To encourage and support Czech companies to increase their overseas business activities, PROPEA first emerged in 2019 as a tool to help investors expand their business abroad, including Vietnam. PROPEA stands for Projects to Support Economic Activities Abroad active in markets abroad. The support is in the form of a subsidy amounting to 70% of the service price from the PROPEA budget. The remaining 30% may be co-financed by the expanding company.
Investing in Vietnam? See Incorp Vietnam’s Company Registration Services
The key objective of PROPEA initiative is to provide Czech investors and exporters with local expertise and services aside from the standard services from the embassy’s business and economic section. The Czech-Vietnamese consulting company and subsidiary of InCorp global, InCorp Vietnam, is one of the providers for PROPEA project services.
Objectives of PROPEA Program 2023
- Support Czech enterprises with local expertise and quality business services in overseas markets
- Lower market entry risks of Czech firms, especially in more demanding and challenging overseas markets
- Provide future assistance to Czech companies with long-term activities focusing on both exports and investments
How can Czech Companies Benefit from the PROPEA 2023 Program to Expand Business in Vietnam?
As a selected official PROPEA’s partner, InCorp can help Czech businesses supervise their on-site business activities and communications in Vietnam.
With InCorp’s assistance, Czech companies can make use of PROPEA to engage in the following actions:
- Set up a branch in Vietnam
- Certify, register, and trademark their products
- Analyse tax, financial and legal processes
- Create a business plan for investment or market entry in Vietnam
- Secure financing or negotiate with lenders to introduce their products to Vietnamese markets
- Verify import and export documentation
- Set up and coordinate partner and supplier’s network
- Provide technical supports
- Represent Czech companies on commercial agreements
Who Are Eligible to Apply for PROPEA 2023
Below are the criteria for eligibility in the PROPEA program:
- Private companies with business registration in the Czech Republic
- Pay directly by cross-border transfer to InCorp
- Pay via the company’s branch in Vietnam (more straightforward payment method)
Application Procedure of PROPEA 2023
Any single Czech private company can receive a maximum PROPEA 2023 subsidy of CZK 100,000 for the calendar year. All Czech companies eligible for PROPEA 2023 must complete their projects by October 2023. The estimated duration for the approval of PROPEA application is four to six weeks.
Here are the main steps of the PROPEA 2023 application process:
- Submit a short project proposal to Incorp Vietnam.
- InCorp will verify the applicant’s qualification (duration: 1 week).
- InCorp will then send a quotation to the applicant with the financing method (duration: 1 week).
- Prepare the application and documents for the PROPEA project (duration: 2 to 3 weeks).
- Arrange service payment once the PROPEA application is approved.
- Execute projects.
- Submit a final report.
RELATED: EU-Vietnam Free Trade Agreement and Opportunities Offered
How InCorp Vietnam can Assist
InCorp was selected as one of the official partners providing the expansion services to Vietnam through PROPEA. Our service packages include market-entry and one-stop incorporation services.
InCorp Vietnam assists businesses ranging from startups to medium and large companies to expand business to Vietnam. We cut through the complexity of international expansion in financial, legal, commercial, tax, and HR aspects.
Our team of experts strives to uncover the best opportunities and execute the ideal solutions for your business. Empowered with all the business acumen and legal expertise you require from InCorp, your business will expand successfully throughout the region.
Get in touch with our team of incorporation specialists by filling in the form below.
