Ministry of Trade and Industry shall issue licenses for establishment of branches, and the Department of Trade and Industry shall grant the license for establishment of representative office ...
The difference between the representative offices and branches:
Representative offices are dependent units of the enterprise, is responsible for the authorized representative for the benefit of business and protect such interests. The organization and operation of representative offices in accordance with the law. Thus the representative office is not directly deal, no contract was signed with the sign of economic representative offices, but can be contracted under the mandate of the enterprise and corporate seal.
Branches are dependent units of the enterprise, is responsible for implementing all or part of the business functions including functions authorized representative. Lines of business of the branch must be consistent with the lines of business of the enterprise. Branch has the authority to sign contracts on behalf of the economic branch, branch stamp.
Now responsible for the obligations arising from the transaction of representative offices and branches.
Authority to issue licenses:
1. The Ministry of Trade and Industry implemented the grant, amend, supplement, renewal and revocation of licenses for establishment of branches operating in the areas specified in paragraph 2 of Article 2 of this Decree.
2. The Department of Trade and Industry implemented the grant, amend, supplement, renewal and revocation of licenses established representative offices.
Conditions:
- Foreign traders are active and registered business;
- Having been operating for more than 05 years since registration (for branch) or 01 years (for RO);
- Not investing in restricted industries.
Documents:
1. Dossiers license established representative offices include:
a) An application for a license to set up representative offices in the form of the Ministry of Commerce by authorized representatives of the foreign merchants;
b) Copy of business registration papers or the equivalent value of the foreign traders were competent authority where foreign traders established confirmation. In the case of business registration certificates or documents of equivalent value specified duration of operation of foreign traders, the duration of which must be at least 01 years,
c) financial statements audited or other material of equivalent value to prove the existence and operation of foreign traders in the most recent fiscal year;
d) A copy of the Charter of traders for traders of foreign economic organizations.
2. Dossiers license branch establishment, including:
a) An application for a license to set up branch in the form of the Ministry of Commerce by the authorized representative of the foreign trader;
b) Copy of charter operations of the branch, which specifies the scope of authorization to the head of the branch;
c) Copy of business registration papers or the equivalent value of the foreign traders were competent authority where foreign traders established or business registration confirmation. In the case of business registration certificates or documents of equivalent value specified duration of operation of foreign traders, the duration of which must be at least 03 years;
d) The financial statements audited or other documents of equivalent value and prove the existence of actual operation of foreign traders in the most recent fiscal year.
3. The documents provided for in point b, c, Clause 1, and b, c, d, Clause 2 of this Article must be translated into Vietnamese, diplomatic missions, consular offices abroad door Vietnam stock receive and perform for legalization under the provisions of the law of Vietnam.
Other documents:
- A notarized copy of proof of the right to use a branch or representative office;
- A notarized copy of passport branch manager or the head of representative office;
- A document appointing director of branch or representative office head.
Duration: 15 days from the date of filing.
The to-do list after being licensed:
- Announcement of operation;
- Open bank account.
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