enterprise and the content of registration, the business registration subject needs to submit different types of documents under the requirements of the law. Investors can submit the dossier in person at the Business Registration Office or submit it online via the electronic network. The Business Registration Office shall issue the Enterprise Registration Certificate within 03 working days from the date of receipt of a valid dossier. In case the dossier is invalid or the name of the enterprise requested for registration is not in accordance with regulations, the Business Registration Office must notify in writing the contents that need to be amended, supplemented to the enterprise founder or the enterprise within 03 working days from the date of receipt of the dossier.

It can be remarked that the two-step process creates obstacles for many foreign investors when establishing an enterprise in Vietnam. It has been suggested the legislator to consider shortening the order and reducing the number of documents that need to be submitted, and at the same time, promote the online procedures to save time and human resources. For efficiency in preparing documents, the client could engage a lawyer in Vietnam to assist carrying out procedures of setting up company and applying for investment and business certificate in Vietnam.

Source: https://antlawyers.vn/business/what-are-the-procedures-for-applying-the-enterprise-registration-certificate-for-foreign-investor-in-vietnam.html

How to Prepare and File a Lawsuit in Vietnam?

  1. Why consult with litigation lawyers in Vietnam for advice?

If two parties have a dispute over a commercial matter in Vietnam, they should try to resolve disputes through negotiation, or mediation before considering to file a lawsuit against the other at a court in Vietnam.  If the negotiation does not produce positive result, it is suggested to seek advice and representation from litigation lawyers in Vietnam for effective solutions.  Filing a lawsuit will take time and resources. Let the professional handle the matters so as you and your team could free your time and focus on your business.  

2. What to include in the petition to start litigation in Vietnam?

When it comes to the point of not being able to resolve the disputes through negotiation or mediation, parties have right to a fair trial.  One of the party has to start the litigation process.  Each of the party would need to have litigation lawyers in Vietnam to advice and represent for effective outcomes.

To implement their right to sue, the claimant must prepare and submit the claim at the competent court in Vietnam. The litigation lawyers in Vietnam with experience and understanding the litigation process should be invited at the early stage to advise, represent and prepare to defend the client.  

The claim filing should include the petition and the supporting documents.  The petition is the most important legal document for the court to review and resolve the claim of the plaintiff, as such it should be carefully prepared to meet the requirements of the form, authority, and further contain information about the plaintiff, defendant, summary of the case and the request of the plaintiff.

The contents of the petition must be presented in full, brief, clear, and in logic.  The claimant with the support of litigation lawyers in Vietnam should provide all documents, and evidence to prove the merit of the claim including contract, purchase order, separate terms and conditions, appendixes (if any), minutes of meetings of negotiations, invoices, delivery proof, legal status of claimant and defendant, documents to determine the legal status of the representative of the claimant such as appointment decision, power of attorney.  The defendant with the help of litigation lawyers in Vietnam should also prepare the same to respond and defend the client.

In order for the document issued in foreign country to be valid in Vietnam, the documents presented have to be original or notarized, legalized and authenticated copy and translated into Vietnamese in accordance with Vietnam laws.

3. How the court review the petition and acknowledge receipt?

When the claim has been filed at the competent court in Vietnam provided all conditions of acceptance are met, the court will notify the claimant or its representative know the court fees. When the claimant advances the court fee, the case will be recorded and brought into the process for settlement.

4. How the judge will be appointed and trial will be heard in Vietnam court?

At the trial preparation process, the case will be assigned to a judge whom after studying would request parties to present additional necessary papers and documents relating to the case.  Parties or their representative would then be requested to meet the judge to provide further information or testimony or attend reconciliation.  If the disputing parties could successfully resolve disputes with each other, the court will make a record to acknowledge the successful reconciliation and issue the decision to recognize the agreement of the parties. Where reconciliation fails, the court records that and shall issue the decision to bring the case to trial for hearing and judgement.

How litigation lawyers in Vietnam could help?

Disagreements or disputes arise when parties can not agree on issues related to contract provisions, expected outcome or performance standards…There are cases when the dispute is over a debt obligations matters which a debt recovery law firm could assist at an early stage to manage the collection process pre-litigations including negotiations and managing expectations of both sides. 

In many cases, involving a litigation lawyers in Vietnam would help resolve the dispute effectively when a strategies are mapped out and pursued. 

