Taxes is the mandatory deductions that organizations and individuals must submit to the State when it satisfies certain conditions. State will use the tax fee as its budget to ensure its function. Therefore, the tax laws often apply and tax dispute will frequently occur.
USD 2 Billion from Foreign Investor Running Casino in Vietnam ???
Update: 16/3/2017 | 3:12:26 PM - Dragon Law Firm
You are foreign investor and plan to operate the casino activities in Vietnam, however, it is not easy to fulfil the investment procedures? Feel free to contact to famous law firm in Vietnam on casino business to be supported.
Pursuant to the Article 23, 24, 25, 26 of Decree No.03/2017 on regulations on casino business, Dragon Law Firm, prestigious law firm in company would like to offer the foreign investors some information on casino business registration.
Conditions for certificates of investment projects on casino:
The certificate of registration of investment project on a casino-included entertainment complex shall be issued only when the following requirements are satisfied:
1. The implementation of the project of casino has been approved by a competent authority;
2. The project contains at least hotels, service, tourism, commercial and entertaining areas and conference centers;
3. The investment in the project is at least USD 02 billion;
4. There are plans and measures which are feasible and suitable for Vietnam’s conditions for controlling and eliminating negative effects of the casino business.
Conditions for certificate of eligibility for casino business:
1. The enterprise has the Certificate of investment registration or decision on investment policy issued by a competent authority which covers casino business;
2. At least 50% of the total investment in the project which has been registered in the Certificate of investment registration or the decision on investment policy has been disbursed;
3. The location of the casino fully satisfies the requirements specified by the law;
4. There are persons in charge of managing or controlling the casino who has at least a university degree and at least 01 year' experience in the management of casino business and is not prohibited from establishment or management of an enterprise according to laws;
5. There is a business plan as prescribed by the law.
6. Before inaugurating a casino business, the enterprise shall have fulfilled the security and order conditions applicable to casino business as prescribed by laws.
Application for certificate of eligibility for casino business:
An application for issuance of the Certificate of eligibility for casino business shall contain:
1. An application form for the Certificate of eligibility for casino business.
2. A certified true copy of the Certificate of investment registration or the decision on investment policy which contains the provisions regarding the casino business and amending documents thereof (if any) which are issued by competent authorities.
3. Documents proving that the capital has been fully disbursed as prescribed by the law.
4. A map of location of the casino.
5. A draft of the regulation on internal management, organization of the internal control division, internal regulations on prevention of and fighting against money laundering, regulation on dispute settlement and game rules.
6. A casino business project with information: time for casino operation, number of gaming machines, categories of prize-winning games …
7. A list of managers and executive officers of the casino with their criminal records and authenticated copies of their qualifications to prove their professional capacities.
Procedures for certificate of eligibility for casino business:
1. The enterprise shall submit 01 application for the Certificate of eligibility for casino business to the Ministry of Finance. Within 15 days from the day on which the application is received, the Ministry of Finance shall notify the enterprise of the adequacy and validity of the application and request the supplementation (if necessary) and 06 copies of the application for inspection.
2. Within 60 working days from the day on which the satisfactory application is received, the Ministry of Finance shall consider issuing the Certificate of eligibility for casino business. If the application is rejected, the Ministry of Finance shall send the enterprise a written notification containing the explanation.
Contact Dragon Law’s Call Center for Enterprise Advice: 1900.599.979 to be served.
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Dragon Law Firm - Hotline: 1900.599.979
Website: www.vanphongluatsu.com.vn - www.dragonlaw.vn
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