To be continued with the content of the posting last week, this posting will be focused on the legal status documents will be provides by investors, including the entity investors (company) and individual investors.
In this case, we will comment to the legal documents which are proved the legal status of investors in related to establishment, operation of entity investors or citizen status of individual investors. Based on that the project will be considered to grant by competent authority.
For the legal status documents need to provide by all investors are simple to be prepared, however there are some cases that investors will be hard to fully complete all legal status documents.
Therefore, we will express and share our experiences as well as the cases that has met in practicing by Barrso.
Individual investors mean investors are citizens of other countries or Vietnam, and they will invest at/in Vietnam territory with individual role and manner as well as their investment capital.
With respect to individual investors, they must provide the documents which are proved and showed their legal status to the competent authorities in Vietnam such as Passport (foreign investors) or Identity card (Vietnamese investors). In addition, depending on other context, the competent authorities may require for investors to equip the criminal record or other dossiers before granting the license.
Depending on where individual investors are present for, the forms of legal status documents are also different (ex: if the investors in Vietnam (both of investors as foreign investors or Vietnamese investors), the documents only need to be notarized by Vietnam competent authorities, but if the investors in oversea, the documents will be legalized by Vietnamese consulate in host country.
Entity investors mean a company or other organizations which established upon the laws of host country and invest in Vietnam territory with entity role and manner as well as its investment capital.
In fact, the legal status documents of entity investors are included the certificate of business registration or other legal documents related. However, depending on other laws of each country that legal status documents are also not the similar (Ex: In Hongkong: the entity may have over one license as (i) certificate of business registration which is limited duration of activities and (ii) certificate of corporation. Although it is showed to be any forms, but the legal status documents of entity investors must be basically expressed information such as name of the company, date of issuance, the headquarter of the company, and business license). Etc.
Based on that we will express some aspects that need to be attendant by Investors.
Aspect No. 1: The legal status documents may be legalized at Vietnam, or all legal status documents must be legalized at Vietnamese consulate in oversea.
In principal, all documents must be legalized at Vietnamese consulate before bringing and using in Vietnam for legal procedures (except, it is exempt by international treaties that Vietnam is a member, or the prevailing regulations in Vietnam)
However, there are special cases that investors may be legalized the documents in Vietnam (Ex: The Korean consulate in Vietnam, if the legal status documents have confirmed by the seal of Korean consulate in Vietnam, investors can use this for legal procedures in Vietnam, and they only do one step at department of foreign affairs in Tp. Ho Chi Minh).
Each country will have other regulations regarding the power of legalization of their consulates, so the investors would like to know in detailed information, please contact with Barrso’s lawyers for legal advice.
Aspect No. 2: Some specific cases, investors need to show other documents to be confirmed business lines if their license is not obtained the business lines.
Ex: To confirm the competent authorities for dealing with the legal procedures.
The entity investors operate into the other business lines such as trading activities or tourism activities or education activities. In specific case, when foreign trader would like to open a representative office in Vietnam, they need to certify the business line, for confirmation of jurisdiction which is in competent to deal with or grant the licenses.
In case, the license does not obtain the business lines, so investors need to show some documents such as financial report, the charter or memorandum of the company to prove the business lines.
Aspect No. 3: To be swear at some foreign consulates in Vietnam (ex: France consulate. etc.)
As supporting their citizen, they can accept the swear procedures at consulates to their citizen as France consulate and other consulates. Please connect with Barrso’s lawyer for detailed advice.
Regarding the adjuration procedures, it can be implemented by the attorney- in – fact. Therefore, the foreign investors do not need to go there directly, they can make the power of attorney to some staffs or someone else (here called as “the attorney- in – fact”)
Aspect No. 4: In general, the most of documents before connecting with foreign consulates in Vietnam or Vietnamese consulate in Oversea, the documents must be having the stamp of (i) notary public in oversea (ii) competent ministry of host country.
The clients need to save the time for preparing the legal status documents, please feel free to let barrso’s lawyers to help.