BeluxCham fundraising for `Breathe Again` project

Dear BeluxCham Member and Friends

As you might know, The European Chamber of Commerce (EuroCham) has launched the “Breathe Again” fund a new, ambitious fundraising campaign to support Vietnam during the fourth wave outbreak of COVID-19.

With cases continuing to rise and healthcare professionals working around the clock to treat patients, EuroCham is encouraging its members to donate to a new fund that will be used to procure much-needed medical equipment for Vietnam’s hard-pressed hospitals.

The initiative is the brainchild of Gricha Safarian, Founder of Puratos Grand-Place Vietnam. EuroCham has agreed to lead and manage the campaign, aiming to utilize its large and diverse membership – counting over one thousand enterprises and investors in all sectors and industries – to ensure the largest possible fundraising effort.

To support this program, Mr. Adam van Overwaele – BeluxCham Culinary Ambassador and BeluxCham decided to set up this culinary fundraising campaign. So, when you place an order with Mr. Adam, all profits will go to the EuroCham “Breathe Again” fund project.

Period of the campaign: until 15/10/2021

*Link to place your orderhttps://forms.gle/7dck57YJkpn1ejHM7

– After you fill out the order request, we will contact you to go over details and availability before the order is completed.

=> Due to the lockdown situation, for now, we will collect the order and will deliver when possible.

All profits will be collect and send to Eurocham ‘BREATHE AGAIN’ project every 7 days.

– Please note that the price does not include the delivery fee yet.

– The minimum per order is 250,000 VND

If you have any questions, please contact Mr. Adam at +84834500106 or executivechef@belgo.com.vn

 

EuroCham Launches “Breathe Again” Campaign to Procure Essential Medical Equipment for Vietnam

The European Chamber of Commerce (EuroCham) has today (Tuesday 17 August) launched a new, ambitious fundraising campaign to support Vietnam during the fourth wave outbreak of COVID-19.

With cases continuing to rise and healthcare professionals working around the clock to treat patients, EuroCham is encouraging its members to donate to a new fund which will be used to procure much-needed medical equipment for Vietnam’s hard-pressed hospitals.

The initiative is the brainchild of Gricha Safarian, Founder of Puratos Grand-Place Vietnam. EuroCham has agreed to lead and manage the campaign, aiming to utilize its large and diverse membership – counting over one thousand enterprises and investors in all sectors and industries – to ensure the largest possible fundraising effort.

Companies or individuals wishing to donate to the fund can contact EuroCham on: breathe.again.fund@eurochamvn.org
Visit our funding website at https://breatheagain.fund/

 

All funds donated to the “Breathe Again” campaign will be used to purchase European medical devices and equipment for hospitals in Vietnam’s hardest-hit areas. EuroCham will work with the health authorities to make sure that the equipment goes to where it is needed and will have the greatest impact. The chamber will also be flexible, working with donors to ensure that wherever possible their donation goes to a particular province or community.

EuroCham will work with suppliers to procure the equipment and ensure their quick and transparent delivery to hospitals in these areas within a few days of sufficient donations being received.

Commenting on the campaign launch Alain Cany, Chairman of EuroCham, said:

“European business stands shoulder-to-shoulder with Vietnam during these difficult times. The current outbreak is putting unprecedented pressure on healthcare facilities and hardworking medical staff, and this new fundraising campaign is something practical that our members can do to support. I am confident that the government will repeat its success of previous waves and contain this new, more infectious strain. In the meantime, I hope this initiative will help to support the professionals working on the frontline and the patients most in need of care.”

H.E. Giorgio Aliberti, EU Ambassador to Vietnam, added:

“I am proud that European business is stepping up to support Vietnam during this fourth wave outbreak. Europe has a large and longstanding presence in Vietnam, so when our companies and citizens join together in this effort we have the size and scale to make a real difference. Therefore, I encourage European enterprises to contribute whatever they can to this important initiative.”

Everything you should know about forming an LLC in Vietnam as foreign investor

Limited Liability Company, is the best corporate structure to start your own business in Vietnam. It can be registered with minimum two members and unlimited maximum members.

 

The Limited Liability Company is juristic, and the liability of members is limited to their shares. The Limited Liability Company can be registered within 15 working days. Limited Liability Company has more credibility than a Subsidiary Company or General Partnership. Venture capitalist and Angel investor prefers to invest in a Limited Liability Company. Approximate every year, more than 200,000 companies registered in Vietnam.

