However, from our experience, it is possible to open a business service company with USD 3,000. There have been quite a few times when investors have ended up backing out of starting their businesses just for these reasons. The documents needed by an individual founder are not the same as the documents needed by a company.An individual founder must submit a notarized copy of his or her passport. A director who is a foreign national and not a founder of the company will need a work permit in Vietnam. Contact us Service Vietnam Company Registration Regulator Business registration offices. Once the receipt is received, the company may start using the seal. National business registration portal means a website used for online business registration and access of information about business registration. Such examples of business lines that need sublicenses include: Certain businesses need to process additional permits. Once there, the Business Registration Office will publish the sealed sample in the National Business Registration Portal and send a receipt to the company. Note that if the director is also a founder, he or she will not need a work permit. You can submit documents to serve as proof of your address. Where the investor is an individual, and not a corporate, then Items 1 and 2 are not required, and only the passport is required. Changing this will require amending your company’s documents. Vietnam allows 100% foreign ownership of a business in most industries. A company founder can be an individual or a company. Foreigners can register a company in a Vietnam free zone provided they plan to manufacture and export most of their products. Note that this time frame does not take into account any sublicenses necessary to operate your business.If your company needs additional licenses the process can take up three or four months. However, some business lines must have a physical location or office. There is no limit to the number of shareholders a JSC can have. Our Services. The above information is general in nature, and each specific situation or application will need to be reviewed on its merits. For example, companies that will engage in the sale or distribution of cosmetics must register their products. Documents required for standard applications for the establishment of a foreign-owned enterprise in Vietnam are listed below. You can also get in touch with Emerhub’s consultants by filling out the form below. The above documents (other than the bank statement/letter) need to go through a legalisation and notarisation process, which will depend on the document and the jurisdiction. Member Registration : Your membership with VietnamBusiness.TV’s online community begins here.. A company must register one or more business lines and investment objectives (attaching to the “investment project”), subject to conditions or limitations regarding certain investment sectors in Vietnam. The business registration process is followed up by making company seals and then an announcement of your business in the Business Portal all of which can be very strenuous. 6. Note that LLCs in Vietnam do not have shareholders. The increasing demand and the scarcity of supply is giving many distributors the option to push up the prices of nitrile gloves. However, the Vietnamese government is cracking down on nominee companies. For example, you can verify whether or not your business … Ready to register a company in Vietnam? Some examples of businesses that need additional licenses are trading or tourism. All companies in Vietnam must have at least one resident director. YourGlobalPro can assist in Vietnam for Company Formation, Secretarial Compliance, Tax Registration, VAT Reclaim, Document Retrieval and Trademark Registration. On the other hand, a JSC must have a minimum of 3 shareholders. The legal entity is then categorized based on the percentage of its foreign investment. Companies also submit tax declarations and reports through this system. • Partially Restricted and requiring a local joint venture partner: tourism, advertising, logistics, etc. Vietnam has one of the fastest-growing economies in the world. Being well-prepared will make most of the problems avoidable while starting a business in Vietnam. Differing from the LLC, JSC can issue shares to the publics. After receiving the BRC, you have 90 days to make the capital contribution. On the other hand, a company must submit an incorporation certificate, articles of association, and a list of its directors. Representative offices in Vietnam can act on behalf of a foreign parent company. These include: Note that your capital should exceed setup and equipment expenses. Vietnam Company Registration Starting a new company is a really big deal both emotionally and financially. Emerhub can assist in the process to gain access to this system and maintain compliance with tax regulations. The Vietnam free zone company. Below we provide some insights into the key aspects of undertaking the business and expand its presence in Vietnam: Forms of Enterprises to Consider. Vietnam company registration and investment certificate. The