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Home Legal services Investment consultant Setting up company Set up company in Vietnam

Joint venture conducting business activities in the field of tourism and restaurant

We understand that you have a business in USA. At presence, you intend to joint venture with a local partner for conducting business activities in the field of tourism and restaurant.
Under Vietnam Law, at presence, it is impossible for Foreign Investor to setup restaurant in Vietnam until the year of 2015 when Vietnam Government open market of restaurant services to foreign investors.
 
In case you wish to run the restaurant now, you should have the restaurant registered under the name of a local partner.
 
You will lend the local partner through a Loan Agreement. Such Loan Agreement must be have validity within 01 year. Otherwise, it must be registered with State Bank of Vietnam.
 
With the regard to Tourism, you must joint venture with a local company which is licensed for international tourism services.
 
Thus, in this case, his local partner must setup a pure local company first. It shall take him about 01 week to setup pure local company.
 
The local company then must obtain License for International Tourism License from competent authority.
 
In order to obtain the International Tourism License, the Local Company must credit 250,000,000 VND in a blocked bank account if it requires license for inbound tour only.
 
In case, the Local Company wishes to obtain International Tourism License for both of Inbound Tour and Outbound Tour, it must credit 500,000,000 VND in a blocked bank account.
 
It shall take about 4 months to obtain International Tourism License.
 
After obtaining International Tourism License, the Local Company can joint venture with you to setup foreign invested company for providing tourism service. Vietnam Law does not limit foreign ownership in Foreign Invested Tourism Company.
 
However, the Foreign Invested Tourism Company is only to provide Inbound Tour.
 
It shall take about 04 months to completion of setting up Joint Venture Company between you with the Local Company.
 
It is also advised that, the USA Company shall be in better position to joint venture with the Local Company as Vietnamese Competent Authority generally prefer Foreign Investor having experience in the field.
 
Regarding to temporary residence permit, you can only obtain this document if he is granted Work Permit or Investment Certificate. Service fee for obtain temporary residence permit is 400USD only.

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