Conditions for investing in the field of photography for foreign investors

Conditions for investing in the field of photography regulate specific requirements for foreign investors in Vietnam. Understanding these regulations helps investors access the market effectively, comply with the law, and take advantage of business opportunities. Please follow the content in this article by Long Phan to help you have detailed information about industry codes, investment forms, and conditions applicable to photography activities according to commitments and trade agreements.

Regulations on photography service business codes

According to Decision 27/2018/QD-TTg, businesses providing photography services need to register with industry code 74200 – Photography activities. This industry code includes:

1. Film processing is different from the film industry;
2. Film processing is not for the film industry;
3. Activities of independent photojournalists;
4. Aerial photography;
5. Take advertising photos;
6. Consumer and commercial photography, including:

• Taking portrait photos for passports, cards, weddings…;
• Photography for commercial, publishing, fashion, real estate or travel purposes;
• Aerial photography;
• Video recording: Weddings, meetings…

7. Film production, including:

• Develop, print and expand from negative or film;
• Film development and photo printing testing;
• Wash, restore or retouch photos.

8. Photojournalist activities.
9. Take photos as microfilm of documents.

Note that industry code 7420 does not include:

1. Film processing related to the motion picture and television industry is classified in group 5911 (Motion picture, video film and television program production activities);
2. Mapping and spatial information activities are classified in group 71102 (Cartography activities).

Conditions for foreign investors to invest in the field of photography in Vietnam

Foreign investors who want to invest in the field of photography in Vietnam need to meet market access conditions. This condition is stipulated in the AFAS, EVFTA and CPTPP trade agreements.

For special photographic services (except aerial photography), the agreements allow unrestricted market access. However, foreign suppliers are only allowed to provide services in the form of business cooperation or joint ventures with Vietnamese suppliers.

Regarding portrait photography services, AFAS and CPTPP also stipulate no restrictions on access. Foreign suppliers are allowed to cooperate in business or joint ventures with Vietnamese partners.

In addition, both types of services above have no restrictions on the capital contribution ratio of foreign investors in the joint venture. This creates favorable conditions for investing in the field of photography.

Forms of investment in the field of photography for foreign investors

Foreign investors have many options to participate in the Vietnamese photography market. Common forms include establishing a new company, contributing capital to an existing company, joint ventures and business cooperation. Each form of investment has its own characteristics and advantages, suitable to the strategy and resources of the investor.

Establishing a new company is the most common form. Investors can establish a company with 100% foreign capital or a company with foreign investment. This process includes business registration, investment license application and related procedures.

Contributing capital to an existing company is also a viable option. Investors can buy shares or capital contributions in operating photography companies. This helps take advantage of existing infrastructure and customer networks.

Joint ventures with Vietnamese partners are encouraged. This form combines foreign capital and technology with the market knowledge of domestic partners. Joint ventures can take advantage of investment incentives and access the market more easily.

A business cooperation contract (BCC) is a cooperation agreement that does not establish a new legal entity. BCC is flexible and suitable for short-term projects or market exploration. However, this form has limits on operating rights and property ownership.

Each form of investment has different legal processes and capital requirements. Investors need to consider carefully to choose the option that best suits their business goals and resources.

Consulting services and support for foreign investors in standard photography service business at Long Phan

Long Phan provides comprehensive consulting services for foreign investors in the field of photography in Vietnam. We will support customers throughout the investment process, from planning to project implementation. Long Phan’s main services include:

• Consulting on suitable investment forms for businesses.
• Legal advice on investment conditions and related regulations.
• Support customers in preparing business registration documents and applying for licenses.
• Tax and accounting consulting for photography businesses.
• Representing customers to carry out procedures with state agencies.

Investing in the field of photography in Vietnam opens up many attractive business opportunities. To make the most of this potential, contact Long Phan via the hotline 0906735386 for detailed advice. Long Phan hopes that with our professional support, your project will quickly go into operation and achieve the expected success.