Foreign investors investing directly in Vietnam should carry out the procedure for registration of temporary residence cards (TRC). This is a document issued by a Vietnamese competent authority to a foreigner to allow them to reside for a limited period of time in Vietnam. Temporary residence card (TRC) will greatly support foreign investors in the management and administration of businesses in Vietnam.
>> Read more: Opening a capital account to invest in Vietnam
1. Conditions for granting temporary residence cards (TRC) to foreign investors
The law on entry, exit, transit, and residence of foreigners in Vietnam defines temporary residence cards as papers issued by the immigration management agency or competent authorities of the Ministry of Foreign Affairs to foreigners are allowed to reside for a limited time in Vietnam and are valid for visa replacement.
Temporary residence cards support investors in exit, entry, travel and residence within the territory of Vietnam. Due to investment activities, foreign investors’ visas will have the symbol “ĐT” and the temporary residence cards (TRC) when issued will have the same symbol. In addition to foreign investors’ visas, they also need an Investment Registration Certificate (IRC) and an Enterprise Registration Certificate (ERC) to apply for a temporary resident cards.
Foreign investors in the following cases are not granted temporary residence cards:
– Being examined for penal liability or being a defendant in civil, economic or labor disputes;
– Being obliged to serve a civil judgment;
– Being obliged to serve criminal sentences;
– Being obliged to abide by administrative sanctioning decisions, tax payment obligations and other financial obligations.
2. Dossiers of application for temporary residence cards (TRC) for foreign investors in Vietnam
Foreign investors prepare 01 set of documents, including the following documents:
– Certified copy
+ In case the investor establishes a new company: Investment registration certificate (IRC); Business registration certificate (ERC);
+ Written approval of capital contribution, share purchase, capital contribution in case of investment through capital contribution, share purchase or capital contribution;
– Statement of the investor’s capital account at the bank;
– Registration of temporary residence of the investor (if any);
– Original passport;
– A letter of introduction for Vietnamese employees who are applying for a temporary residence card;
– Photos of investors. 02 photos of 2cm x 3cm;
– Declaration for temporary residence card
– Official dispatch and application for temporary residence card for foreigners.
3. Competence to grant temporary residence cards (TRC) to foreign investors
The dossier is submitted at Administration of Immigration or Department of Immigration Management of Police Departments of provinces and cities where the enterprise is headquartered. The time limit for issuing temporary residence cards for foreign investors is 5 to 7 working days from the date of receipt of complete dossiers.
Fees for granting temporary residence cards to foreign investors:
– Temporary residence card is valid for 1 year: 80 USD / 1 TRC;
– Dog temporary residence card valid for over 1 year to 2 years: USD 100 / TRC;
– Temporary residence card valid for over 2 years to 3 years: 120 USD / TRC.
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