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CONDITIONS FOR LEGAL SERVICE BUSINESS FOR FOREIGN INVESTORS
Legal services play an important role in ensuring compliance with the law, minimizing legal risks, and protecting the rights and interests of customers. For foreign investors to conduct legal services business, they need to comply with legal conditions and regulations. So what are the conditions for foreign investors to conduct legal services business? Please join Siglaw to learn more in the article below:
WHAT IS A LEGAL SERVICE?
Legal services are a type of service that provides legal solutions and support to individuals, organizations or businesses. These services are provided by legal professionals, such as lawyers, to help clients understand and comply with legal regulations, and resolve legal issues in the course of business or personal activities.
Currently, according to the Law on Lawyers 2006: “Legal services provided by lawyers include participation in legal proceedings, provision of legal consultancy, representation of clients beyond legal proceedings and other legal services.”
Legal services may include activities such as legal advice, performing legal procedures, drawing up contracts, protecting legal rights and interests, representing in lawsuits, resolving legal disputes, reviewing and preparing legal documents, and assisting in the process of complying with legal regulations.
LAWS REGULATING INVESTMENT IN LEGAL SERVICES BUSINESS
When foreign investors have a need to invest in legal services business in Vietnam, the laws regulating this relationship will include provisions from international commitments that Vietnam participates in such as WTO, FTAs, AFAS; investment laws of the country of which the investor is a citizen and Vietnamese law. Some documents regulating investment relations in legal services business for foreign investors include Law on Investment 2020, Law on Lawyers, etc.
CONDITIONS FOR DOING BUSINESS IN LEGAL SERVICES FOR FOREIGN INVESTORS
GENERAL INVESTMENT CONDITIONS
According to Article 3 of the Investment Law 2020, the conditions for market access are stipulated as follows: “Market access conditions applied to foreign investors” mean those which must be satisfied by foreign investors to make investment in the List of business lines with prohibited and restricted market access (hereinafter referred to as “the Negative List for Market Access”) specified in Clause 2 Article 9 of this Law.”
Investors should note that industries and professions are prohibited from investing and doing business in Vietnam. However, legal services are not on the list of industries and professions prohibited from doing business in Vietnam.
CONDITIONS ACCORDING TO INTERNATIONAL LAW
Legal services under the code CPC 861, for those doing business in this service in Vietnam, they will not be allowed to do business and operate services including participating in litigation as a defender or representing their clients before Vietnamese courts. In addition, foreign lawyers are not allowed to perform legal document services or notary services related to Vietnamese law.
For foreign law firms wishing to invest in legal services in Vietnam, they can only choose one of the following forms:
– Establish a subsidiary of a foreign law firm.
– Establish a branch of a foreign law firm.
– Establish a partnership between a foreign law firm and a Vietnamese law firm.
– Establish an FDI enterprise in the field of law.
Note: If a foreign law firm wishes to conduct commercial activities and provide legal consultancy services in Vietnam, there are a number of conditions that must be complied with. According to regulations, the commercial presence of a foreign law firm is only allowed to provide legal consultancy in Vietnam if the consulting lawyer has completed a law training program at a law university in Vietnam and fully meets the requirements applicable to foreign lawyers when operating in Vietnam.
This means that foreign lawyers must have graduated from a law university in Vietnam and have a solid knowledge of the Vietnamese legal system. In addition, lawyers must comply with the laws and regulations related to practicing law in Vietnam.
These requirements are intended to ensure that foreign lawyers have sufficient knowledge and a firm grasp of Vietnamese law when providing legal consultancy services. This helps ensure that people and organizations can trust and receive accurate and proper legal advice from foreign lawyers.
CONDITIONS FOR FOREIGN INVESTORS TO CONDUCT LEGAL SERVICES BUSINESS UNDER VIETNAMESE LAW
According to Vietnamese law, the current Law on Lawyers 2006 sets out the following conditions for each specific subject:
FOREIGN LAW PRACTICE ORGANIZATIONS
First, they must commit and guarantee to comply with the Constitution and laws of the Socialist Republic of Vietnam. This ensures that the activities of the foreign law practice organization do not violate the country’s regulations and laws.
Second, to be allowed to practice in Vietnam, the foreign law practice organization must have at least two foreign lawyers, including the Branch Manager and the Director of the foreign law firm. It is noteworthy that both of these lawyers must be present and operate in Vietnam for a continuous period of at least 183 days within twelve months. This ensures that the foreign law firm has a presence and participation in Vietnam for a long enough period to master the country’s legal regulations and practices.
Finally, the Branch Manager and Director of a foreign law firm in Vietnam must have at least two consecutive years of practicing law. This ensures that they have accumulated sufficient experience and understanding of the legal field and practices in Vietnam. This experience is the basis for the foreign law firm to provide quality and accurate legal consultancy services to clients in Vietnam.
FOREIGN LAWYERS
Foreign lawyers are only granted a License to practice law in Vietnam when they meet the following conditions:
- Having a valid Lawyers’ Practice Certificate: Foreign lawyers must have a valid Lawyers’ Practice Certificate issued by a competent foreign agency or organization. This ensures that they have completed the training process and are officially recognized as lawyers in the country where they have practiced.
- Legal consulting experience: Foreign lawyers must have experience in providing legal consulting in the field of foreign and international law. This ensures that they have in-depth knowledge and understanding of the legal regulations and rules applicable to the international business environment.
- Commitment to comply with legal regulations: Foreign lawyers must commit to comply with the Constitution, laws of the Socialist Republic of Vietnam and the Code of Ethics and Professional Conduct of Vietnamese lawyers. This ensures that they operate within the law and adhere to the ethical principles of the legal profession.
- Being appointed or recruited by a foreign law firm: Foreign lawyers must be appointed by a foreign law firm to practice in Vietnam or be accepted by a branch, foreign law firm in Vietnam or a Vietnamese law firm to work for such a firm. This ensures that there is approval and support from the law firms already operating in Vietnam.
CONSULTING SERVICES FOR FOREIGN INVESTORS DOING BUSINESS IN LEGAL SERVICES IN VIETNAM
| ✅Offers | ⭐Dedicated and effective support and meeting all the needs of foreign investors in the process of investing in legal services business in Vietnam |
| ✅Experience | ⭐Over 10 years of experience, regularly updating and grasping the latest legal situation, helping customers make accurate and quick decisions. |
| ✅Siglaw Team | ⭐Lawyers, legal experts with high qualifications and many years of experience in solving legal issues related to all fields |
| ✅Cost | ⭐Reasonable and competitive costs. To provide a cost for legal services investment consulting, we need you to provide more detailed information. |
Above is information on the topic “Conditions for doing business in legal services for foreign investors” from the staff of Siglaw Law Firm. If you have any problems that need to be resolved, please contact Siglaw for the fastest and completely free support.
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