Investment project transfer
Yuki Shinichi company is established in Vietnam. The company specializes in real estate business and is implementing a project on building residential apartments in Hanoi. The company was issued an Investment registration certificate (“IRC”) and a Land use right certificate (“LURC”).
The company is having the demand to transfer this project to another company due to its difficult financial situation. The company would like to consult lawyers about legal conditions and procedures for transferring this project.
Our legal advice:
The project transfer of Yuki Shinichi company will be conducted under Law on Investment 2014, Law on Real estate business 2014 and Law on land 2013.
Accordingly, Yuki Shinichi company should pay attention to following legal problems:
1. Legal eligibility for investment project transfer
Conditions for investment project transfer under Law on Investment 2014
– The project does not fall into cases where the project will be shut down.
– The project is not able to transfer to any foreign investor.
– The project transfer will also be performed under Law on real estate business 2014 and Law on land 2013.
– Conditions mentioned in IRC will be ensured (if any).
Conditions for investment project transfer under Law on real estate business 2014
– The project was ratified by a competent state agency, with an approved master plan on 1/500 detailing or general ground.
– Compensation and site clearance were completed.
– The project has no dispute over land use right, has not been distrained to enforce any judgment or administrative decision of competent state agency.
– There is no decision on project revocation or land revocation issued by any competent state agency. If the company has any violation during its project implementation, the company must enforce completely the corresponding decision on sanction.
– There is a LURC issued to the project.
– The transferee must be a company doing business on real estate, having sufficient financial capability and committing to continue to implement the project under the relevant laws and on schedule
Conditions for land transfer under Law on land 2013
– The technical infrastructure works of the project have been built on schedule
– There is a LURC issued to the project
– There has been no dispute over the land of the project
– The land use right of the project has been not distrained for judgment enforcement.
– The land use period has not been expired.
2. Procedures for transferring the project
– Changing information of the investor in IRC at Hanoi Department of Planning and Investment.
– Requesting Hanoi People’s Committee to transfer the project.
– Registering the land use right transfer at Hanoi Land registration office.
This is our preliminary legal advice. Please do not hesitate to contact us through the following address should you have the demand to use our service. We look forward to our cooperation.
Bizlawyer & Partners Law Firm
Hanoi Office: Unit 505A, Thang Long Ford building, Dong Da district, Hanoi, Vietnam.
Ho Chi Minh City Office: Unit A16.12, Sky Center, 5B Pho Quang street, Tan Binh district, Ho Chi Minh city, Vietnam.
Phone number: (+84)86 888 1900