Plan to Simplify Regulations on Telecom, Gaming, Internet Service

  In the process of economic integration and development, in order to create favorable conditions for business and service sectors under the management of the Ministry of Information and Communications, Vietnam has approved the plan to reduce and simplify regulations a number of regulations under its control.

Accordingly, Decision No. 1994/QD-TTg agreed to reduce and simplify regulations related to business lines: Provision of pay radio and television services; Provide G1, G2, G3, G4 video games online; Newspapers; Telecommunications service business; publisher’s activities; Business in printing services, except for packaging printing; Publishing services business; Postal services; Information Technology; Science and technology; Domain name registration and maintenance services; Internet; Network information security products and services in Vietnam.  It is important for the company operating in the areas of concern to consult with telecom, internet business, media lawyers to follow up with specific changes in law in Vietnam.

These are industries with fast-growing trends and have a strong impact on other industries as well as on the overall economic development. Therefore, the facilitation and restriction of procedures will contribute to attracting foreign investment and creating development motivation for businesses, quickly catching up with the rapid changes of services, improving the quality of services and improving the quality of services information and communication products.

Accordingly, on procedures for granting certificates of eligibility to provide public electronic game services, for the application components “Plan for the location of the computer room of the public video game service point suitable according to the prescribed area” and “Pay the fee for the issuance of the Certificate of eligibility to operate the point of supply providing public video game services” were abolished. Especially, it is subject to change immediately after the time of licensing. Therefore, the information of the location of the machine room option at the time of consideration for licensing is of little significance. Besides, the Decision also mentions supplementing the form of implementing administrative procedures on electronic means (changing the form of paper copies into electronic ones) to be flexible and ensure consistency with the Enterprise Law 2020 in the implementation for businesses.

The decision also abolishes administrative procedures for granting licenses to provide G1, G2, G3, G4 video game services online. According to the plan, many procedures with G1 online game service will be abolished such as: licensing procedures; license re-issuance; license renewal or procedures for amending and supplementing the license to provide G1 video game services on the internet… This is a meaningful abolition decision for the practice of licensing video games. Because, it is challenging for state agencies to request enterprises to apply for permits and report every time they change their business plans, affecting the autonomy of enterprises as well as creating huge inadequacies in terms of business administrative procedures.

In addition, business conditions: “The publisher’s office has an appropriate area, meets the provisions of the law on standards and norms for using the office” has been simplified to ” having an office that meets the provisions of law on standards and norms for using the office”. This change is reasonable, because the criterion of suitable area has no basis for explanation. Moreover, the area of ​​the publisher’s headquarters is not related to the management of the State. With the new regulations, publishers can be autonomous in choosing the right area, ensuring space for business activities. At the same time, the Decision also combines two administrative procedures including re-issuance and renewal of licenses for printing and publishing publications into one administrative procedure, limiting cumbersome procedures, saving time and costs for businesses.

In addition, in the field of publication distribution service business, the Decision simplifies the process of granting certificates of registration for publishing and publishing electronic publications in the direction of only performing the verification process determining the project of publishing and distributing electronic publications. Therefore, if the project is eligible and accepted, the enterprise will be granted a certificate of operation registration immediately.

According to the simplified version of the Decision, the Postal Business Registration Certificate and the Postal Investment Certificate in Vietnam will be merged into the Business Registration Certificate.

Therefore, the introduction of Decision No. 1994/QD-TTg has reduced and simplified procedures; help the process of preparing documents quickly; save time for organizations and individuals when carrying out administrative procedures and minimize the cost of administrative compliance.

Source: https://antlawyers.vn/library/plan-to-simplify-regulations-on-telecom-gaming-internet-service.html

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From Compliance to Excellence – Corporate Governance Lawyers in Vietnam

 How can corporate governance lawyers in Vietnam help investors?

In the dynamic landscape of global business, Vietnam has emerged as a vibrant hub for foreign investment and economic growth. As multinational corporations and entrepreneurs set their sights on this promising Southeast Asian nation, they encounter a range of opportunities and challenges. One vital aspect of navigating Vietnam’s business environment is ensuring that corporate governance standards are not only met but exceeded. This is where corporate governance lawyers in Vietnam play a pivotal role, helping investors invest confidently while adhering to local regulations and achieving excellence in corporate governance.

