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Vietnam Business Setup: Establishing a Company in Vietnam

Updated:2018-1-25 16:15:02    Source:www.tannet-group.comViews:45

Vietnam business setup has become an appealing option for many multinationals due to its dynamic economy. Establishing a business in Vietnam is not simple, there are a number of important steps that must be taken in order to ensure proper compliance with the country’s laws. 

Due to the country’s complex legal processes, when establishing a company in Vietnam, we recommend that professional assistance be sought in order to help guide you through the setup procedures and to aid you in understanding the roles and responsibilities of key positions in the company.

Requirements on Company Establishment in Vietnam
1. Company Name
The company in Vietnam has to have Vietnamese name, and English name. The company could also have abbreviated name. The name of the company in Vietnam indicates the structure of the company, the business lines, and the name that differentiate against other businesses.

2. Legal Structure
Depending on the number of investor contributing capital, company could be set-up as one member limited liability company or two ore more member limited liability company or joint stocks company.

3. Registered Capital
The investment amount depends on the business plan and is subject to the approval of the provincial Department of Planning and Investment evaluating application dossier. In some business areas like real estate, banking and finance, minimum capital is required.

4. Registered Address
Not every address could be used to register a company. The address has to be an address of a house with leasing agreement or office building which owner has license to operate as office building.

5. Business Scope
There are non-conditional investment areas and conditional investment areas.  Establishing company in the non-conditional investment areas are more simple than in conditional investment areas. Investment in IT services, manufacturing, management consulting, business promotion are a few samples of non-conditional investment areas. 

Registration Process
The first step in setting up a business in Vietnam is acquiring an Investment Certificate (IC), also known as a Business Registration Certificate. It is important to note that during the IC application process, under Vietnamese law, all documents issued by foreign governments and organizations must be notarized, consular legalized, and translated into Vietnamese.

Once the IC has been issued, additional steps have to be taken to complete the procedure and start business operations, including:
Seal carving;
Tax code registration;
Bank account opening;
Labor registration;
Business license tax payment;
Charter capital contribution;
Public announcement of company establishment.

Contact Us
If you have further inquires, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website www.tannet-group.net, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143422, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.

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