Legal Advisory service

Each country has its own law system to influence targets needing to be regulated. Foreign investors and enterprises operating in Vietnam is not exempt from such obligations. This, on the one hand, creates fairness in rights and duties, on the other hand, incurs difficulties, even risks if violated.

Therefore, to ensure compliance and mitigate risks, foreign investors and enterprises always refer to consulting services and legal advisory during their business operation.

Legal advisory services help enterprises and investors understand the regulations, procedure about each of their activities. Every idea, business solution, regardless of long-term or short-term, all need to be legally assessed before being executed.
Being consulted and fully understand the laws will help enterprises better utilize their rights in business as well as contract negotiation.

Properly implementing the laws will timely deter violation, prevent intrinsic risks in the business itself.

Vinasc-Group-1
LEGAL ADVISORY SERVICES
  • Consulting about the laws relating to the fields and industries of the business.
  • Consulting and valuing information relating to tax credit policies, investment benefits.
  • Consulting and addressing business cases relating to the laws.
  • Consulting and addressing issues relating to labor, wages, insurance…
  • Consulting and addressing issues relating to foreign labor such as: work permits, temporary residency…
  • Consulting about investment procedure
  • Consulting about investment capital, investment execution and profit remittance abroad.
Vinasc-Group-1
NEW REGULATION CONSULTING AND UPDATING SERVICES

There are several laws affecting business activities of enterprises. These regulations are always changing, and businesses may not update in time or inadequately update about these adjustments. This leads to impending risk for enterprises. Therefore, enterprises need to proactively update on such reforms, especially those that can directly impact on their business fields.

  • Update on new policies periodically
  • Consulting, addressing issues directly affect businesses
  • Consulting and conducting adjustment procedure for businesses in accordance with new regulations
Vinasc-Group-1
AUTHORIZED LEGAL REPRESENTATIVE SERVICES

In case the enterprise only has one legal representative, that representative has to reside in Vietnam and has to offer a letter of authorization to another individual to conduct the rights and duties of the legal representative when he or she exits Vietnam.

However, our authorized legal representative services will not include the responsibility to execute business activities as a CEO of the company. The content of the authorization service is:

  • Company’s representative performs the rights and duties to governmental bodies.
  • Company’s representative performs responsibilities to employees, maintains the company while waiting from the legal representative to reenter Vietnam.

WHY CHOOSING VINASC’S LEGAL ADVISORY SERVICES?

  • Vinasc Group has experience in legal consulting for foreign investors and enterprises operating in Vietnam.
  • Thoroughly comprehend governmental regulations, operation and management mechanism for foreign enterprises.
  • Our employees can satisfy customers’ requirement for multi-language.
  • Always guarantee and comply with the progress as agreed.
  • Reasonable service fees.

Contact us to get consulted and supported when needed.

FAQ

Having more questions?

Pursuant to Clause 2, Article 9, Law on Investment 2020 (effective since 01/01/2021):

Pursuant to the laws, Parliament’s resolution, ordinance and resolution of the National Assembly Standing Committee, Government’s decree and the International Treaties, in which Vietnam is a member, the Government announces the list of industries, business lines restricted from the market approach of foreign investors, including:

a) Business lines not allowed in market access;

b) Business lines allowed in market with conditions

Pursuant to Point a, Clause 46, Article 1, Law on amendments to the criminal code 2017, penalties for tax evasion are:

1. Any person who commits any of the following acts of tax evasion with an amount of evaded tax from VND 100,000,000 to under VND 300,000,000 or under VND 100,000,000 while having incurred an administrative penalty for tax evasion or having an unspent conviction for any of the offences specified in Article 188, 189, 190, 191, 192, 193, 194, 195, 196, 202, 250, 251, 253, 254, 304, 305, 306, 309 and 311 hereof shall be liable to a fine of from VND 100,000,000 to VND 500,000,000 or face a penalty of 03 – 12 months’ imprisonment:

a) Failure to submit the application for tax registration; failure to submit the tax declaration; submitting a tax declaration after 90 days from the deadline for submitting the tax declaration or after the extended deadline for submitting the tax declaration as prescribed by law;

b) Failure to record revenues related to the determination of tax payables in accounting books;

c) Failure to issue invoices after selling goods/services or write lower values on invoices than actual values of goods/services sold;

d) Use illegal invoices or vouchers to record purchased goods and raw materials that results in reduction of tax payable or increase exempt, reduced, deductible or refundable tax;

đ) Use of other illegal documents to falsify the amount of tax payable or increase exempt, reduced, deductible or refundable tax;

e) Making incorrect declaration of exported or imported goods without making an additional declaration after customs clearance are granted, except in the circumstances specified in Article 188

g) Failure to declare or to correctly declare taxes on exported or imported goods, except in the circumstances specified in Article 188 and Article 189 hereof;

h) Collaborating with the consignor to illegally import goods, except in the circumstances specified in Article 188 and Article 189 hereof;

i) Using tax-free goods, goods eligible for tax exemption or conditional tax exemption for improper purposes without notifying the change of purposes to the tax authority.

