We provide below the list of post-licensing formalities that Better Pharma (Vietnam) Co., Ltd. (“Better Pharma VN”) needs to carry out:
12. Making and registration of the official seal;
13. Registration of tax code and printing invoices;
14. Notice on opening time at head office;
15. Public announcement in newspapers;
16. Opening bank accounts;
17. Notice on completion of capital contribution;
18. Issuing certificate for capital contribution;
19. Declaration on labor usage and work permit for foreign employees;
20. Registration of wage scale and wage table;
21. Registration of Internal Labor Rules;
22. Statistics reports and Reports on monitor and assessment of investment.
You will find below the general guidelines of each of the above formalities. In addition, we attach the sample documents which can be used by Better Pharma VN. The most important processes for the start up of operations are Item no. 1 (the seal), Item no. 2 (the tax code), and Item no. 5 (the bank account), the rest can be done later. These are basically administration processes, and the Vietnamese administration staff of Better Pharma VN should be able to handle without problem.
1. Making and registering the official seal
Better Pharma VN needs to make and register for an official seal. The documents needed for this procedure are:
- A certified true copy of the Investment Certificate;
- A certified true copy of the passport of Legal Representative of Better Pharma VN (Mr. Sakkarn Suwanseanee);
- A POA to authorize a person to conduct this procedure on behalf of the Company at a seal making office and the police office. We have prepared and attached hereto a sample of the POA for your reference.
2. Registration of tax code and printing invoices
Tax code: Better Pharma VN needs to register for a tax code by submitting the tax declaration form to the Tax Dept of HCMC. The documents needed for this procedure are:
- A copy of the Investment Certificate
- Tax declaration form (as attached)
- POA to authorize a person to conduct this procedure on behalf of the Company (as attached)
This procedure needs to be carried out within 10 working days from issuance of Investment Certificate, i.e. by 25 Dec 13.
Invoices: After obtaining tax code, Better Pharma VN prepares its own invoices, and before using such invoices, Better Pharma VN needs to notify the Tax Dept of HCMC.
3. Notice on opening time at head office
Better Pharma VN needs to notify DPI of HCMC on the opening time at its head office (working hours and working days). We attach the sample Notice for your reference.
This notice should be submitted to DPI HCMC within 15 days from issuance of Investment Certificate (i.e.: by 26 Dec 2013).
4. Public announcement in newspapers
Better Pharma VN should announce its establishment in 3 consecutive issues of a newspapers or electronic newspapers within 30 days from the issuance of the Investment Certificate. We send attachment the Public Announcement for your reference. Only Vietnamese version of the Public Announcement is required.
5. Opening bank accounts
Better Pharma VN needs to open one Capital Account (for capital contribution of foreign investor) and the Current Account. The procedures should follow the rules of the selected bank.
6. Notice on completion of capital contribution
Better Pharma VN needs to notify DPI of HCMC of the completion of capital contribution by the Owner within 15 days from 11 Mar 2014 (the due date of capital contribution).
7. Issuing certificate for capital contribution
Better Pharma VN issues certificate for capital contribution to the Owner as soon as their capital contribution is completed.
8. Declaration on labor usage and work permit for employees
Better Pharma VN shall declare on labor usage (in Vietnamese: “khai trình sử dụng lao động”) to the Labour Dept within 30 days from commencement of its operation, and make periodical update to the Labour Dept when there are any changes. Better Pharma VN shall arrange labor book and social insurance book for its Vietnamese employees.
Better Pharma VN shall obtain work permits from the Labour Dept of HCMC for its foreign employees (if any). Better Pharma VN needs to make periodical reports on its use of foreign employees.
9. Registration of wage scale and wage table
Thereafter, Better Pharma VN can prepare and register its wage scale and wage table at Labour Dept of HCMC within 6 months from commencement of operation. The establishment of wage scale and wage table needs to be referred to the opinions of (i) its own Trade Union (“Công đoàn” in Vietnamese) or (ii) the upper Trade Union at authority.
10. Registration of Internal Labor Rules
Better Pharma VN needs to register the Internal Labor Rules (in Vietnamese: “Nội quy lao động”) with Labour Dept of HCMC within 10 days from the date of issuing the Internal Labor Rules. Prior to the issuance of Internal Labor Rules, Better Pharma VN needs to refer to opinions of its Trade Union or upper Trade Union.
11. Periodical statistics reports and Reports on monitor and assessment of investment
Better Pharma VN needs to submit Statistics Department of HCMC and DPI of HCMC monthly, quarterly and annually reports. The form of the reports are provided by Ministry of Planning and Investment in Circular No. 04/2011/TT-BKHDT dated 31 March 2011.
Better Pharma VN needs to submit to DPI of HCMC the Report on monitor and assessment of investment (“Báo cáo giám sát đánh giá đầu tư”) for every six months and annually. The form of the said Report is Form No. 6 attached to Ministry of Planning and Investment Circular No. 13/2010/TT-BKHDT dated 2 June 2010