The Vietnamese Business Landscape: Opportunities and Challenges

Vietnam’s economic transformation over the past few decades is nothing short of remarkable. The country has shifted from a centrally planned economy to a dynamic market-oriented one, attracting foreign direct investment (FDI) across various sectors. From manufacturing and technology to real estate and financial services, Vietnam offers abundant opportunities for investors seeking to tap into its potential.

However, with great opportunities come significant challenges. Navigating the Vietnamese business landscape requires a nuanced understanding of local laws, regulations, and cultural nuances. Corporate governance, in particular, demands careful attention. Ensuring that your business complies with Vietnamese corporate governance standards can be complex, as these standards are continuously evolving.

The Role of Corporate Governance Lawyers in Vietnam

Corporate governance encompasses a wide range of practices, processes, and policies that guide how a company operates and makes decisions. In Vietnam, as in many countries, corporate governance is a critical factor in building trust among investors, stakeholders, and the public. Corporate governance lawyers in Vietnam act as guides, helping businesses adhere to local laws, regulations, and best practices.

1. Navigating Legal and Regulatory Frameworks: Corporate governance lawyers are well-versed in the legal and regulatory frameworks that govern businesses in Vietnam. They provide essential advice on compliance with local laws and regulations, including corporate governance codes and requirements.

2. Structuring and Compliance: One of the initial steps for foreign investors is choosing the right business structure, whether it’s a joint venture, wholly foreign-owned enterprise, or another form of business. Corporate governance lawyers assist in selecting the appropriate structure and ensure it complies with local laws.

3. Corporate Governance Best Practices: Excellence in corporate governance goes beyond mere compliance. Corporate governance lawyers help businesses adopt international best practices, promoting transparency, accountability, and ethical conduct within the organization.

4. Corporate Social Responsibility (CSR): As the world becomes more socially conscious, CSR initiatives have gained prominence. Corporate governance lawyers can guide businesses in developing CSR programs that align with their values and contribute positively to the Vietnamese community.

5. Conflict Resolution: In the event of disputes or conflicts within the company or with external parties, corporate governance lawyers play a crucial role in dispute resolution, protecting the interests of the business and its stakeholders.

Key Considerations in Vietnamese Corporate Governance

To invest confidently in Vietnam, it’s essential to consider some key areas where corporate governance lawyers in Vietnam provide invaluable assistance:

1. Ownership Structure: Vietnam has restrictions on foreign ownership in certain sectors. Corporate governance lawyers help investors navigate these limitations and identify strategies for compliance.

2. Corporate Disclosure: Transparency is vital in corporate governance. Lawyers ensure that businesses provide accurate and timely information to shareholders, regulators, and the public.

3. Board of Directors: Corporate governance lawyers in Vietnam assist in structuring boards of directors that are diverse, experienced, and aligned with the company’s goals.

4. Ethical Conduct: Upholding ethical standards is a cornerstone of corporate governance. Legal professionals help companies establish and enforce ethical guidelines.

5. Risk Management: Identifying and mitigating risks is crucial for long-term success. Corporate governance lawyers in Vietnam work with businesses to develop risk management strategies that protect their interests.

6. Data Privacy and Cybersecurity: With the increasing importance of data, lawyers help businesses navigate data privacy laws and cybersecurity threats.

7. Environmental and Sustainability Compliance: Aligning with global sustainability trends, businesses in Vietnam need to focus on environmental and sustainability practices. Corporate governance lawyers in Vietnam help in ensuring compliance with environmental regulations.

Investing with Confidence

Investing in Vietnam is not without its challenges, but the rewards can be substantial. Corporate governance lawyers in Vietnam act as trusted advisors, helping businesses invest confidently, comply with local regulations, and excel in corporate governance.

By working closely with legal experts who understand the intricacies of Vietnam’s business environment, investors can position themselves for success. From structuring businesses for optimal results to implementing ethical and transparent practices, corporate governance lawyers play a vital role in ensuring that businesses not only comply with the law but also thrive in the Vietnamese market.

