May transfer capital overseas for investment
According to the Decree No. 83/2015/ND-CP dated September 25, 2015 prescribing offshore investment, an investor may transfer foreign currency, goods, machinery and equipment overseas before being granted an offshore investment registration certificate to pay expenses for the formulation of an investment project including: Market and investment opportunity research, field survey…. Of which, the limit on foreign currency transferred overseas is 5% of total offshore investment capital and USD 300,000 in real value, and shall be included in the total offshore investment capital.
An investor shall submit three sets of dossier of application for an offshore investment registration certificate to the Ministry of Planning and Investment, and concurrently register investment information on the national information system on offshore investment. The Ministry of Planning and Investment shall check the validity of the dossier. In case the dossier is invalid or needs clarification of some information, within five working days after receiving the dossier, the Ministry of Planning and Investment shall issue a written notice to the investor for dossier completion.
For a project with registered foreign currency capital equivalent to VND 20 billion or more to be transferred overseas, the Ministry of Planning and Investment shall collect written opinions from the State Bank of Vietnam. Within seven working days after receiving the written request from the Ministry of Planning and Investment, the State Bank of Vietnam shall send its written opinions to the Ministry of Planning and Investment. Past this time limit, if the Ministry of Planning and Investment receives no written opinion, the State Bank of Vietnam shall be regarded as having approved the investment project dossier.
Under this Decree, immediately after its investment project is completed, an investor shall liquidate the project in accordance with the law of the host country or territory. Within six months after the tax finalization report, an investor shall transfer back home all remaining proceeds from the liquidation. If wishing to extend the time limit, an investor shall send a written request stating the reason to the Ministry of Planning and Investment for consideration and decision. Extension may be granted only once and must not exceed six months. Within 60 days after completing the liquidation of the investment project and transfer of all remaining proceeds (if any) from the liquidation of the investment project, an investor shall carry out procedures to terminate the offshore investment project.
This Decree takes effect on the signing date and supersedes the Government’s Decree No.78/2006/ND-CP of August 9, 2006, prescribing offshore investment.
Source: LuatVietnam