 

Advantages of Private Limited Company Registration in Vietnam

Limited Liability: Liability of Members and Directors of the private limited company is limited to their shares. It means that if the company suffers from any loss and faces financial distress because of primary business activity, the personal assets of shareholders/Members/Directors will not be at risk of being seized by banks, creditors, and government.

Continuity of Existence: The life of a business is not affected by the status of shareholders and even after the death of the shareholder, the private limited company continues to exist.

Scope of Expansion: The Scope of expansion is higher because easy to raise capital from a venture capitalist, angel investor, financial institutions and the advantage of limited liability. The private limited offer more transparency in the company.

Brand Value: Liability of Members and Directors of the private limited company is limited to their shares. It means that if the company suffers from any loss and faces financial distress because of primary business activity, the personal assets of shareholders/Members/Directors will not be at risk of being seized by banks, creditors, and government.

 

Valuation and Customer: The valuation is an important aspect of the company and high valuation comes from loyal customers. You should work on a business model with a higher lifetime value of a customer; Entrepreneur should focus on higher assessment of the company by offering the unique value proposition to the customer’s life.

Company Registration Process

Pre-licensing

  • Meet Department of Planning and Investment (DPI): a law firm can help you to have a meeting with the DPI
  • Obtain certified copies of foreign documents: GBS helps to prepare a list of required legal documents
    Obtain consular legalized copies of foreign documents: Required legal documents will be legalized with simple process in your country
  • Obtain certified translation of documents: Required legal documents must be translated into Vietnamese
  • Obtain authenticated copies of passports or Vietnamese ID cards and Sign contract on office lease

Company incorporation

  • Obtain Investment Registration Certificate (IRC): GBS will draft the application form for the IRC; Charter of the Company; Outline of the Feasibility Study for the establishment of the Company and submit to the DPI, verify the status of the application and collect IRC the on your behalf
  • Obtain authenticated copies and Obtain Enterprise Registration Certificate (ERC): GBS will draft the application form for the ERC and submit to the DPI and collect ERC the on your behalf
  • Make seal and notify seal specimen: GBS will support you to make to company seal and obtain notification of seal specimen publishing
  • Obtain certificate of tax registration

Post licensing

  • Open bank account
  • Publish in National Business Registration Portal

Documents Required

For corporate investors:

As an institutional investor, you have to provide

  • Certificate of incorporation (an authentic copy) or certificate of business registration or equivalent documents
  • Latest audited financial report (an authentic copy)
  • Legalized copies of Passport from Directors and Shareholders

For individual investors:

  • Latest Bank Statement (an authentic copy)
  • Legalized copies of Passport from Directors

For Proposed Registered Address (Residential/Commercial), you should prepare the Rent Agreement from Owner/Landlord.

 

Sourch: https://vietnaminsider.vn/everything-you-should-know-about-forming-an-llc-in-vietnam-as-foreign-investor/

Things you should know about 100% foreign invested business in Vietnam

A. Law on Investment

1. A better definition of a foreign investor:

The Law introduces a simpler and clearer definition of foreign investor and also clarifies the differences between “foreign investor” and “foreign-invested economic organization” which replaces the term “foreign-invested enterprise” in the 2005 Law.

A foreign investor is now defined as an individual holding a foreign nationality or an organization established under foreign laws and making business in Vietnam.

A foreign-invested economic organization (FIEO) is broadly defined as an economic entity that has any member or shareholder is a foreign investor.

Under the Law, an FIEO shall be subject to more stringent licensing requirements and other restrictions applicable to foreign investors if: (i) 51% or more of its charter capital (i.e. share capital) is held by foreign investors, or the majority of the general partners are foreigners if the business organization is a partnership; (ii) 51% or more of its charter capital is held by an economic organization under paragraph (i) above; or (iii) 51% or more of its charter capital is held by a foreign investor and an economic organization under paragraph (i) above.

2. New classification of investment types:

Investment in Vietnam is no longer classified into direct or indirect investment, but depends on either of the following forms: (i) Establishment of an economic organization for an investment project; (ii) Capital contribution, purchase of shares or contributed capital in an economic entity. (iii) Investment under cooperation contract (Public-Private Partnership; Business Cooperation Contract).

3. Relaxation of licensing requirements:

Under the Law, an Investment Certificate (IC) has been replaced by an Investment Registration Certificate (IRC), and an FIEO is only required to obtain an IRC if it falls into one of the three circumstances stated above.

