2. Business Registration & Money Transfer AbroadPinklaw provides services to citizens residing in Vietnam and Vietnam-based companies opening companies or subsidiaries abroad (offshore companies).
There will be two steps to the process:
- Step 1 is to register at the Ministry of Planning and Investment of Vietnam to be granted an Offshore Investment Registration Certificate ("Offshore IRC"). This is a document to safely transfer money abroad.
- Step 2 is to proceed according to the regulations of the host country.
Pinklaw has partners in Switzerland, the EU and TPP countries (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore) to directly carry out the procedures in the host country.
Some notes for Vietnamese investment abroad:
- Offshore investment-related outbound and inbound transfers of money shall be conducted via a separate capital account opened at a licensed credit institution in Vietnam and shall be registered with the State Bank of Vietnam.
- An investor may transfer abroad investment capital for carrying out investment activities when meeting the following conditions:
+ Having obtained an Offshore IRC.
+ The investment activities have been approved or licensed by a competent agency of the host country.
+ Having a capital account.
- The outbound transfer of investment capital must comply with the laws on foreign exchange management, export and technology transfer, etc.
- Investors may transfer abroad foreign currency amounts or goods, machinery and equipment for serving market survey, research and probing activities and other investment preparation activities under the Government’s regulations.
Within 6 months from the date of issuance of a tax finalization statement or a paper of equivalent legal validity under the law of the host country, investors shall transfer all profits and other incomes earned from overseas investment activities to Vietnam, EXCEPT:
a/ Continue to contribute capital
b/ Increasing capital
c/ New investment projects abroad
Please do not hesitate to contact Pinklaw for advice on opening an offshore company and transferring money abroad.