As Vietnam continues its journey as an attractive destination for foreign investment, corporate governance lawyers in Vietnam are indispensable partners for investors aiming to navigate the complexities of the Vietnamese business landscape. These legal professionals provide the expertise, guidance, and strategies necessary for businesses to invest confidently, comply with local regulations, and achieve excellence in corporate governance, ultimately contributing to their long-term success in this thriving Southeast Asian nation.

ANT Lawyers, law firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/update/corporate-governance-lawyers-in-vietnam.html

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How to Set-up Travel Services Business in Vietnam

  Foreign investor could only set-up joint venture with Vietnam travel agency to set-up travel services business in Vietnam because transport of passenger belongs to investment areas with conditions applied to foreign investor in Vietnam.

No one could deny that information technology has tremendously changed the way travel services business operates. The use of booking reservation system application on smartphone and internet are widespread that make travel has never been easier.  Foreign investor would be interested to explore the travel services market. However, 100% foreign owned company is not allowed to set-up travel services business in Vietnam. As this investment area is conditional, it is advised that a law firm in Vietnam should be consulted to ensure compliance with local regulations.

The application process and documents requirements are briefly as following:

I. Required documents:

1. Application for the International Travel Business License (form);
2. Certificate of business registration (copy – certified)
3. Business plan for the international travel agency;
4. Tour schedule
5. Proof of at least 4 years of experience in international travel business operations
6. Certified copies of the tourist guides’ cards whereby at least 3 international tourist guides are required
7. Confirmation of bank deposit (as per regulations);
8. Proof of office premises or legally registered place of business

II. Business License Application Procedure

1. Submission of the required documents to the correct authority (Department of Culture, Sports and Tourism of the province/city where the business is headquartered).
2. The Department of Tourism of the province/city completes the records of appraisal and submits a written request with the agency’s records to the Ministry of Culture, Sports and Tourism in Vietnam within ten working days from the date of receipt of a valid application. When cases are not eligible for the proposed permit to the state agencies, the provincial tourism department shall cite the specific reasons for refusal.
3. The state management agency of tourism (VNAT – Ministry of Culture, Sports and Tourism) is responsible for reviewing and licensing the international travel business within ten working days from the date of both receipt of the file and written request of the state agency of tourism in the province. In case of refusal, the ministry shall state the specific reasons to the state and provincial tourism authorities

III. Number of records

– Submission to the Department of Culture, Sports and Tourism: 01

– Tourism Authority Filed in: 01

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers have Attorneys in Hanoi, Attorneys in Ho Chi Minh and Attorneys in Danang.

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How to Invest, Do Business and Reside in Vietnam in 2022?

  With economic opening policies, especially after the Covid-19 pandemic, Vietnam is an attractive destination for foreign investors. Accordingly, the number of foreign investors in Vietnam is constantly increasing. In order to create favorable conditions for individual investors with direct capital investment or representatives of foreign organizations investing in Vietnam to live, work, Vietnam has policies, suitable for each type of investor in being granted temporary residence cards in Vietnam.

Investors using visas, temporary residence cards under the investment category sponsored  by foreign investment companies and with the temporary residence card symbol DT, are divided into three types of temporary residence cards as follows: (i) DT1 – Issued to foreign investors in Vietnam and representatives of foreign organizations investing in Vietnam with a contributed capital of VND 100 billion (USD 4.5 mil) or more or investing in industries, professions eligible for investment incentives, geographical areas with investment incentives decided by the Government; (ii) DT2 – Issued to foreign investors in Vietnam and representatives of foreign organizations investing in Vietnam with a contributed capital of between VND 50 billion (USD 2.3 mil) and under VND 100 billion or investing in industries, trades to encourage development investment decided by the Government; (iii) DT3 – Issued to foreign investors in Vietnam and representatives of foreign organizations investing in Vietnam with capital contribution from VND 03 billion (USD 136k) to less than VND 50 billion. Temporary residence cards with a specific term for investors and representatives of foreign organizations investing in Vietnam are as follows: Temporary residence cards with symbol DT1 have a term of not more than 10 years; Temporary residence card with symbol DT2 is valid for no more than 05 years; Temporary residence card with symbol DT3 is valid for no more than 03 years. In case foreign investors and representatives of foreign organizations investing in Vietnam with a contributed capital of less than VND 03 billion, they will not be granted a temporary residence card, instead they will apply for a signed visa DT4 which is valid for no more than 12 months.

