BBC Executive office

BBC Executive office of foreign investor 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 for investing in Viet Nam under the form of BCC Contract? Hnlaw & Partners would like to provide the following information about BBC executive office of foreign investors to customers who care and have demand to invest in this kind of form.

Legal base: Law on Investment 2020

1. Business cooperation contract (BCC contract)

Business cooperation contracts signed between domestic investors shall be executed in accordance with the civil law.

Procedures for issuance of investment registration certificates shall apply to business cooperation contracts signed between a domestic investor and a foreign investor, or between foreign investors.

2. Contents of BCC contracts

A business cooperation contract shall contain at least:

a) Names, addresses and authorized representatives of parties to the contract; business address or project address;

b) Objectives and scope of business;

c) Contributions by the parties to the contract, and distribution of business investment results between the parties;

d) Schedule and duration of the contract;

dd) Rights and obligations of parties to the contract;

e) Adjustment, transfer and termination of the contract;

g) Responsibilities for breaches of the contract; method of dispute settlement.

3. Order and procedures to establish an executive office of foreign investors under BBCs

The foreign investor to the business cooperation contract shall submit the application for registration of operating office to the investment registration authority of the area where the operating office is intended to be located.

An application for establishment of an operating office consists of:

a) An application form which specifies the name and address of the representative office in Vietnam (if any) of the foreign investor to the business cooperation contract; name and address of the operating office; contents, duration, and operating scope of the operating office; full name, residence, ID Card or Citizen ID Card number or passport number of the head of the operating office;

b) The decision of the foreign investor to the business cooperation contract for establishment of an operating office;

c) A copy of the decision to appoint the head of the operating office;

d) A copy of the business cooperation contract.

Within 15 days from the receipt of the application prescribed in Clause 4 of this Article, the investment registration authority shall issue the Certificate of registration of operating office to the foreign investor to the business cooperation contract.

Note:

• A foreign investor to a business cooperation contract may establish an operating office in Vietnam to execute the contract. The location of the operating office shall be decided by the foreign investor depending on the requirements for contract execution.
• The operating office of a foreign investor to a business cooperation contract has its own seal; the foreign investor may open an account, hire employees, sign contracts and carry out business activities under the business cooperation contract and Certificate of registration of operating office

Shutdown of operating office of foreign investor to business cooperation contract

Within 07 working days from the day on which the decision to shut down the operating office is issued, the foreign investor shall send a folder to the investment registration authority of the area where the operating office is located. The folder consists of:

a) A decision to shut down the operating office in the case of shutdown of the operating office ahead of schedule;

b) A list of creditors and amount of debts which have been paid;

c) A list of employers and their benefits provided;

d) A tax authority’s certification of fulfillment of tax liability;

dd) A social security authority’s certification of fulfillment of social insurance obligations;

e) The certificate of operating office registration;

g) A copy of the investment registration certificate;

h) A copy of the business cooperation contract.

Within 15 days from the receipt of the application prescribed, the investment registration authority shall issue the decision to shut down the operating office.

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.

Detailed contact:

HNLAW & PARTNERS LAW FIRM

Address: DBS Building, N028, Lot 31, Commercial Services and Housing Area in Ha Tri, Ha Tri Ward, Ha Dong, Hanoi.

Email: tuvan.hnlaw@gmail.com

Hotline: 0912.918.296

http://www.hnlaw.vn/en/investment-consultancy/