two most common types of legal entities in Vietnam are: An LLC can have 1 to 50 members, also known as founders or owners. Before you can import goods into Vietnam, you will need certain certificates and licenses. In such cases, the registration process will be longer. A lot of businesses set capital of USD 10,000. Vietnam is becoming more and more attractive to foreign investors. Type of Companies Limited liability companies, which may take … This can take anywhere from a couple of weeks to several months. World Trade Organization (WTO) agreements regulate foreign ownership for most business lines. When registering a foreign-owned company in Vietnam, you need an investment registration certificate. Submit Vietnam company registration documents, duly signed by the partners. Specifically: • Investment Capital (IC): this is total funds that is to be invested into the company by the Investors. For a worldwide registry of most companies engaged in any type of financial transaction (stocks, bonds, derivatives, foreign exchange, etc.) To set up in Vietnam, foreign investors must obtain an investment certificate/license and carry out a company registration process. Watch this video to learn more about legal entities in Vietnam available to foreign investors: Below, you will find steps detailing the process to register an LLC in Vietnam. Companies can only provide services in accordance with their approved business lines. Acclime works with investors to ensure they understand how the above will apply to their specific situations in Vietnam before they start the company establishment process, Get in touch with us Reach us Monday – Friday: 8.30am to 5.30pm (UTC+7), © Acclime Vietnam document.currentScript.insertAdjacentHTML('afterend', ''); | Privacy policy, Decree 1 covering enterprise registration in Vietnam. When it comes to the actual company formation procedure, a foreign enterpriser must travel to Vietnam to complete the registration. These include trading, IT, manufacturing, and education. Fast start. REGISTRATION COMPANY IN VIETNAM. A company register is a register of legal entities in the jurisdiction they operate under, for the purpose of protection, accountability and control of legal entities. In most industries, they can own 100% of the shares of their business. What is Company Registration in Vietnam? Our agents have an extensive experience in handling the entire company registration procedure for foreign entrepreneurs, helping them set up their businesses in Vietnam as fast as possible. We provide all the essentials to start your business in Vietnam hassle-free. In most industries, they can own 100% of the shares of their business.In a few selected industries, company registration in Vietnam is only allowed in a joint venture agreement with a Vietnamese individual or corporate shareholder. We guide investors through the government requirements, removing the confusion and providing clarity for what can be an otherwise drawn-out process for starting a business, so that your Vietnamese company is established and ready for you to operate. Your business will need Ministry-level approval from one or more ministries. Emerhub can also assist you in sourcing and recruiting candidates in Vietnam. Formation, EIN, legal documents. In some cases, it is not necessary to set up a company in Vietnam. Companies, once they have received their ERC and completed the initial post-licensing activities, can open bank accounts with Vietnamese banks. The standard positions that each company must have in Vietnam, include: Note: These 2 positions can be of any nationality, however there may be Work Permit matters to consider for foreign appointees. We are a team of local and international company incorporation agents and tax consultants who can help foreign investors open companies in Vietnam. BOT, BTO and BT © 2011-2021 Emerhub Limited. JSC is a company established by at least 3 investors, regardless individual or institutional, local or foreign. Companies in Vietnam must also get a business registration certificate (BRC). However, there are some business lines not regulated by WTO agreements nor local laws. However, some industries restrict foreign ownership. The Department of Planning and Investment issues this certificate. It must also submit financial statements from the last two years or a bank statement if the company is less than two years old.Note that if the above documents were issued abroad, you will have to legalize and notarize them in the issuing country. Examples of these include advertising, logistics, and tourism. VietnamCredit is the first company in Vietnam to provide information on companies and industries. Vietnam company registration is time consuming, though GBS will normally complete the tasks within ten weeks. The Department of Planning and Investment will assess if your capital contribution is in line with your business. The economy of country is the 47th largest economy in World. IC includes equity (charter) capital, and loans. Find out how I got approval to re-enter Vietnam and about my journey there during the pandemic. Foreigners are