Nguyen Hung Quang, and Le Gia Khanh, lawyers at law firm NHQuang&Associates The Law on Investment 2014 requires that before establishing a business entity, a foreign investor must demonstrate a project and apply for an investment registration certificate (IRC) in accordance with the procedures of this law, and satisfy the following conditions (Article 22, Clause 1). After receiving an IRC, the financier continues to apply for an enterprise registration certificate (ERC). Holding such a certificate, they can start to do business through the newly-established enterprise. The Politburo’s Resolution No.50-NQ/TW released last August on orientations to perfect mechanisms, policies, raise quality and efficiency of foreign investment by 2030 lays down some missions for foreign direct investment (FDI) attraction, such as: (i) revising procedures and conditions in order to guarantee fair treatment between domestic and foreign investors and international commitments; (ii) overcome the situation of weak capital; and (iii) encouraging foreign backers to join markets in sectors and fields that are not required to be protected. In order to legislate for these policies, the draft amendment of the Law on Investment revises provisions relating to licensing procedures. Requirement removal The amendment draft removes the requirement for an IRC for innovative startup enterprises… Read full this story
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