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Termination of foreign investor’s executive office in BCC contract
Termination of the executive office of foreign investors in BCC contracts is one of many contents that customers are interested in. Which cases lead to the termination of the executive office; what documents, procedures and implementation procedures are required will be shared by Siglaw in the article below.
Termination of foreign investor’s executive office in BCC contract
When does the foreign investor’s executive office in a BCC contract terminate?
According to the provisions of the 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 the BCC business cooperation contract.
In line with the basis of establishment and its leading role, after completing the investment project under the BCC contract, the executive office will completes its functions and no longer has a purpose to operate. Therefore, the executive office of a foreign investor in a BCC contract must cease operations.
Documents and procedures for terminating the executive office of foreign investors in BCC contracts
Regarding the dossier:
To carry out the procedure for terminating the operation of the executive office, the investor needs to prepare a dossier with the following document components:
(i) Decision on terminating the operation of the executive office (submitted in case the executive office terminates its operation before the deadline).
(ii) List of creditors and paid debts of the executive office.
(iii) List of employees, rights and benefits of employees that have been resolved of the executive office.
(iv) Confirmation from the tax authority on the completion of the tax obligations of the executive office.
(v) Confirmation from the social insurance authority on the completion of the social insurance obligations of the executive office.
(vi) Certified copy of the Certificate of registration of the operation of the executive office.
(vii) Certified copy of the Investment Registration Certificate.
(viii) Certified copy of the BCC contract.
Regarding procedures:
After preparing all documents according to the law, the investor shall submit 01 set of notification documents to the investment management authority. When receiving and processing the documents, if the documents are valid, the investment management authority shall issue a decision to revoke the Certificate of registration of the executive office. In case the documents are invalid, the investor shall have a written response from the investment registration agency to amend and supplement the documents.
Notes when terminating the operations of the foreign investor’s executive office in a BCC contract
When wishing to terminate the operation of a foreign investor’s executive office in a BCC contract, investors need to pay attention to the following issues:
First, foreign investors must submit a notification dossier to the investment registration authority where the executive office is located within 07 working days from the date of the decision to terminate the operation of the executive office.
Second, note the notification obligation when terminating the operation of a foreign investor’s executive office in a BCC contract.
Failure to submit a notification dossier to the investment registration authority where the executive office is located within 07 working days from the date of the decision to terminate the operation of the foreign investor’s executive office in a BCC contract may result in a fine of VND 30,000,000 to VND 50,000,000 and a remedial measure of forcing the submission of a notification or decision to terminate the investment project to the registration authority.
Terminating the operation of the foreign investor’s executive office in the BCC contract services
With a team of experienced lawyers and legal experts, Siglaw law firm provides consulting services, supports in drafting documents and performing procedures for terminating the operation of the foreign investor’s executive office in the BCC contract. Siglaw will:
- Guide the preparation of documents and necessary information to prepare documents for terminating the operation of the executive office.
Answer and advise on legal regulations related to the documents for terminating the operation of the foreign investor’s executive office in the BCC contract.
- Guide customers to sign and complete the documents
- Advise customers on the implementation of procedures.
- Advise on conditions, processes, procedures, and implementation time in the most optimal way for the specific case of the customer.
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