allowed to register their company in Vietnam for starting a business. The government will impose heavier sanctions on nominee companies with the new Investment Law. Home; Services; Articles; Contact; Services. Complete Guide to Company Registration in Vietnam, Requirements for setting up a company in Vietnam, The step-by-step process of company registration in Vietnam, Setting up a special purpose vehicle in Vietnam, Alternatives to Company Registration in Vietnam, FAQs about company registration in Vietnam, setting up a joint-stock company in Vietnam, sourcing and recruiting candidates in Vietnam, Expat Guide to Buying Property in Vietnam, How to Start an E-Commerce Business in Vietnam, How to Calculate Import Tax and Duty in Vietnam, Minimum Capital Requirement in Vietnam For Foreign Companies. The BRC is also known as the Enterprise Registration Certificate (ERC). Step 3: Conducting business registration in Vietnam requires opening a bank account for all private limited companies. Foreign investors investing in Vietnam in the form of establishing a new legal entity need to apply for an Investment Registration Certificate (“IRC”) first for its “investment project”, then continue by applying for and obtaining an Enterprise Registration Certificate (“ERC”) to establish the new company after the IRC is issued. Both of Wholly Foreign Invested Company and Joint Venture Company can be structured as Limited Liability Company … In some cases, foreign investors cannot set up a business due to foreign ownership restrictions. Travel to Vietnam During COVID – My Experience. Failure to do so will result in fines. It will allow you to protect and maintain control over your investment without setting up a company in Vietnam. Aside from company registration, Emerhub will also take care of sublicenses or permits you need. Get in touch with us by filling out the form below. That said, economic reforms are attracting foreign investors, export-orientated manufacturing industries. Country after reform gradually integrated into global trade and investment result in its market as the market-oriented economy. These include manufacturing, restaurants, and retail trading, among others. We will also take care of maintaining compliance with local employment laws. Fill out the form below and our consultants will get in touch with you. As your employer of record, we will put your employees on our payroll. In such cases, foreign investors will need a Vietnamese joint venture partner. Foreign investors can form several kinds of legal entities with a Limited-Liability Company (LLC) and a Joint-Stock Company (JSC) being the most popular choices of company registration in Vietnam. Home » Blog » Vietnam » Complete Guide to Company Registration in Vietnam. Although most sectors are open for 100% foreign investment, there are some restrictions such as: • Fully Restricted: Military related, agricultural land, etc. There are alternative ways to enter the Vietnamese market. Our consultants will tell you more about this structure. Read Opening a Representative Office in Vietnam to learn more about this business structure. Company Formation in Vietnam Vietnam is ideally located to cater to the fast growing market with a large population in Asia. All rights reserved. In such cases, you will need approval from the ministry involved in that industry. He or she doesn’t need to have residency status at the time of incorporation. The procedure below details the process of registering a foreign LLC in Vietnam. Result: Business registration office shall issue the certificate of enterprise registration or if the application is not satisfactory, business registration office shall inform the applicant of necessary revisions and supplementation to company. The company can then be registered within an industrial park or a special economic zone after review and approval by the relevant authority. Business setup. Emerhub’s company registry in Vietnam allows you to conduct background checks on companies registered in Vietnam. All companies must pay taxes through an online system. The Department of Planning and Investment also issues this certificate. If your business does not need to get ministry-level approval, it takes about one month. The process includes three (3) basic stages: Note: The statutory timings above are the processing with the authorities, and do not include the preparation time for the applications nor the review, preparation or translation of documentation required for the process. It must say that you will use the location for your business after incorporation. Establish market presence in Vietnam fast with experts' assistance. However, there are specific guidelines that foreign investors must know. Corporate compliance in Vietnam involves the following: Emerhub’s consultants will advise and assist in maintaining compliance in Vietnam. However, when starting cooperation with new business partners, it is essential that you learn a bit more about your future associates before you sign any contracts. It’s important to understand the requirements and process of establishing a foreign-owned