PROCEDURES FOR SETTING UP A FOREIGN-INVESTED COMPANY DOING BUSINESS IN EDUCATION

Today, as society continues to evolve, any sector or employment requires a certain level of education. As a result, education is always considered one of the measures to evaluate a country's or nation's progress, and it is always focused on development. In addition to public education activities, a growing number of private education facilities have been formed. This is an appealing business field that many people are interested in. For foreign investors interested in establishing an education corporation, the following approach might be used:

Legal basis:

- Law on Enterprises No. 59/2020/QH14;

- Education Law No. 43/2019/QH14;

- Law on Investment No. 61/2020/QH14;

- Decree No. 01/2021/ND-CP on enterprises registration.

The procedure for starting a business is as follows:

Step 1: Become a registered investor.

Foreign investors must complete investment registration procedures at the Department of Planning and Investment when establishing firms in Vietnam, according to the terms of the Investment Law 2020.

* The following documents must be prepared:

- A written request for the investment project's implementation (completed on the form);

- If the investor is an individual, a copy of his or her identity card, identity card, or passport;

- A certificate of incorporation or other analogous document attesting to an institutional investor's legal standing;

- A report on an investor's financial capability;

- A business cooperation contract for the type of investment; A joint venture contract for the type of investment in the formation of a joint-venture economic organization between a domestic and a foreign investor.

* Consultation with a specialized training agency procedures:

- Within 05 working days of receiving a complete dossier as specified in Article 41 of this Decree, the application-receiving agency shall check the dossier's legality and submit it to the applicant's relevant agencies and units for their comments;

- The consulted agency or unit must respond in writing within 10 working days after receiving the dossier-receiving agency's written request for opinions;

- The dossier-receiving agency must prepare a report on dossier evaluation and submit it to the competent authority as required within 30 working days of receiving complete dossiers for consideration and determination on permission to establish an educational institution with foreign investment.

- If the application is not authorized, the application-receiving agency shall tell the applicant in writing and transmit it directly or by post within 05 working days after obtaining the competent authority's decision.

* Capacity to evaluate educational conditions:

- The agency granting the investment registration certificate for a project to construct a higher education institution must submit it to the Ministry of Planning and Investment for appraisal opinions from the Ministry of Education and Training and other relevant agencies. to compile a report on investment policy and present it to the Prime Minister for approval.

- The investment registration certificate-issuing agency shall seek assessment opinions from the Ministry of Education and Training for a project to construct a branch of a foreign-invested higher education institution.

- Appraisal views from the Department of Education and Training are required for investment projects to create short-term training and retraining establishments, preschool educational institutions, general education institutions, and investment registration certificate-issuing organizations.

Step 2: Apply for a business license.

To start a firm, you'll need to produce one set of company formation documents, which includes the following documents:

- An application for the registration of a firm for the purpose of providing education;

- Educational company charter;

- A list of the company's members/shareholders (depending on the type of company selected);

– A legitimate copy of the legal representative's, firm owner's, and members' identity cards/passports – Authorization letter for authorized person to complete business registration procedures;

– A copy of the person authorized to complete the business registration processes' identification card.

The above information is about the "Procedures for setting up a foreign - invested company doing business in education". For more information and advice on this issue, please contact Doanh Tri Law Firm directly via:

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