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Terminating the executive office of foreign investors in BCC contract
Terminating the executive office of foreign investors in the BCC contract is also one of the contents that many customers are interested in. What circumstances lead to the termination of the executive office operations? Siglaw will share the procedures in the article below.
When will the executive office of the foreign investors in the BCC contract be terminated?
According to Investment Law 2020, when an investor signs a business cooperation contract, an executive office will be established. The executive office will be the place to directly manage and facilitate the process of monitoring, supervising and operating the investment project in BCC business cooperation contract.
Associated with that foundation and key role, after completing the investment project under the BCC contraction, the executive office also completes its functions and no longer has a purpose to operate. Therefore, the executive office of the foreign investor in the BCC contract must cease operation.
Documents and procedures for terminating the Executive Office of foreign investors in BCC contracts.
- Document requirements:
- Decision on termination of the executive office (submitted in case the executive office terminates before term)
- List of creditors and paid debts
- List of employees; the rights and benefits of employees that have been resolved by the executive office.
- Confirmation from the tax authority that the executive office has fulfilled its tax obligation
- Confirmation from the social insurance agency that the executive office’s social insurance obligations have been fulfilled.
- A certified copy of Executive office operation registration certificate
- A certified copy of the Investment registration certificate
- A certified copy of the BCC contract
- Procedures:
Step 1: Submit 01 notification documents to the investment management agency.
Step 2: After accepting and processing, if the application is valid, the investment management agency will issue a decision to revoke the Executive office operation registration certificate.
In case the dossier is not valid, the investment registration management agency will send a written to require amending and supplementation of the dossier.
Issue to note when terminating the operations of a foreign investor’s executive office in a BCC contract
Within 7 working days from the date of decision to cease the operation of the executive office, the foreign investor sends a notification document to the investment registration agency where the executive office is located. If 7 days have passed without sending notification, the executive office in BCC contract can be fined from 30.000.000 VND to 50.000.000 VND and apply the remedial measures of being forced to send a notice or decision of terminating the operation of investment project to the investment registration agency.
With our experienced lawyers, Siglaw is always ready to give advice and support customers with necessary information during the process of carrying out procedures to change the investor’s address. Please contact Siglaw law firm for specific advice
Phone: (+84) 961 366 238
Email:
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