There could be many works could be done when disputes arise til the time to submit a petition.  The litigation lawyers in Vietnam could represent the claimant to advise from the collecting of evidence, preparing the evidence in the right order, assisting to make the evidence legitimate and could be used at the trial hearing.   

Further, the litigation lawyers could draft demand letters sending to the defendant to exchange legal opinions about the disputed matters, and officially make the demand to show the expectation of the claimant. 

The litigation lawyers in Vietnam also represent the claimant to meet with defendant to discuss and negotiation if that helps saving time and cost for the client. 

About ANT Lawyers, a law firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/library/how-to-prepare-and-file-a-lawsuit-in-vietnam.html

Why Client Should Retain Real Estate Lawyers in Vietnam?

  Laws on land is complicated in Vietnam

Due to changes in law attracting foreigners to come to live, and invest in Vietnam, foreigners have growing interest in investment and acquiring real estate.  However, as real estate is valuable assets, the law on real estate ownership and real estate transactions are complicated, especially for foreigners.  It is important to engage real estate lawyers in Vietnam for advice and representation.

People can not own land in Vietnam

Under the land ownership regime in Vietnam, land belongs to the entire people with the State acting as the owner’s representative and uniformly managing land.  Hence, in Vietnam, the land users will have the land use right without the private ownership of the land.  Land law 2013 does not allow foreigner to have land use rights in Vietnam. It only allows foreign invested enterprises to be permitted to use land through the form of land allocation or lease.

Although foreigner do not have land use rights in Vietnam, they are allowed to own houses in Vietnam under the Law on Housing. In addition, the Law on Real Estate Business has certain limitations for foreign investors to conduct real estate business in Vietnam and must meet the legal requirements.

Foreign investors investing in Vietnam wish to use the land to conduct business activities, or intend to conduct real estate business in Vietnam, or simply a foreigner wishing to purchase and own real estate in Vietnam should be aware of the legal provisions on conditions of implementation, orders and procedures to of the transactions to minimize risks.  The assistance of the lawyers on real estate in Vietnam shall be worthwhile.

How real estate lawyers in Vietnam could help?

Real estate lawyers in Vietnam would have in-depth knowledge of the Land Law, Law on Housing, Law on Real Estate Business and related regulations. In addition, they would have practical experience in implementing legal procedures, handling disputes, and supporting real estate transactions in Vietnam. The real estate lawyers could explain the restrictions on land use rights of foreign organizations and individuals in Vietnam and the conditions for conducting business in real estate in Vietnam.  The lawyers at request could assist the foreigners with the process and procedures to work with state agencies to obtain land use rights for enterprise and home ownership rights for individual more effectively.

When conducting transactions related to real estate such as buying, selling, transferring, renting, leasing, real estate lawyers in Vietnam could also provide assistance in in legal due diligence of the real estate to minimize legal risk to clients. It is important to evaluate the legal status of the property, the owner of property, whether property is in dispute, or subject to additional requirements of government before being sold by the developer and the people eligible for entering into the transaction. In addition, the lawyers in Vietnam can advise clients to draft or review the agreements, sales contract as well as the process to legalize the process to comply with the law in Vietnam.

Source: https://antlawyers.vn/library/why-client-should-retain-real-estate-lawyers-in-vietnam.html

How Foreigners Could Buy Real Estate in Vietnam?

  

Can foreigners buy real estate in Vietnam?

Regulations on foreigners whom wish to buy real estate in Vietnam are regulated in Civil Code, Law on Land, Law on Housing, and other on decrees that guide the Law on Housing and related documents.

Can foreigners buy land in Vietnam?

For land, foreign individuals are not eligible to use land assigned or leased by the State, recognized land use rights, received transfer of land use rights. However, a foreign-invested enterprise could be allocated or leased land by the State, recognized land use rights, or received a land use right transfer. Foreign-invested enterprises that are assigned land by the State with the collection of land use levies to execute investment projects on the construction of houses for sale or for sale in combination with lease.

Can foreigners buy houses in Vietnam? or can foreigner buy apartments in Vietnam?

For housing, foreign entities eligible for the homeownership in Vietnam include: foreign entities who invest in project-based housing construction in Vietnam as prescribed in this Law and corresponding regulations of law; foreign-invested enterprises, branches, representative offices of foreign enterprises, foreign-invested funds and branches of foreign banks operating in Vietnam (hereinafter referred to as foreign organization); foreign individuals who are allowed to enter Vietnam.

