Conditions of legal capital for the outsourcing services

Conditions of legal capital for the outsourcing services

At Article 6 of the Decree 55/2013/ND-CP date May 22, 2013 detailing the implementation of clause 3 article 54 of the labor code on license for the outsourcing services, payment of deposits and list of jobs entitled to carry out outsourcing, the Conditions of legal capital for the outsourcing services as follows:

1. The legal capital for the business line of outsourcing services is VND 2.000.000.000.

The outsourcers must maintain the charter capital not lower than the legal capital during their operation.

2. Dosiser proving condition of legal capital specified in clause 1 this Article includes:

a. The capital-contributing minutes of founding shareholders for joint-stock companies or of founding members for limited liability companies with from two members or more; the capital allocation decision of owner for one-member limited liability companies; the investment capital register of owner of enterprises for private enterprises and for one-member limited liability companies of which owners are individuals;

b. For capital amounts contributed in cash, there must be written certification by commercial banks licensed to operate in Vietnam where enterprises send capital amounts contributed in cash of the sent capital level;

c. For capital amounts contributed in assets, there must be certificates of organizations with valuation function in Vietnam, regarding the results of valuation of assets contributed as capital. The certificates must be valid until the date of submission of dossiers at competent business registration agencies.

3. For foreign enterprises conducting joint-venture with domestic enterprises, they must ensure the following conditions:

a. They must be enterprises specialized in the outsourcing business, possessing capital and total value of assets of VND 10,000,000,000 or more;

b. Having had operational experiences in the field of outsourcing of from 05 years or more;

c. Having certification by competent agencies of the host countries that the enterprises and the persons representing the contributed capital amounts of the enterprises in the joint ventures with Vietnamese enterprises have not yet committed acts of violating the laws of the host or relevant countries.

The about documents must be translated into Vietnamese and authenticated by overseas diplomatic missions, consular agencies of Vietnam and consular legalized in accordance with law of Vietnam.