brief some advice for the opening of a foreign-invested trading company to import and export granite and marble in Vietnam, advice for the opening of a foreign-invested trading company to import and export granite and marble in Vietnam, opening of a foreign-invested trading company to import and export granite and marble in Vietnam, opening of a foreign-invested trading company , import and export granite and marble in Vietnam,

Client’s Inquiry: Could you brief some advice for the opening of a foreign-invested trading company to import and export granite and marble in Vietnam?

Question:

Could you brief some advice for the opening of a foreign-invested trading company to import and export granite and marble in Vietnam and provide us a quotation if we decide to engage your firm for this matter?

ASL LAW’s ADVICE

Dear Mr. Jahan,

First of all, ASL Law would like to send our regards and sincere thanks to you (hereinafter referred “Client”) for contacting our legal service. We understand that Client is seeking legal advice for opening a foreign invested trading company to import and export granite and marble in Vietnam.

ASL LAW is ranked as the top tier Vietnam Law Firm by ASIA LAW, Legal500, WTR while ASIA Business Law Journal has ranked our managing partner lawyer Pham Duy Khuong as Vietnam’s Top 100 Lawyers. Therefore, we are grateful to present you our Legal Service Proposal for your review and consideration as follows:

  1. PRELIMINARILY COMMENTS OF ASL LAW

Under Vietnam’s WTO Commitments, foreign-invested companies engaging in distribution services will be permitted to engage in the commission agent, wholesale, and retail business of all legally imported and domestically produced products except cigarettes and cigars, books, newspapers and magazines, video records on whatever medium, precious metals and stones, pharmaceutical products and drugs, explosives, processed oil and crude oil, rice, cane and beet sugar. In addition, Granite and Marble are the construction material which is not in the list of import and export prohibited products under Vietnam Laws and Regulations. Therefore, you have rights to open a 100% foreign invested company in Vietnam to import and export granite and marble in Vietnam.

However, granite and marble are products that must be carried out the conformity announcement procedures before exporting from or importing into Vietnam.

Kindly note that the business line of retail is a conditional business lines in Vietnam according to Vietnamese Law. Accordingly, if Client participates in retail market, apart from applying for Investment Registration Certificate and Enterprise Registration Certificate, you must apply for Business certificate for this field.

One further note is that although the Vietnamese law has not had provisions on the capital of a foreign-invested company, according to our experience, the charter capital must be at least 100,000 USD dependent on the provinces that you would like to invest to be granted approval of the Competent Authority.

  1. SCOPE OF SERVICES

Following works are proposed based on the request of Client. However, depending on the specific position/situation of Client, several work items may not be necessary. Meanwhile, other works may be required. Any additional works beyond the scope of this Legal Service Proposal could be provided upon request.

DESCRIPTION

Pre-licensing procedure

1. Consulting:

·              Attending various meetings with Client to explain and confirm the main principles for setting up the Foreign-invested company to import and export granite and marble into or from Vietnam (“the Project”);

·              Preparing a list of legal documents required for implementation of the Project. Based on the information provided by Client, we will review and incorporate these documents into the application file;

2. Drafting documents:

·              Drafting the Application Dossier for implementation of the Project.

·              Drafting the Charter of the Company.

Licensing procedure

·              Reviewing and assembling all required documents to be included in the application file for implementation of the Project;

·              Representing Client to submit the application files for implementation of the Project; and

·              Acting as Client attorney to follow up with the competent authorities regarding the implementation of the Project.

Post-licensing procedure

·              Making public-notice on company establishment.

·              Assisting Client on company account opening.

·              Making and registering Company Corporate Stamp.