The foreign entities are eligible for the homeownership in Vietnam if they invest in project-based housing construction in Vietnam as prescribed in this Law and corresponding regulations of law; or buy, rent and purchase, receive, or inherit commercial housing including apartments and separate houses in the project for housing construction, except for areas under management relating to national defense and security as prescribed in regulations of the Government.

What conditions to meet when foreigners buy real estate in Vietnam?

Foreign organizations and individuals must have documents proving being the eligible subjects and meeting conditions to own houses in Vietnam. A foreign individual must have an unexpired passport bearing the entry seal of the Vietnam’s immigration authority and not given diplomatic immunity and privileges according to Ordinance on diplomatic immunity and privileges of diplomatic missions, consular offices, and representative authorities of international organizations in Vietnam. Foreign organizations must be subjects of owning houses in Vietnam which have investment registration certificate or a permission issued by a Vietnam’s competent authority for operation in Vietnam which is still unexpired at the time of housing transaction (hereinafter referred to as investment registration certificate).

A foreign entity shall not be granted a Certificate of the house and may only sell or offer it to another entity eligible to own housing in Vietnam in the case being: a foreign organization or individual receives a house as an inheritance or a gift which is located in an area in which foreign entities must not own houses, or the quantity of which exceeds the permissible limits; a foreign organization that does not operate in Vietnam, or a foreign individual who is not permitted to enter Vietnam, receives a house in Vietnam as a gift or an inheritance.

For specific situations, to avoid future dispute in house ownership arisen from the purchase, lease of property, house, land from the state, developer or other seller, or lessor it is important that the client check with dispute property lawyers in Vietnam for eligibility, conditions and other relevant matters.

How real estate lawyers in Vietnam could help client to buy real estate in Vietnam?

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest protection, risk mitigation and regulatory compliance. 

Source: https://antlawyers.vn/update/how-foreigners-could-buy-real-estate-in-vietnam.html

2023 Tax Filing Deadlines Shared by Tax Lawyers in Vietnam

  

You should not miss tax submissions deadlines 

According to the provisions of Vietnam tax law, on monthly or quarterly companies will need to submit various types of tax reports and tax returns: License fees; Value added tax declaration; Personal income tax return; Corporate income tax finalization declaration. In here, the tax lawyers in Vietnam will forewarns companies on some deadlines not to miss.

Knowing the deadlines for submitting tax reports and paying taxes on time not only helps companies proactively capture information and arrange for tax payment in accordance with state regulations, but also avoids many risks. Risk of penalties for violations in the field of tax laws occur if the declaration is filed late, or not filed. Company also could hire professional specializing in tax matters or tax lawyers for advice in the area of tax compliance in Vietnam to improve the efficiency and optimize business strategies.

What is deadline for filing Vietnam annual license fee?

Annual license fee is the amount the enterprise must pay annually based on the amount of charter capital stated on the certificate of business registration, and to be paid annually since the starting of the business. The company(except business households and business individuals) which has been newly established (including small and medium-sized enterprises converting from household businesses) or has established more dependent units, business locations has to file the license fee declaration dossiers no later than January 30th of the following the year of establishment or starting of business activities, production and business activities. In case the enterprise has a change in charter capital during the year, the enterprise shall submit the license fee declaration dossier no later than January 30th of the year following the year in which the changed information arises.

What is deadline for filing value added tax (VAT) in Vietnam?

 This is an indirect tax, calculated based on the added value of goods and services that consumers have to pay when buying goods or services. The person who directly fulfills the tax payment obligation to the tax authority will be an enterprise or a production unit. The deadline for submitting VAT declaration dossiers is the 20th day of the month following the month in which the tax liability arises, for enterprises that declare and pay monthly; and the last day of the first month of the quarter following the quarter in which tax obligations arise for enterprises that declare and pay quarterly.

What is deadline for filing corporate income tax (CIT) in Vietnam?

Corporate income tax is a tax calculated based on the profit of an enterprise, which is a percentage of the positive result of revenue after deducting reasonable expenses i.e. cost of goods or services, rent, salary, travel,… as prescribed by the Law on Corporate Income Tax. For corporate income tax, enterprises will temporarily pay quarterly, and the deadline for tax payment is the 30th day of the first month of the next quarter.

What is deadline for filing personal income tax (PIT) in Vietnam?

