DO FOREIGN INVESTORS HAVE TO USE THEIR CAPITAL ACCOUNT TO DIRECTLY PAY FOR THE USE OF COMPANY REGISTRATION SERVICES BEFORE OBTAINING IRC?
Legal base
- Investment Law 2020
- Circular No. 06/2019/TT-NHNN
Concept of IRC, direct investment capital account, company registration service
– IRC stands for Investment Registration Certificate – Investment registration certificate. According to Article 3, Paragraph 11 of the Investment Law 2020, IRC is a paper or electronic document that records the registration information of an investor’s investment project.
– According to Clause 5, Article 3 of Circular 06/2019/TT-NHNN, the direct investment capital account is an account paid by foreign direct investment enterprises in foreign currency or Vietnamese dong, Foreign investors operating in this bank can engage in transactions related to foreign direct investment in Vietnam.
– Company registration service can be understood as a kind of service that provides consulting and assistance services, which provides consulting and support services for enterprises, involving all legal issues, such as procedures, law enforcement for establishing enterprises and various documents and documents for preparing for the establishment of enterprises.
Do foreign investors have to use the investment capital account to directly pay for the use of registered company services before obtaining IRC?
According to Article 8 of Circular 06/2019/TT-NHNN, foreign investors are not allowed to use the investment fund account to directly pay for the registration service before obtaining the investment registration certificate issued by the competent authority. At this time, foreign investors are allowed to transfer funds from abroad or from currency settlement accounts, and foreign investors open Vietnamese dollars in banks authorized by Vietnam to pay for the use of legal company registration services during investment preparation activities in Vietnam.