The roadmap for investment registration and company incorporation can be described in the following steps:

  • Preparing the application dossier: We shall collect necessary information and documents from Client. Upon receipt of necessary information and documents from you, we shall translate documents from English into Vietnamese and prepare the application dossier under the standard forms. The initial drafted application dossier shall be sent to Client for your comments. Then, after updating the application dossier based-on your comments, we shall provide finalized application dossiers for execution. We anticipate that this phase shall be completed around 05 working days.
  • Licensing procedure:
    • For Investment Registration Certificate and Enterprise Registration Certificate: around 30 – 40 working days upon submissio
    • For Business Certificate (Operation certificate): around 30 working days upon submission.
  • Post-licensing procedure: around 05 working days upon submission.

For avoidance of any doubt, in practice, the administrative procedure can be prolonged due to that the competent authority must consult relevant ministries before granting license. In such case, we shall try its best to accelerate the progress in order to obtain the approval at the soonest.

  • PROFESSIONAL FEE

Services

Capped Fee

(USD)

Opening wholly foreign-invested company

 

Opening the bank account and tax registration

The fee is included

Virtual office for 01 month

 

  • Other Corporate Service

We also do provide the corporate services with the following fees:

No

Works

Capped Fee

(USD)

Assumptions

1

Accounting services (including bookkeeping services)

 

 

1.1

Monthly tax declaration

 

The fee shall depend on the number of Invoices per quarter:

 

 

1.2

Financial reporting (CIT finalization and PIT finalization)

 

This fee includes Declaration of CIT finalization and Declaration of PIT finalization.

The fee shall be dependent on the number of Invoices.

If the number of invoices per year:

 

1.3

–  Submit all documents to authorities when have change labor (increase and decrease)

–  Closing social insurance when employee leaves

–  Applying tax code for employees

–  Consultants about labor contract

–  Payroll

–  Calculate PIT

   

2

Audit report

The fee depends on revenue

 

3

Insurance Registration for Viet name staff

 

 

3.1

From 01 to 4 employees

 

 

3.2

Software for registration social insurance

 

 

4

Work permit for foreigner

 

 

5

Granting visa

 

 

5.2

Granting Temporary Residence Card

 

 

5.3.

Granting Investor Visa

 

 

6

  Nominee Director

 

 

Other assumptions:

a)  The above fee quotation is based on US Dollar;

b)  The report(s) and all legal works will be written in English;

c)  The above fee excludes 8%VAT

  • Professional fee shall be paid to ASL LAW as follows:
  • Within 03 working days upon signing the Legal Service Proposal, Client will deposit 70% of total estimated professional fee including VAT.
  • Within 03 working days upon issuance of Enterprise Registration Certificate, Client will pay 30% of total estimated professional fee including VAT.
  • Client shall immediately notify ASL LAW of when actual payment(s) will be made on the amount specified in the invoice(s). ASL LAW will start working only upon receipt of payment of the respective invoice(s). Alternatively, ASL LAW reserves the right to withdraw the service if payment is not received 10 days after the date of the invoice. Further, in the event payments are not received by the payable date, ASL LAW reserves the right to suspend services and/or levy and collect a late payment fee of 0.5% per month up to the date of receipt of payment by ASL LAW
  1. ACKNOWLEDGEMENT AND ACCEPTANCE

Please record your agreement to the terms of this Legal Service Proposal by signing the enclosed copy of this letter in the space provided and returning it to us. This Legal Service Proposal shall be valid only if acknowledged and accepted within 45 days of the date hereof.

Once again, we would like to thank for your kind co-operation. If you have further any inquiry, please feel free to contact us.

 

Pham Duy Khuong

Managing Partner & Director

——————————————————

Confirmation of the Legal Service Proposal

I have read terms set out in this Legal Service Proposal provided with that letter. I accept those terms on behalf of the Company and confirm that I am authorized to do so.

Signed: ……………………………………………

Name and position: ……………………………….

  •  

We hope the above is of your assistance. Should you have any inquiry, please do not hesitate to contact us.

We look forward to hearing from you very soon.

Thank you for contacting with us.

ASL LAW is the top-tier Vietnam law firm for doing business in Vietnam. If you need any advice, please contact us for further information or collaboration.

    CONTACT

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    ***Other service of ASL LAW – full service Vietnam law firm ***

     

     

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