For legal entities:

Punishments incurred by a corporate legal entity that commits any of the offences specified in this Article:

a) Any corporate legal entity that commits any of the acts of tax evasion specified in Clause 1 of this Article with an amount of from VND 200,000,000 to under VND 300,000,000 or from VND 100,000,000 to under VND 200,000,000 while having incurred an administrative penalty for tax evasion or having an unspent conviction for any of the offences specified in Article 188, 189, 190, 191, 192, 193, 194, 195 and 196 hereof shall be liable to a fine of from VND 300,000,000 to VND 1,000,000,000;

b) A corporate legal entity that commits this offence in any of the circumstances specified in Points a, b, d and dd Clause 2 of this Article shall be liable to fine of from VND 1,000,000,000 to VND 3,000,000,000;

c) A corporate legal entity that commits this offence in any of the circumstances specified in Clause 3 of this Article shall be liable to a fine of from VND 3,000,000,000 to VND 10,000,000,000 or has its operation suspended for 06 – 36 months;

d) A corporate legal entity that commits this offence in the circumstance specified in Article 79 hereof shall be permanently shut down;

đ) The violating corporate legal entity might also be liable to a fine of from VND 50,000,000 to VND 200,000,000, be banned from operating in certain fields or raising capital for 01 – 03 years

Pursuant to Clause 1, Article 37, Law on Investment 2020, the enterprise belonging to one of these cases will have to undertake procedures for issuance of investment registration certificates:

-Investment projects of foreign investors.

– When establishing a business entity, when making investment by contributing capital, purchasing shares or purchasing stakes of a business entity or when making investment under a business cooperation contract in one of the following cases, the foreign investor must satisfy the conditions and follow investment procedures applied to foreign investors:

a) Over 50% of its charter capital or more is held by a foreign investor(s) or the majority of the general partners are foreigners if the business entity is a partnership;

b) Over 50% of its charter capital or more is held by a business entity(ies) mentioned in Point a, Clause 1, Article 24 of this law;

c) Over 50% of its charter capital or more is held by a foreign investor(s) and a business entity(ies) mentioned in Point a, Clause 1, Article 24 of this law.

Pursuant to Clause 2, Article 37, Law on Investment 2020, enterprises belonging to one of these cases are not required to have investment registration certificates:

a) Investment projects of domestic investors;

b) Investment projects of the business entities other than those required to have investment registration certificates shall satisfy conditions and follow investment procedures applied to domestic investors when establishing a business

entity, when making investment by contributing capital, purchasing shares or purchasing stakes of a business entity or when making investment under a business cooperation contract.

c) Investment in the form of capital contribution, purchase of shares or stakes in a business entity;

Pursuant to Article 5 and Article 169, Land Law, foreigners are not the subjects that are allocated land or leased land, have land use rights recognized by the State, or acquire land use rights in Vietnam. Henceforth, foreigners cannot receive transfer of land use rights (so-called purchase land) in Vietnam.

Pursuant to Article 159, Law on Housing 2014 about purchasing (owning) houses, foreigners eligible for homeownership in Vietnam include:

a) Foreign entities who invest in project-based housing construction in Vietnam as prescribed in this Law and corresponding regulations of law;

b) 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);

c) Foreign individuals who are allowed to enter Vietnam.

This law also mentions that foreign entities in Vietnam are eligible for homeownership only by these following formats:

a) Invest in project-based housing construction in Vietnam as prescribed in this Law and corresponding regulations of law;

b) 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.

Henceforth, foreign entities wishing to purchase housing in Vietnam can only purchase houses for living (including apartments and separate houses) in the project for commercial housing construction, except for national defense and security areas

INFORMATION CONFIDENTIALITY

Our team always respects customers’ privacy and guarantee to protect your information during our consulting activities

COMPLIANCE

Complying with the laws, service contracts are our goal and principle in our consulting activities.

TIMELY SUPPORT

Providing timely services while ensuring compliance and quality control will persistently be the operating principle of Vinasc.

error: Content is protected !!