IRC is the abbreviation for Investment Registration Certificate - Investment Registration Certificate.

According to the provisions of Clause 11, Article 3 of the Investment Law 2020, the Investment Registration Certificate is a paper or electronic document that records the investor's registration information about an investment project.

Pursuant to the provisions of Article 8 of Circular 06/2019/TT-NHNN on money transfer for investment preparation activities:

Accordingly, before being granted an Investment Registration Certificate by a competent authority, the Notice of meeting the conditions for capital contribution, share purchase, and repurchase of capital contributions from foreign investors, and the License for Established and operating in accordance with specialized laws, signing PPP contracts, foreign investors are allowed to transfer money from abroad or from payment accounts in foreign currency or Vietnamese Dong of that foreign investor opened at Licensed banks in Vietnam to pay for the cost of using legal company registration services during the period of investment preparation activities in Vietnam.

In other words, foreign investors do not have to use their investment capital account to directly pay for the cost of using the company registration service before being granted an IRC.

Note: Payment transactions for the cost of using the company registration service are carried out on the basis of agreement between the parties involved, presenting valid documents and vouchers to prove the amount transferred. Vietnam ensures compliance with regulations on foreign exchange management, investment laws, accounting laws and relevant legal regulations.