Personal income tax is a tax paid by a company on behalf of employees working at the company. Personal income tax is calculated on a monthly basis, and be declared monthly or quarterly and settled annually. If the enterprise declares and pays personal income tax on a monthly basis (in case the enterprise declares value added tax on a monthly basis and the payable personal income tax amount in the month of VND 50 million or more), the deadline of filing PIT is no later than the 20th day of the following month. If the enterprises declare and pay personal income tax quarterly (in case the enterprise declares value added tax quarterly or the enterprise declares value added tax on a monthly basis and the amount of personal income tax must be paid is less than 50 million dong in a month), the deadline for filing PIT is no later than the 30th day of the next quarter.

Tax lawyers in Vietnam will help advise on tax regulations

It is important to file tax reports of all kinds on time but it is also equally important to manage the tax filing, and paying properly in a way that maximize the benefits of the company according to tax law taking advantage of deduction allowable by laws. Hence tax experts and tax lawyers could be consulted for advice on the regulations and tax laws in Vietnam.

ANT Lawyers, a law firm in Vietnam will always follow up with authorities for legal update on matters relevant to international trade and tax to update clients on regular basis.

Source: https://antlawyers.vn/library/tax-filing-deadlines-you-need-to-know-in-vietnam.html

Criminal Record Service in Vietnam

  Criminal record cards or Police check provides criminal or judicial information about a person in Vietnam. Individual could apply for criminal record him/herself or seek help from criminal record service in Vietnam. The Vietnam law on criminal record governs the process to obtain the criminal records cards.  

Why one needs criminal record in Vietnam?

In Vietnam, individuals may need a criminal record certificate for various purposes. Some common situations where a criminal record certificate might be required include:

Employment: Certain employers, especially government agencies, private companies, or organizations dealing with sensitive information or security matters, may request a criminal record certificate as part of the job application process. This is to ensure the applicant does not have any criminal history that could be a potential risk to the organization or its clients.

Visa and Immigration: When applying for certain types of visas or residency permits in Vietnam or in another country, the immigration authorities may require a criminal record certificate as part of the visa application process. This is to assess the applicant’s background and determine if they pose any security risks.

Adoption: For individuals looking to adopt a child in Vietnam or from Vietnam, a criminal record certificate might be required by the adoption authorities to ensure the prospective parent(s) meet the necessary criteria for suitability.

Education and Training: Some educational institutions or training programs, especially those involving vulnerable populations like children or vulnerable adults, may require a criminal record certificate from prospective teachers, instructors, or volunteers.

Licensing and Certification: Certain professions or activities may require individuals to provide a criminal record certificate as part of the licensing or certification process. This could include roles in healthcare, law enforcement, security services, or financial sectors. Part of documents applying work permit in Vietnam also include criminal record card.

How to apply for criminal record in Vietnam?

Accordingly, to obtain the Criminal Record cards in Vietnam, the applicant must apply at the provincial/ municipal Justice Department in Vietnam. 

For foreigners residing in Vietnam, he/she has to submit the request to the Department of Justice where he/she resides and receives the results at Justice Department.

Documents required are:

i) the written application form;

ii) certified photocopies of passports;

iii) a copy of the permanent or Temporary resident card in Vietnam;

iv) authorization letter in case of authorized application for Criminal Record card (if the authorized persons are not the parents, spouse or children). The written authorization must be certified or authenticated in accordance with the law;

v) application letter for granting Criminal Record.

During the process of applying for the Criminal Record, the applicant might has to work with the Public Securities agencies; the Court: in case there are not sufficient evidence at the police agencies to conclude that the applicant has no criminal records or the content of the applicant’s criminal records is not clear; People’s Committees of communes, wards and townships; agencies, organizations and agencies related proceedings: in case of coordination to verify the conditions of having his/her conviction automatically written off.

How to request criminal record service in Vietnam when you are not in Vietnam?

In practice, there are cases when the foreigner already left Vietnam and now he/she is in need of criminal record for the time he/she resided in Vietnam.  You could authorize a law firm in Vietnam to assist.  We have successfully assist clients in various cases and that we would provide criminal record service in Vietnam for the client.

Our lawyers in Vietnam constantly follow up with changes of law to provide the client with update for better decision making process.

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance doing business in Vietnam.

ANT lawyers have attorneys in Hanoi, Ho Chi Minh and Danang. 

Source: https://antlawyers.vn/library/criminal-record-in-vietnam.html