The application file for applying for a temporary residence card to a foreign investor must be documents proving the status of the sponsoring agency, organization, individual; documents proving the relationship between the investor and the sponsoring agency, organization or individual; information of the sponsored investor; relevant document information to determine the type of temporary residence card issued to investors; and declarations in accordance with the law.

If foreign investors and representatives of foreign organizations investing in Vietnam wishing to stay in Vietnam, they need to apply for a temporary residence card according to the conditions, documents, procedures of Vietnamese law.  It is important to consult with immigration law firm in Ho Chi Minh City, or in Hanoi, Da nang for effective solutions.

Source: https://antlawyers.vn/library/how-to-invest-do-business-and-reside-in-vietnam-in-2022.html

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How to Close a Business in Vietnam?

  All corporations, companies, partnerships, branch offices, representative offices and other business entities are legal entities in Vietnam which can only be dissolved through formal procedures. The following will be discussing about how to close a business in Vietnam.

What are the major challenges with closing a business in Vietnam?

The main thing to remember throughout the process is that the dissolving company, a branch office or a representative office, one  should pay close attention to the involvement of all key stakeholders, i.e. the employees, customers, creditors, business partners and relevant authorities.

The following are key information to gather for thorough analysis

• Company size in terms of capital and number of employees?
• Enterprise’s business sector?
• Tax invoice usage declaration?
• Annual profit?
• Compliance with tax procedures?
• Administrative violations in the field of taxation?
• Any outstanding tax?
• Tax document filing records?
• Other tax matters?

What does the dissolution process involve?

Once an analysis has been through, the next procedures mostly deal with reporting and submitting the relevant documents to the various regulators and tax authorities at each step of the process, terminating contracts, liquidating assets and settling liabilities, and general administrative work such as returning the corporate seal, registration certificates, and having the company’s name removed from the system of the license authorities.

How to prepare document to close a business in Vietnam?

1. Documents submitted to the licensing authority in Vietnam:

• Liquidation notice of enterprise;
• Minutes of the meeting of Management Board / Board of Directors decided on the dissolution of enterprises;
• The company’s decision on liquidation;
• Report on enterprise asset liquidation;
• The list of creditors and the paid debt;
• Documents evidencing that enterprise has fulfilled all of its tax;
• Confirmation on social insurance for employees after the dissolution decision;
• The seal and certificate of seal sample registration.

2. Documents submitted to the tax authority in Vietnam:

• Liquidation notice of enterprise;
• Minutes of the meeting of Management Board / Board of Directors decided on the dissolution of enterprises;
• The company’s decision on dissolution;
• Audit reports and tax settlements;
• The financial statements for the year to date the decision on dissolution;
• The company’s tax liabilities audited by tax authority;
• Verification of tax obligations of the enterprise.

Closing a business in Vietnam might be a lengthy process and more complicated than setting up a company in Vietnam.  Sometimes, it is important to make a decision to exit and start a new venture to continue doing business in Vietnam.

As a law firm in Vietnam, we do assist clients to close the business, exit the investment and deal with pending issues with licensing authorities including department of planning and investment, department of labour, tax bureau and others.

Source: https://antlawyers.vn/library/how-to-close-a-business-in-vietnam.html

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Establish Business in Vietnam and Obtain Business Registration Certificate

  It is getting easier for the investor in doing business in Vietnam. In order for the investor to do business in Vietnam, the investor needs to establish business in Vietnam. Business registration certificate is considered a legal document of an organization, which is a paper or electronic document that records information related to business registration that the Business Registration Authority grants to an enterprise.

What to prepare for submission to establish business in Vietnam?

