Business cooperation contract (referred to as BCC for short) is a type of investment chosen by many investors, which is signed between investors for the purpose of business cooperation and sharing profit without establishing business entities. According to Vietnamese law, a foreign investor has the obligation to establish an operating office in the area where the project is executed to execute the contract. When the project is completed, one of the obligations the foreign contractor must perform is to terminate the operation of the operating office. 

Therefore, Hong Bang Law would like to share with you some essential information about the procedures of shutdown operating offices for foreign investors under a business cooperation contract (BCC): 

Legal basis

• Law on Investment 2020
• Law on Public-Private Partnership Investment 2020.   

General regulations

Within 07 working days from the day on which the decision to shut down the operating office is issued, the foreign investor shall send a folder to the investment registration authority of the area where the operating office is located.

The dossiers

The application for termination of the operating office includes:

• A decision to shut down the operating office in the case of shutdown of the operating office ahead of schedule;
• A list of creditors and amount of debts which have been paid;
• A list of employers and their benefits provided;
• A tax authority’s certification of fulfillment of tax liability;
• A social security authority’s certification of fulfillment of social insurance obligations;
• The certificate of operating office registration;
• A copy of the investment registration certificate;
• A copy of the business cooperation contract.

Procedures 

Step 1: Shut down operating offices 

The foreign investor in the BCC contract submits a dossier to terminate the operation of the operating office at the investment registration agency (Department of Planning and Investment or Management boards of industrial parks, export-processing zones, hi-tech zones and economic zones).

Within 15 working days from the receipt of the application, the investment registration authority shall issue the decision to shut down the operating office.

Step 2: Drawing Tax Finalization and then Close a tax identification number at the Tax Department where the operating office is located.  

Authority to issue the Investment Registration Certificate: 

• Department of Planning and Investment where the operating office is expected to be located 

• Management boards of industrial parks, export-processing zones, hi-tech zones and economic zones if the operating office is expected to be located there.  

Services provided by Hong Bang Law

• Advising clients on procedures for terminating operations of the executive office;
• Receive and verify the completeness of information and documents from customers;
• Prepare dossiers, translate documents (if necessary) and receive authorization to carry out procedures (submission of documents, adjustment if necessary, and receipt of results at competent state agencies).
• Handing over the results to the customer after completing the work.

If you need more detailed advice and answers as well as how to access this service, please contact directly our Lawyer Nhat Nam via hotline: 0912.35.65.75, 0912.35.53.53 or call the toll free legal consultation hotline 1900.6575 or send a service request via email: lienheluathongbang@gmail.com

Wishing you and your family good health, peace and success!

Best regards!