The Ministry of Industry and Trade has proposed regulations on conditions for granting business licenses for foreign investors at a draft Decree instructing in details commodity trading and other related activities carried out by foreign-invested enterprises in Viet Nam as part of the Law on Trade.
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The Ministry of Industry and Trade has proposed regulations on conditions for granting business licenses for foreign investors at a draft Decree instructing in details commodity trading and other related activities carried out by foreign-invested enterprises in Viet Nam as part of the Law on Trade.
Foreign investors in nations or territories joining international treaties to which Viet Nam is a member and committed to opening market will be rewarded with business licenses when they meet these criteria:
- Granted with business registering certificates or other equal legal certificates
- Meeting the conditions of market access limitations specified in international treaties to which Viet Nam is a member
- Having financial plan to implement the activities on business license
- Cleared from overdue tax debts for foreign-invested economic organizations operating in Viet Nam for more than one year
- Approved by authorities as regulated
In case foreign investors not in countries and territories participating the international conventions to which Viet Nam is a member or operating in fields Viet Nam has not committed to opening market, authorized agencies will decided the license granting based on comments of the Ministry of Industry and Trade and other relevant ministries and agencies.
The term for a business license granted to foreign-invested economic organizations is suitable with regulations on the term of investment projects defined in the Law on Investment.
The term for a business license granted to foreign investors not from countries and territories participating the international conventions to which Viet Nam is a member or operating in fields Viet Nam has not committed to opening market is five years.
The term for re-issued business license is equal to the previous one.
(Source:VGP)
