Foreign investors may make investment registration and enterprise registration either under an inter-agency coordination mechanism or by conducting procedures in succession as prescribed in the Investment and Enterprise Laws and guiding documents.
It is highlighted in a draft circular designed by the Ministry of Planning and Investment to guide the inter-agency coordination mechanism for settling investment and enterprise registration procedures for foreign investors.
Under the draft, inter-agency coordination mechanism is defined as a mechanism for coordination between a business registration agency and an investment registration agency in completing investment registration and enterprise registration procedures for foreign investors as prescribed in Article 24 of Decree 118 issued in 2015.
A business registration agency would be a provincial-level business registration division, while investment registration agency may be a provincial-level Planning and Investment Department or a management board of industrial parks, export processing zones, hi-tech parks and economic zones.
Subject to the inter-agency coordination mechanism include foreign investors and foreign-invested economic institutions defined in Article 3 of the Investment Law that make investment registration and are established under Article 44 of Decree 118, or that contribute capital to or buy shares or capital contributions from foreign investors under Article 46 of Decree 118, or that concurrently modify the contents of enterprise registration and investment projects.
Investors would declare enterprise registration and investment registration dossiers by themselves and take responsibility before law for the lawfulness, truthfulness and accuracy of the declared information. If there are the same papers in the enterprise registration dossier and investment registration dossier, the business registration agency and investment registration agency would exchange information with each other and may not require investors to submit any additional paper.
These agencies would have to take responsibility for the completeness and examine the validity of the dossiers. They would process the dossiers according to their assigned functions and tasks, and coordinate with each other in certifying the handover and receipt of the dossiers. They would be held accountable within the ambit of their respective functions and tasks.