MEMO ON ACQUISITION OF THE SHARES (

MEMO ON ACQUISITION OF THE SHARES (CHARTER CAPITAL CONTRIBUTION) IN THE EXISTING LOCAL COMPANY IN VIETNAM

1. Conditions for acquiring the shares in the existing local company

1.1. Conditions

In order to acquire a part or whole shares in an existing local company, the foreign investor is required to satisfy following conditions:

- The investor have nationality of a contracting party to WTO;

- The business lines of the local existing company are not subjected to the list of business lines those prohibited/ restricted to the foreign investor.

1.2. Our comments

[In this Memo, the existing local company shall mean a company having established and operating legally in Vietnam by a Vietnamese citizen without any investing by foreigner].

- As provided initial information, we are of understanding that, one holding company in Singapore is now planning to acquire shares in GoQuo Company to become new owner (or co-owner) of the Company.

Singapore is one of WTO members and the holding company shall have right to acquire a part or 100% of share in GoQuo Company from Mr. Nguyen Dai Nghia consequently.

- As Goquo Company limited was established by Mr. Nguyen Dai Nghia and having its business mainly in software programming and computer management and other IT services.

These business lines are not subjected to any prohibition or restriction those made by Vietnam Government applicable to foreign investor and after completion of the acquisition, the company will still have right to operate in these business line consequently.

However, in the business license of GoQuo Company, there are some business lines named Advertising services (item 8), information portal (item 6), and other non-classified IT services (item 7) those are subjected to list of business lines prohibited or restricted to foreign investor. In detail: (i) the business line of advertising services shall be required to operate by a joint venture company between Vietnamese advertising services licensed Company and foreign investor; (ii) the business line of information portal will be prohibited to foreign investor; (iii) the business line of other non-classified IT services are subjected to conditions applicable to foreign investor and required to operate by joint venture company with charter capital ratio of the foreign investor in the company is not exceeding 65%.

For the above, we are of view that, the holding company should consider deleting some conditional/ prohibited business lines in the business license of GoQuo Company.

2. Procedures

2.1. Basically, in order to acquire a part or whole share in GoQuo, the holding Company is required to following two steps including:

(i) To apply for acquiring the share in GoQuo: For this step, the investor shall be granted an investment license.

(ii) To apply for adding the name of holding company into the existing business license of GoQuo Company.

[FYI: As regulated by Vietnam law, one company established and operating by Vietnamese citizen shall be governed by Law on Enterprise. However, one company have capital contributed by foreign investor shall be government by both Law on Enterprise and Law on Investment].

2.2. The holding company shall be required to open one banking account in Vietnam to proceed with the acquisition. Accordingly, right after obtaining the investment license, the holding company should open one banking account in Vietnam and use such account for transaction of acquisition. All money from Singapore shall be transferred to this account before releasing to Mr. Nguyen Dai Nghia for share price payment.

3. Legal service proposal

3.1. Scope of works

- To advise legal regulations of Vietnam law in respect of acquisition of share and application for changing the business license of GoQuo Company.

- To draft the document to apply for acquisition of the investment license and business license change, including (i) application, (ii) explanation on acquisition investment project, (iii) economic and technical explanation of the investment project, (iv) explanation on experiences of the foreign investor in IT matters; (v) new charter of the company, and other documents …..

- To submit the document to competent authorities.

- To liaise and work with competent authorities to deal with any arising matter during the process.

- Other (if any).

3.2. Documents to be provided by the holding company

- Two notarized and consular legalized copies of business license of the holding company.

- Two notarized and consular legalized copies of audited financial statement of the holding company in years of 2014 and 2015.

- Two notarized and consular legalized copies of banking statement issued by the bank where the holding company has banking account.

- Two notarized copies of bank note that is to prove the payment by holding company to Mr. Nguyen Dai Nghia for share price.