According to the provisions of the Law on Enterprises, to establish business in Vietnam, the investors need to prepare the following:

• Enterprise name ;
• Address where the head office of the enterprise is located;
• Full name, contact address, nationality, number of legal papers of the individual, for the legal representative of limited liability companies and joint stock companies; for general partners of a partnership company; for business owners of private enterprises.
• Full name, contact address, nationality, number of legal papers of the individual, for members being an individual; name, enterprise identification number and head office address of the member being an organization, for limited liability companies;
• Charter capital for companies, investment capital for private enterprises.

In which, the name of the enterprise must be a Vietnamese name consisting of two elements: type of business and proper name.

Currently, Vietnam recognizes four types of enterprises when the investors chose to establish business in Vietnam:

• Limited liability companies
• Joint stock companies
• Partnerships
• Private enterprises

The enterprise’s proper name can be written with the letters of the Vietnamese alphabet, the letters F, J, Z, W, numbers and symbols. The enterprise code element recorded on the Certificate of Business Registration is a series of numbers created by the National Information System on Business Registration, issued to an enterprise upon its establishment, and recorded on the Certificate of Business Registration. Each business has only one unique code and that code will not be reused for other businesses.

Business registration procedures to establish business in Vietnam

The business registration can be carried out directly at the Vietnam Business Registration Office or through the postal service or through the electronic information network. If choosing the form of enterprise registration via electronic information network, the enterprise founder shall submit an application at the National Enterprise Registration Portal. Business registration documents will be presented in electronic form and have the same legal value as paper business registration documents.

The business registration agency is responsible for reviewing the validity of the enterprise registration dossier and granting the Business registration certificate within 03 working days from the date of receipt of the application. In case the application is not sufficient or not prepared according to the regulations, the business registration agency must notify in writing the contents that need to be amended and supplemented to the enterprise founder.

If the business registration authority refuses to register the enterprise, it must notify in writing the enterprise founder and clearly state the reasons. The company could prepare its own submissions or hire a Vietnam business lawyers to assist with the submissions to establish business in Vietnam.

Source: https://antlawyers.vn/library/establish-business-in-vietnam-and-obtain-business-registration-certificate.html

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The Crucial Role of Compliance Lawyers in Vietnam in Business Operations

  In the ever-evolving global business landscape, ensuring compliance with laws and regulations is of paramount importance for companies seeking success and sustainability. Vietnam, with its rapidly developing economy, is no exception to this rule. As businesses in Vietnam expand and face increasingly complex legal challenges, the role of compliance lawyers in Vietnam has become more crucial than ever. In this article, we will delve into the significance of compliance lawyers in Vietnam and how they contribute to the smooth operation and growth of businesses in the region.

Compliance Lawyers in Vietnam: Navigating a Complex Legal Landscape

Vietnam boasts a thriving economy and a business-friendly environment that attracts both domestic and foreign investors. However, this burgeoning market also presents numerous legal intricacies and regulatory hurdles that businesses must navigate. Compliance lawyers in Vietnam play a pivotal role in assisting companies in understanding and adhering to these regulations.

Vietnamese Regulatory Framework: The Vietnamese legal system is a combination of civil law and socialist legal traditions. This unique blend results in a complex regulatory environment that requires in-depth legal expertise to decipher. Compliance lawyers are well-versed in Vietnam’s legal framework and can guide businesses through its intricacies.

Foreign Investment Regulations: Vietnam has attracted significant foreign direct investment (FDI) in recent years. Compliance lawyers help foreign investors understand the legal requirements for establishing and operating businesses in Vietnam, including company registration, licensing, and compliance with investment incentives.

Labour Laws and Employment Regulations: Compliance with labour laws and employment regulations is critical for businesses in Vietnam. Compliance lawyers ensure that companies adhere to these laws in areas such as labor contracts, wages, working hours, and occupational safety.

Intellectual Property Protection: Intellectual property rights are essential for businesses operating in Vietnam. Compliance lawyers assist in trademark registration in Vietnam, patent protection in Vietnam, and enforcement of intellectual property rights, safeguarding a company’s innovations and branding.

