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Setting up other businesses (updating) / BCC

BCC (3/9/2018)

 Business cooperation contract (BCC)

Business cooperation contract (BCC) means a contract signed between investors for business cooperation and profit or product distribution without establishing an economic organization.

BCCs signed between domestic investors must comply with the civil law. For BCCs signed between domestic investors and foreign investors or between foreign investors, the procedures for grant of investment registration certificates shall be carried out. Parties to a BCC shall form a coordinating board to perform the BCC. Functions, tasks and powers of the coordinating board shall be agreed by the parties. 

A BCC must have the following principal contents: 
- Names, addresses and competent representatives of contractual parties; transaction address or address of the project implementation site; 
- Objectives and scope of business investment activities; 
- Contributions of contractual parties and distribution of business investment results between the parties; 
- Contract performance schedule and duration; 
- Rights and obligations of contractual parties; 
- Modification, transfer and termination of the contract; 
- Liabilities for breaches of contract, method of dispute settlement. 

In the course of performing a BCC, contractual parties may agree to use assets created from their business cooperation to establish enterprises in accordance with the law on enterprises.

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