BBC Executive office of foreign investors
BBC Excecutive office of foreign investors Investment project under BCC contract is a quite common kind of project that anyone can hear on radio, newspapers or news. However, not many people know exactly such kind of project could be operated. BCC contract is one of four form of investment in Viet Nam beside the form of establishing an economic organization; form of contributing capital, purchasing shares, part of capital and form of PPP contract. So what is BCC contract? Is there any note when investing in Viet Nam under the form of BCC Contract? BBC executive office of foreign investors HNLaw & Partners would like to provide the following information to customers who care and have demand to invest in this kine of form.
Legal base: Law on Investment 2014 BBC Executive office of foreign investors
1. BCC Investing under the form of BCC contract
BBC Executive office of foreign investors According to clause 9 Article 3 Law on Investment, BCC contract is defined as follows:
Business Cooperation Contract (hereafter referred as BCC) is a kind of contract signed between investors to cooperate on the business and share the profit without establishing econimic organization.
Hence, BCC often tent to the subjects interested in profit and for projects which are not excecuted for a long-term.
Subjects of BCC is regulated in Article 28 Law on Investment as follows:
- BCCs signed between domestic investors: comply with the civil law;
- BCCs signed between domestic investors
and foreign investors or
between foreign investors: the procedures for grant of investment registration
certificates shall be carried out.
2. Contents of BCC contracts
Parties to a BCC contract have the right to agree on contents which must not be contrary to law but the contract must has the following contents:
- Names, addresses and competent representatives of contractual parties; transaction address or address of the project implementation site;
- Objectives and scope of business investment activities;
- Contributions of contractual parties and distribution of business investment results between the parties;
- Contract performance schedule and duration;
- Rights and obligations of contractual parties;
- Modification, transfer and termination of the contract;
- Liabilities for breaches of contract, method of dispute settlement.
3. Order and procedures to establish an executive office of foreign investors under BBCs
According to article 49
Law on Investment Foreign investors under BCCs shall submit dossiers of
registration for establishment of executive offices to investment registration
localities where these offices are to be located. A dossier of registration for establishment of an executive office must comprise:
- The written registration for establishment of an executive office, stating the name and address of the Vietnam-based representative office (if any) of the foreign investor under the BCC; name and address of the executive office; contents, duration and scope of operation of the executive office; and full name, place of residence and identity card or passport of the head of the executive office;
- The decision of the foreign investor under the BCC on the establishment of the executive office;
- A copy of the decision appointing the head of the executive office;
- A copy of the BCC.
Within 15 days after receiving a dossier, the investment registration agency shall grant an executive office operation registration certificate to the foreign investor.
- Foreign investors under BCCs shall decide on locations of these offices to meet contract performance requirements.
- Executive offices of foreign investors under BCCs must have their own seals; and may open accounts, recruit employees, sign contracts and conduct business activities within the ambit of their rights and obligations stated in the BCCs and their establishment registration certificates.
4. Terminating the excecute office of foreign investors under BCCs
Within 07 working days from the date execute office termination decision, the foreign investor sends a dossier announcing investment registration agency where the the execute office is located. The dossier includes:
- Decision on the termination of the execute office in case such execute office terminating the operation before the registered term;
- List of creditor and the amount of paid debt;
- List of employees and the benefits of the employees which are solved;
- The affirmation of the tax agency on the tax obligation completion;
- The affirmation of the social insuarance agency on the social insuarance obligation completion;
- The affirmation of the police agency on the seal cancel;
- The Execute office registration certificate;
- A copy of Investment Registration Certificate;
- A copy of BCC
Within 15 days from the date of receiving the full dossier, the investment registration agency decide to recovery the Execute office registration certificate.
Above is the consult on “Executive office of foreign investors under BBC contract” of HNLaw & Partners. Customers who have any question or demand to use legal services please contact Company directly for detailed consults and best support.
HNLAW & PARTNERS LAW FIRM
Address: DBS Building, N028, Lot 31, Commercial Services and Housing Area in Ha Tri, Ha Tri Ward, Ha Dong, Hanoi.