According to laws of Vietnam, joint-venture enterprise will be approved to develop the housing master project where such joint-venture enterprise obtained the investment certificate with business lines of real estate activities and having sufficient to legal capital being 20 billion VND. For proving the joint-venture enterprise satisfied conditions of the legal capital, such joint-venture enterprise must submit the following documents:
- A written record of capital contribution;
- For capital amounts contributed in cash, there must be written certifications of commercial banks licensed to operate in Vietnam of deposit amounts of founding members. Deposit amounts must be at least only after enterprises are granted business registration certificates;
- For capital amounts contributed in asserts, there must be deeds issued by organizations having the function of price appraisal and operating in Vietnam certifying results of the price appraisal of assets used for capital contribution.
Moreover, the equity capital belongs to ownership of joint-venture parties for implementing project, minimize 20% of the total investment capital of project with the land use scale from 20 ha or more. The document certified capital of ownership identified as follows:
- For capital amounts in VND or a foreign currency, there must be certifications by commercial banks where these enterprises open their account of the balances of theirs deposit. The time of certification must be within 30 days before the date of submission of dossiers of application for approval of project;
- For capital amounts in assets, there must be deeds issued by price appraisal organizations operating in Vietnam certifying results of the price appraisal of these enterprises’ assets. Certification deeds must be still valid in the date if submission of dossiers of application for approval of projects.