company in Vietnam. A safer alternative is to conduct business through a special purpose vehicle. Company Registration in Vietnam Made Easy. Application for Investment Registration Certificate (the “IRC”), Application for Enterprise Registration Certificate (the “ERC”), Initial Post-Licensing Procedures (including arranging Company Seal and publication of notifications of company establishment), Certificate of Incorporation and/or Certificate of business registration of the Investor and all amendments thereof. You can start importing goods into Vietnam immediately through an importer of record. Some partner up with a local nominee in order to proceed with their intended business plans. see Legal Entity Identifier. It’s becoming increasingly important to find distributors that have a direct relationship with manufacturers and are more likely to have fair prices. Set up a company in Vietnam through Emerhub. There are also other structures that can be relevant to foreign investors, including: However, these remain most relevant to specific situations or scenarios. Companies can take one of two basic forms in Vietnam: LLCs are the most common corporate structure for foreign investors, given their relative simplicity in operation. In general, Vietnam government encourages foreign direct investment. It will come into effect in January 2021. Instead, he or she will have to apply for a work permit exemption. Company registration in Vietnam is a straightforward process, but there are specific guidelines for foreign-owned businesses. However, if no WTO agreements or local laws regulate foreign ownership in that business line, it will take longer to get the certificate. Toyota Vietnam to recall 320 Camry 3.0 cars to check defects (11/05/2017) Motor Vehicle Inspection Activities in October 2011 (11/05/2017) Automobile inspection and sanctions for excess emission permits (11/05/2017) Learn more about setting up a joint-stock company in Vietnam by reading our other articles. Company Registration Services in Vietnam. Service-based businesses, like consulting companies, can use a virtual office address. With an ample amount of cheap labor supply, Vietnam is a great option for investors who want to expand to the APAC region. Company Incorporation Vietnam Joint-Stock Company in Vietnam Limited Liability Company (LLC) in Vietnam Representative Office in Vietnam. The process is far easier, for most banks, than in other countries in the region due to the initial vetting and documentation process undertaken to obtain the ERC, therefore allowing for the banks to rely on this documentation for most of their needs. Some foreign investors use nominee companies to dodge restrictions in certain industries. Get in touch with Emerhub by filling in the form below and our consultants will reach out to you within a few working hours. JSC’s have more requirements, including a minimum of 3 shareholders, and are preferable for companies which may have a need to issue shares to more parties in the future. In a few selected industries, company registration in Vietnam is only allowed in a joint venture agreement with a Vietnamese individual or corporate … Business Setup. Company registration in Vietnam typically takes about one month. • Chief Accountant: This position is appointed once the company is established, and also takes on many of the responsibilities that a “Company Secretary” would do in other jurisdictions. However, they will need a residential address in Vietnam. However, it must be enough to cover expenses until the business becomes self-sustaining. JSC is a kind of limited liability company, and has the legal person status in accordance with the laws of Vietnam Vietnam company formation. On 15 October 2020, the Vietnam Government released Decree 122/2020/ND-CP (“Decree 122”) regulating the procedures for company registration in Vietnam, and incorporating initial labour usage declaration, Social Insurance registration and tax invoice usage registration.. However, depending on the business line, some companies need to apply for sublicenses. A tax register is a register of taxable entities, used … The article has showed you the best ways to verify whether the business registration certificate of a Vietnamese company is legitimate or not. Please fill out the form below – Choose either “Individual Member” or become a “Corporate Member”. Up to that point, he or she can appoint local company registration agents who can handle the drafting of the documents related to the incorporation of the business. He or she must also provide a bank statement bearing his or her name. The latest news, articles, and resources, sent to your inbox weekly. The Decree links these initial registration steps in one process under the one company registration … A representative office cannot generate income locally, but it can perform tasks in support of the parent company. It usually takes about a month to receive the certificate. No, the company registration procedure in Vietnam is the same for companies with any amount of foreign ownership. • Special Requirements and Restrictions such as the need