Foreign investors establish wooden furniture manufacturing enterprises

Foreign investors establish wooden furniture manufacturing enterprises

 

The wood handicraft and wood products industries are increasingly developing and gaining a foothold in the market. For these reasons, foreign investors are now very interested in the wood furniture manufacturing industry in our country. Therefore, in order for foreign investors to establish a wood furniture manufacturing enterprise in Vietnam, they need to pay attention to the following issues.

 

Documents and procedures for foreign investors to establish a wooden furniture manufacturing enterprise

Step 1: Apply for a Investment Registration Certificate for Wood Products Production

Step 2: Establish a foreign-invested wood products production enterprise and apply for a Enterprise Registration Certificate for Wood Products Production

Step 3: Publish the content of the business registration information on the National Business Registration Portal

Step 4: The enterprise carves a seal and publishes the seal sample

 

Step 1: Apply for a Investment Registration Certificate for Wood Products Production

1. Application for investment project execution on wood production;
2. Copy of ID card or passport for individual investors and documents confirming legal status for institutional investors;
3. Document proposing an investment project including detailed information about the project;
4. Copy of documents on the investor’s financial matters;
5. Documents on land use needs, site lease agreement or site use rights to implement the investment project.

 

Agency submitting documents: Department of Planning and Investment

 

Time: For investment projects not subject to investment policy decisions: 15 – 20 working days from the date of receipt of complete documents.

 

Step 2: Establish a foreign-invested wood products production enterprise and apply for a Enterprise Registration Certificate for Wood Products Production

• Application for enterprise registration for wood products production;
• Company charter with the code for wood products production;
• List of company members (2-member Limited Liability Company)/List of founding shareholders and shareholders who are foreign investors (joint stock company);
• Copies of the following documents:

• ID card, passport of individual members;
• ID card, passport of authorized representative;
• Copy of Business Registration Certificate for foreign organization members.
• Investment registration certificate for foreign investors as prescribed;

• Authorization letter if the enterprise does not directly submit the application.

 

Agency submitting documents: Business Registration Office

Time: 03 – 06 working days from the date of receiving complete and valid documents

 

Step 3: Publish the content of the business registration information on the National Business Registration Portal.

Business registration information must be published on the National Business Registration Portal within 30 days from the date of issuance of the Enterprise Registration Certificate. Clause 1, Article 26 of Decree 50/2016/ND-CP, in case an enterprise fails to publish or publishes the Enterprise Registration content on the National Business Registration Portal within the prescribed time limit, the enterprise will be fined from VND 1,000,000 to VND 2,000,000.

 

Step 4: Enterprises carve seals and announce seal samples

Enterprises can authorize or carve seals themselves and notify the Department of Planning and Investment of their company’s seal samples. Enterprises can decide on the form, quantity and content of the seals themselves, but they must show the name and enterprise code. After receiving the notification of the enterprise’s seal samples, the Enterprise Registration Office will issue a Receipt to the enterprise, post the enterprise’s notification on the National Enterprise Registration Information Portal and issue a notice of posting information on the enterprise’s seal samples to the enterprise.

 

Some business codes for wood products manufacturing

Foreign investors can refer to the following business codes for wood products manufacturing to choose the right business for their business:

1621: Production of plywood, veneer and other thin boards;

1622: Production of construction wood products;

1623: Production of wooden packaging;

1629: Production of other wood products; production of products from bamboo, rattan, straw, thatch and plaiting materials.

 

Notes for foreign investors to establish wooden furniture manufacturing enterprises

Vietnam has a rich forest and sea resource, so since ancient times, people have had the habit of using forest resources to have a more comfortable life. People use wood from the forest to make household items such as tables, chairs, beds, cabinets; use other types of trees such as bamboo, rattan, sedge to make items such as hats, bags, shoes, etc.

 

Therefore, today, Vietnamese people still have the habit and preference when using materials or products from wood. Part of the wooden products for interior decoration in the house are now sophisticatedly and beautifully designed, the other part is that wood is still a durable material and has value over time.

 

With such high demand for wooden products, it creates a great driving force for domestic and foreign enterprises to produce wooden furniture to develop not only the domestic market but also to meet export processing. Therefore, Vietnamese law does not restrict or regulate business conditions for this industry.

 

In addition, Vietnam’s WTO Commitments do not stipulate investment conditions applicable to foreign investors establishing a wooden furniture manufacturing company. Therefore, foreign investors often choose to do business in this industry. In order for foreign investors to establish a wooden furniture manufacturing company, they must carry out procedures according to regulations.

 

Siglaw is always ready to discuss and support customers with necessary information during the process of customers carrying out procedures to establish a foreign-invested wooden furniture manufacturing company. Please contact Siglaw law firm for specific advice.

Siglaw Law Firm

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