The application process is now a two-stage process, with the time period to complete the licensing process reduced to 15 days: (i) Obtain IRC; (ii) Obtain Enterprise Registration Certificate (ERC))

However, for M&A activities, unless the foreign investors invest in a conditional investment project, the M&A activity may be conducted solely under the Enterprise Law. As such, the requirement to obtain an IC to close an M&A deal, the most troublesome condition under the current law, is abolished.

4. Opening up of investment sectors:

The number of prohibited business activities is reduced from 51 to 6 activities, and the number of conditional business activities also decreases from 386 to 267 activities. Notably, the Investment Law takes an initiative approach that allows investors to do investment and business activities in fields not prohibited by the Investment Law.

5. Dispute settlement:

Under the new law, only foreign investors or FIEO with 51% or more of chartered capital can choose foreign arbitration and/or international arbitration to settle their dispute over business investment.

6. Transitional provision:

Any investor who was granted IC before July 1st 2015 may keep executing their investment project without the need of registering for a new IRC. However, a new IRC shall be granted if requested by the investor.

 

B. Law on Enterprises

  1. The new definition of foreign investors’ holding: the Law defines foreign investors’ holding as the total holding of voting capital of all foreign investors in a Vietnamese company, instead of total holding of charter capital specified under the 2005 law.
  2. Simplification of license requirements: The new law removes the scope of business activities of an enterprise and the list of founding shareholders of a joint stock company (JSC) from the ERC. The business activities of enterprises will be posted on the National Business Registration Portal. If an enterprise changes its business activities, founding shareholders or foreign shareholders, it must notify the corporate registration authority to update its corporate registration records, but does not need to register for an update of its ERC as required under current laws.
  3. Enterprise’s seal: Under the new law, an enterprise is entitled to decide the form, quantity and contents of its seal. The management, usage and retention of the seal must be stated in the company’s charter. Before using the seal, an enterprise must send the seal design to the business registration authority to be posted on the National Business Registration Portal.
  4. More than one legal representative permitted: The Law allows a JSC or limited liability company (LLC) to have more than one legal representative and only one of them is required to reside in Vietnam. If a JSC has more than one legal representative, the chairman and the general director must both be legal representatives.
  5. Change of requirements on charter capital of LLC: Under the Law on Enterprises, a one-member LLC is not permitted to reduce its charter capital. The New Law now permits a one-member LLC to reduce its charter capital in certain circumstances. Additionally, full payment of the registered charter capital of an LLC must be made within 90 days of the issuance of the ERC (in contrast to the 36 months period under the old Law on Enterprises) or the actually paid charter capital must be registered as adjusted charter capital.
  6. Lower quorum and voting thresholds: In multi-member LLCs, the quorum of the meeting of the Board of members and the voting threshold for circular resolutions are reduced to 65% of the charter capital from the current 75% requirement.
  7. In JSCs, the quorum of the general meeting of shareholders (GMS) and voting threshold for circular resolutions of shareholders is reduced to 51% of the voting shares from the current 65% and 75% requirement respectively. At a GMS, the voting threshold is reduced to 51% of the voting shares of attending shareholders from the current 65% for ordinary matters and to 65% of the voting shares from the current 75% for reserved matters.
  8. The new definition of State-owned Enterprises (SOE): The new Law defines an SOE to be an enterprise wholly owned by the State, thus, allowing former SOEs to operate as private or JSCs subject to new rights and obligations.

 

Source: https://vietnaminsider.vn/things-you-should-know-about-100-foreign-invested-business-in-vietnam/

Meeting between BeluxCham & Department of Foreign Affairs HCMC

On the afternoon of 16th April 2021, BeluxCham Chairman – Mr. Bart Verheyen has a meeting with Mr. Le Truong Duy – Director of Foreign Service Center (FSC), Department of External Relations HCMC. At the meeting, Mr. Duy has consulted with BeluxCham on organizing events in the European Village in HCMC towards the two-year anniversary of the conclusion of the New-Generation Free Trade Agreement between Vietnam and the European Union – EVFTA. Besides, FSC also seek to strengthen cooperation and connection with BeluxCham. In response to the wishes of the Vietnamese side, BeluxCham proposed that both agencies can organize events/activities together to promote the relations and trade between Belgium – Luxembourg and Vietnam. Furthermore, BeluxCham will support and cooperate with FSC in organizing “European Village” events, which will be organized in October 2021.