The Role of Compliance Lawyers in Business Expansion

Compliance lawyers in Vietnam are integral to the growth and expansion of businesses in the country. Their expertise goes beyond ensuring legal compliance; they also provide strategic guidance to help companies navigate complex legal terrain.

Market Entry Strategies: When companies decide to enter the Vietnamese market, compliance lawyers offer valuable insights into market entry strategies. They assess the regulatory requirements for different industries, helping businesses choose the most suitable entry approach.

Contractual Agreements: Drafting and reviewing contracts in Vietnam is a core responsibility of compliance lawyers. They ensure that contracts are legally sound, protect their clients’ interests, and comply with Vietnamese laws. This includes agreements with suppliers, distributors, and business partners.

Mergers and Acquisitions: In a dynamic market like Vietnam, mergers and acquisitions (M&A) are common strategies for growth. Compliance lawyers in Vietnam facilitate M&A transactions by conducting legal due diligence in Vietnam, assessing legal risks, and ensuring regulatory compliance throughout the process.

Mitigating Legal Risks in Vietnam

One of the primary functions of compliance lawyers in Vietnam is to identify and mitigate legal risks for their clients. Given the evolving nature of regulations and the potential for legal disputes, proactive risk management is essential for businesses.

Compliance Audits: Compliance lawyers in Vietnam conduct thorough audits to assess a company’s adherence to relevant laws and regulations. These audits help identify areas of non-compliance and provide recommendations for corrective action.

Regulatory Changes: Vietnam’s legal landscape is subject to change. Compliance lawyers continuously monitor regulatory updates in Vietnam and advise their clients on necessary adjustments to maintain compliance.

Dispute Resolution: In the event of legal disputes or regulatory violations, compliance lawyers work closely with dispute lawyers in Vietnam to represent their clients and work towards resolving issues through negotiation, mediation, arbitration or litigation while minimizing reputational and financial risks.

Building Ethical Corporate Cultures

Compliance lawyers not only ensure legal adherence but also promote ethical business practices. They help companies establish a culture of integrity and compliance, which is crucial for long-term success and reputation management.

Code of Conduct: Compliance lawyers assist in developing and implementing a code of conduct that aligns with legal requirements and ethical standards. This code serves as a guideline for employees and management.

Employee Training: To foster a culture of compliance, compliance lawyers organize training programs to educate employees about relevant laws, regulations, and ethical principles. This empowers employees to make informed decisions in their daily activities.

Whistleblower Protection: Compliance lawyers help companies establish whistleblower protection programs to encourage employees to report any potential violations or unethical behavior without fear of retaliation.

The Increasing Demand for Compliance Lawyers in Vietnam

As businesses in Vietnam expand and the regulatory environment becomes more intricate, the demand for compliance lawyers has been steadily increasing. This trend is driven by several factors:

Foreign Investment Inflows: Vietnam continues to attract foreign investors seeking opportunities and set up companies in Vietnam in various sectors, including manufacturing, technology, and services. Compliance lawyers are essential for foreign companies looking to navigate local regulations and establish a strong presence.

Export-Oriented Growth: Vietnam’s export-oriented economy relies on compliance with international trade regulations. Compliance lawyers facilitate international trade by ensuring that businesses meet the requirements of trading partners and comply with export-import regulations.

Complex Regulatory Changes: Vietnam’s legal framework undergoes frequent modifications to align with international standards and changing economic dynamics. Compliance lawyers help companies stay updated and adjust their strategies accordingly.

Compliance lawyers in Vietnam are instrumental in supporting businesses’ growth and sustainability. Their multifaceted role encompasses legal expertise, risk management, and ethical guidance. As the Vietnamese market continues to evolve, the partnership between businesses and compliance lawyers will remain indispensable in navigating the intricate legal landscape and building ethical corporate cultures. Companies that prioritize compliance and ethical conduct not only mitigate legal risks but also enhance their reputation and competitiveness in Vietnam’s dynamic business environment.

ANT Lawyers, law firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/update/compliance-lawyers-in-vietnam.html

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