- Two notarized and consular legalized copies of passpor

Kết quả (Việt) 1:

BẢN GHI NHỚ VỀ VIỆC MUA LẠI CỔ PHẦN (GÓP VỐN ĐIỀU LỆ) TẠI CÁC ĐỊA PHƯƠNG SẴN CÓ CỦA CÔNG TY TẠI VIỆT NAM1. điều kiện để mua các cổ phần trong công ty địa phương hiện tại1.1. điều kiệnĐể có được một một phần hoặc toàn bộ cổ phần trong một công ty địa phương hiện có, các nhà đầu tư nước ngoài là cần thiết để đáp ứng theo điều kiện:-Chủ đầu tư có quốc tịch của một bên ký kết hợp đồng để gia nhập WTO;-Các ngành nghề kinh doanh của công ty hiện tại địa phương không phải chịu trong danh sách các ngành nghề kinh doanh với những người bị cấm / hạn chế cho các nhà đầu tư nước ngoài.1.2. chúng tôi ý kiến[Trong bản ghi nhớ này, hiện tại công ty địa phương có nghĩa là một công ty có thành lập và hoạt động hợp pháp tại Việt Nam bởi một công dân Việt Nam mà không có bất kỳ đầu tư của nước ngoài].-Khi cung cấp thông tin ban đầu, chúng tôi hiểu rằng, một công ty ở Singapore bây giờ lên kế hoạch mua cổ phần trong công ty GoQuo để trở thành chủ sở hữu mới (hoặc đồng chủ sở hữu) của công ty.Singapore là một thành viên WTO và công ty có trách nhiệm phải để có được một phần hoặc 100% cổ phần trong công ty GoQuo từ ông Nguyễn đại nghĩa do đó.-Như Goquo ty TNHH được thành lập bởi ông Nguyễn đại nghĩa và có doanh nghiệp chủ yếu trong quản lý chương trình và máy tính phần mềm và các dịch vụ CNTT.Các ngành nghề kinh doanh không phải chịu bất kỳ cấm hoặc hạn chế những thực hiện bởi chính phủ Việt Nam áp dụng cho nhà đầu tư nước ngoài và sau khi hoàn thành việc mua lại, công ty sẽ vẫn có quyền hoạt động trong doanh nghiệp do đó.However, in the business license of GoQuo Company, there are some business lines named Advertising services (item 8), information portal (item 6), and other non-classified IT services (item 7) those are subjected to list of business lines prohibited or restricted to foreign investor. In detail: (i) the business line of advertising services shall be required to operate by a joint venture company between Vietnamese advertising services licensed Company and foreign investor; (ii) the business line of information portal will be prohibited to foreign investor; (iii) the business line of other non-classified IT services are subjected to conditions applicable to foreign investor and required to operate by joint venture company with charter capital ratio of the foreign investor in the company is not exceeding 65%.For the above, we are of view that, the holding company should consider deleting some conditional/ prohibited business lines in the business license of GoQuo Company.2. Procedures2.1. Basically, in order to acquire a part or whole share in GoQuo, the holding Company is required to following two steps including: (i) To apply for acquiring the share in GoQuo: For this step, the investor shall be granted an investment license.(ii) To apply for adding the name of holding company into the existing business license of GoQuo Company.[FYI: As regulated by Vietnam law, one company established and operating by Vietnamese citizen shall be governed by Law on Enterprise. However, one company have capital contributed by foreign investor shall be government by both Law on Enterprise and Law on Investment].2.2. The holding company shall be required to open one banking account in Vietnam to proceed with the acquisition. Accordingly, right after obtaining the investment license, the holding company should open one banking account in Vietnam and use such account for transaction of acquisition. All money from Singapore shall be transferred to this account before releasing to Mr. Nguyen Dai Nghia for share price payment.3. Legal service proposal3.1. Scope of works- To advise legal regulations of Vietnam law in respect of acquisition of share and application for changing the business license of GoQuo Company.- To draft the document to apply for acquisition of the investment license and business license change, including (i) application, (ii) explanation on acquisition investment project, (iii) economic and technical explanation of the investment project, (iv) explanation on experiences of the foreign investor in IT matters; (v) new charter of the company, and other documents ….. - To submit the document to competent authorities.- To liaise and work with competent authorities to deal with any arising matter during the process.- Other (if any).3.2. Documents to be provided by the holding company- Two notarized and consular legalized copies of business license of the holding company.- Two notarized and consular legalized copies of audited financial statement of the holding company in years of 2014 and 2015.- Two notarized and consular legalized copies of banking statement issued by the bank where the holding company has banking account.- Two notarized copies of bank note that is to prove the payment by holding company to Mr. Nguyen Dai Nghia for share price.- Two notarized and consular legalized copies of passpor