additional staff accreditation for the license: real estate, accounting services, etc. Under Vietnam Enterprise Law, foreign investors are entitled to form Foreign Invested Company (“FIC”) under either of Wholly Foreign Invested Company or Joint Venture Company.. We will also assist in completing any procedures necessary. The process of Vietnam Company Formation always has two steps: registration of investment project (to obtain an Investment Registration Certificate) and registration of Vietnam company (to obtain an Enterprise Registration Certificate). Waiting to get these documents before importing your goods will delay business operations. Note that your Business Certificate will state the amount of your capital. Foreigners are allowed to register their company in Vietnam. Our corporate establishment and licensing services are designed around simple and practical advice, with clear processes from start to finish. vietnam company registration Update time 00:00:00, 09/12/2011 - 6574 views Vietnam company formation: Attorney Business Services for foreign companies: collect debts, verifications of information, statements, claiming procedures. ... Vietnamese company means any enterprise that is established or registered under Vietnam’s law and has its headquarter located in Vietnam. In March 2020, I was stuck in Europe wanting to return home to Vietnam. Company Reporting Requirements 2021: Avoid Fines in Vietnam, The key accounting and compliance deadlines in Vietnam that every business owner with an LLC or representative office should know, Nitrile Gloves in Bulk: How to get a Supplier during COVID. Company registration in Vietnam Following the trend of society, globalization process is being strongly promoted not only in developed countries but also gradually expanding in developing countries such as Vietnam, which facilitates foreign investors wishing to exploit and develop business networking around the world. With an employer of record in Vietnam, you can hire employees without establishing a company or representative office. Concerning company registration in Vietnam, the Vietnamese government has recently made changes to the Company Law in Vietnam which may affect the existing companies in the country. Get in touch with us by filling out the form below. It is not necessary for our clients to visit Vietnam to complete Vietnam company registration, as our local staff do the groundwork. These documents may vary depending on the jurisdiction of the investor, however this provides a general guide as to the documents that are to be lodged with the authorities. • Charter Capital: is the “paid-up capital” of the company, an amount of capital that members or shareholders contribute or commit to contribute within a certain period as stated in the company’s charter, and must be fully contributed within 90 days from the date on which the ERC is issued. https://emerhub.com/vietnam/company-registration-in-vietnam You must have a business address to incorporate a company in Vietnam. If you are planning to file for a trademark or to register a new company name in Vietnam it is a good idea to do preliminary worldwide screening in order to reduce the cost of an exhaustive search. At Acclime, we help foreign investors register their own company in Vietnam. Charter and/or Articles of Incorporation of the Investor and all amendments thereof; Passport/ID Card of the authorised representative(s) of the Investor; Bank statement, or bank letter for the Investor: the balance of account must be equal to or more than the value of the charter capital of the local company; Lease Contract (or pre-lease contract) in relation to the local company’s office in Vietnam and documentation related to the landlord. Find the advice of our lawyers specialising in business law in Vietnam. Vietnam Business Services and Vietnam market entry solutions and expertise to companies and entrepreneurs wishing to take advantage of the attractive quality-to-cost ratio of Vietnamese manufacturing operations or seeking to access Vietnam's growing market for imported goods and services. We do the company name screening in 200 countries, contact us. Company registration in Vietnam isn't particularly complicated. To gain access to this system, businesses must get an electronic signature. There are no minimum capital requirements in Vietnam for most business lines. Note that there are some business lines with minimum capital requirements. The Department of Planning and Investment may check the address during the incorporation process. https://vietnam.acclime.com/news-insights/how-to-register-vietnam-company It’s a way to enter the Vietnamese market without incorporating a company. Whether a JSC, an LLC, a Representative Office or a Branch Office, our business incorporation services ensure compliance and a hassle-free experience. As part of the application to establish a foreign-owned company in Vietnam, the company’s capital needs to be detailed in the IRC. We handle everything. The business license certificate number is also the company’s tax number. 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