Procedure to open a foreign company in Vietnam

Vietnam is a developing economy so that we welcome all foreigners to come here and contribute to our development. Vietnam owns a great source of a cheap workforce, large consumer market and many opportunities to co-operate with national and international enterprises. Therefore, there are more and more foreigners choose Vietnam as the destination to enhance their career by opening a company. This is a good sign for both Vietnam and people in businesses. However, international owners who want to set up a company in Vietnam have to follow a strict procedure to get the investment license successfully.

What to notice about setting up a foreign company in Vietnam

Before deciding to establish a company in Vietnam, you have to research Vietnam Law carefully, especially Law on Enterprise and Law on Investment to make sure you plan suitable with these rules. Besides, you have to choose a form for your enterprise: a private company, a joint stock company, a foreign partnership company or a foreign shareholding company. This action is very important because if your choice is not allowed in Vietnam, you have to adjust your plan.

Moreover, you should start looking for an office for lease before coming to Vietnam. You don’t need to pay for it immediately, but it will help you be ready for its launch.

Required documents

To set up an enterprise in Vietnam, foreign businesspeople have to prepare some necessary documents and submit them to Vietnamese authorities. Let’s take a look at the list of required documents for business establishing in Vietnam:

• Investment registration request
• Report on the financial capability of the investor
• Draft Charter of the enterprise corresponding to the particular form of the enterprise (limited liability company, Joint Stock Company or Partnership Company)
• List of company members corresponding to the form of the enterprise
• Documents certifying the legal status of each founding member
• Power of attorney made by the investor to be the authorized representative for the capital contribution in cases where the investor is an organization/company; and the notarized copy of the passport or ID card of the authorized representative.
• In the case of a JV, the joint venture contract signed by all parties
• In the case of a JV engaged in an investment project with partial capital contributions from the State, an acceptance paper issued by the relevant authority on the use of state capital for the investment must be included.
• Other files stipulated in the applicable laws and regulations

Procedure to establish a company in Vietnam

After gathering all the necessary documents, foreign investors have to follow the instructions as below to finish the process and get enterprises organized.

Firstly, you have to do an investment project and apply for Investment Registration Certificate. Please notice that your project has to satisfy the conditions and procedure in accordance with Vietnamese Law on Investment.

Secondly, foreign businesspeople have to carry out the registration for setting up a company in accordance with the Vietnam Law of Enterprise. You can choose one of the forms below for your company:

• Establishing a foreign trading private company in Vietnam
• Building an international trading partnership in Vietnam
• Building a foreign trading multi-member limited liability company in Vietnam
• Creating a foreign trading single member limited liability company in Vietnam
• Establishing an international trading shareholding company in Vietnam.

Thirdly, after getting the certificate of business registration, you have to post all of the content of foreign company being set up in the National Business Registration Portal.

Fourthly, next step is making seal and seal specimen at the Business Registration Office.Then, foreign investors have to open accounts and tax registration to commence its operation.

Finally, foreign investors conduct their trading operation shall be granted a business license before commencements of their trading activities following Decree No.23/2007/ND-CP dated 12/2/2007 of the Vietnamese Government; Circular No.08/2013/TT-BCT dated 22 April 2013 and the Circular 34/2013/TT-BCT dated 24 December 2013 of the Ministry of Industry and Trade.

Tips when opening a company in Vietnam

Starting a company in Vietnam can take time, and you have to wait for a long time until your application is approved. Therefore, one of the fastest ways to push the process is hiring a company to help you prepare all documents and give you exact advice.

Vietnamvisavoa is a reliable company in Vietnam visa field, including consulting clients who want to set up a company in Vietnam. If you need help or don’t find any time to conduct the whole process, don’t hesitate to contact us via email or hotline and your submission will be processed fast and effectively as you want.

Starting a company in Vietnam is a trend with many foreign investors because of the significant potential of Vietnam market. So if you are planning to establish your enterprise in our country, let’s take this chance and build a great career in Vietnam.

Feel free to contact our dedicated support team at:

Website: vietnamvisavoa.com

Phone: +84969255515 (WeChat / Whatsapp / Viber)

Email: support@vietnamvisavoa.com

We are very honored to support you to begin a new great life in our country - Vietnam.