Business setup. The increasing demand and the scarcity of supply is giving many distributors the option to push up the prices of nitrile gloves. As part of the application to establish a foreign-owned company in Vietnam, the company’s capital needs to be detailed in the IRC. 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. However, the Vietnamese government is cracking down on nominee companies. Company registration in Vietnam typically takes about one month. Such examples of business lines that need sublicenses include: Certain businesses need to process additional permits. Company Formation in Vietnam Vietnam is ideally located to cater to the fast growing market with a large population in Asia. Our consultants will tell you more about this structure. There have been quite a few times when investors have ended up backing out of starting their businesses just for these reasons. Our corporate establishment and licensing services are designed around simple and practical advice, with clear processes from start to finish. 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. Company registration in Vietnam is a straightforward process, but there are specific guidelines for foreign-owned businesses. Member Registration : Your membership with VietnamBusiness.TV’s online community begins here.. 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. 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 such cases, the registration process will be longer. Vietnam company registration and investment certificate. Get in touch with Emerhub by filling in the form below and our consultants will reach out to you within a few working hours. For a worldwide registry of most companies engaged in any type of financial transaction (stocks, bonds, derivatives, foreign exchange, etc.) It usually takes about a month to receive the certificate. Home » Blog » Vietnam » Complete Guide to Company Registration in Vietnam. Service-based businesses, like consulting companies, can use a virtual office address. Ready to register a company in Vietnam? You can also get in touch with Emerhub’s consultants by filling out the form below. Once there, the Business Registration Office will publish the sealed sample in the National Business Registration Portal and send a receipt to the company. In such cases, you will need approval from the ministry involved in that industry. You can submit documents to serve as proof of your address. Emerhub can also assist you in sourcing and recruiting candidates in Vietnam. In general, Vietnam government encourages foreign direct investment. We do the company name screening in 200 countries, contact us. 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. Being well-prepared will make most of the problems avoidable while starting a business in Vietnam. Your business will need Ministry-level approval from one or more ministries. In some cases, foreign investors cannot set up a business due to foreign ownership restrictions. We are a team of local and international company incorporation agents and tax consultants who can help foreign investors open companies in Vietnam. 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. Step 3: Conducting business registration in Vietnam requires opening a bank account for all private limited companies. Vietnam company registration is time consuming, though GBS will normally complete the tasks within ten weeks. Vietnam is becoming more and more attractive to foreign investors. The article has showed you the best ways to verify whether the business registration certificate of a Vietnamese company is legitimate or not. There are no minimum capital requirements in Vietnam for most business lines. 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. JSC is a company established by at least 3 investors, regardless individual or institutional, local or foreign. However, some business lines must have a physical location or office. We will also take care of maintaining compliance with local employment laws. There are also other structures that can be relevant to foreign investors, including: However, these remain most relevant to specific situations or scenarios. 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. Emerhub’s company registry in Vietnam allows you to conduct background checks on companies registered in Vietnam. Read Opening a Representative Office in Vietnam to learn more about this business structure. Fill out the form below and our consultants will get in touch with you. Find the advice of our lawyers specialising in business law in Vietnam. Some partner up with a local nominee in order to proceed with their intended business plans. Contact the Vietnam Department of Planning and Investment, the pertinent provincial tax department, and the Department of Public Security – to apply for a business registration certificate and company seal. 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. Aside from company registration, Emerhub will also take care of sublicenses or permits you need. The above information is general in nature, and each specific situation or application will need to be reviewed on its merits. 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. There is no limit to the number of shareholders a JSC can have. Vietnam allows 100% foreign ownership of a business in most industries. Below we provide some insights into the key aspects of undertaking the business and expand its presence in Vietnam: Forms of Enterprises to Consider. Note that there are some business lines with minimum capital requirements. Learn more about setting up a joint-stock company in Vietnam by reading our other articles. Vietnam has one of the fastest-growing economies in the world. Establish market presence in Vietnam fast with experts' assistance. The BRC is also known as the Enterprise Registration Certificate (ERC). Corporate compliance in Vietnam involves the following: Emerhub’s consultants will advise and assist in maintaining compliance in Vietnam. 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. The government will impose heavier sanctions on nominee companies with the new Investment Law. Companies can only provide services in accordance with their approved business lines. It will come into effect in January 2021. 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. Documents required for standard applications for the establishment of a foreign-owned enterprise in Vietnam are listed below. After receiving the BRC, you have 90 days to make the capital contribution. 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. A representative office cannot generate income locally, but it can perform tasks in support of the parent company. Foreigners are allowed to register their company in Vietnam for starting a business. Get in touch with us by filling out the form below. A director who is a foreign national and not a founder of the company will need a work permit 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. In a few selected industries, company registration in Vietnam is only allowed in a joint venture agreement with a Vietnamese individual or corporate … Vietnam Company Registration. However, some industries restrict foreign ownership. A tax register is a register of taxable entities, used … 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. However, there are specific guidelines that foreign investors must know. All rights reserved. Companies also submit tax declarations and reports through this system. 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. On the other hand, a company must submit an incorporation certificate, articles of association, and a list of its directors. Examples of these include advertising, logistics, and tourism. These include trading, IT, manufacturing, and education. A lot of businesses set capital of USD 10,000. Foreigners can register a company in a Vietnam free zone provided they plan to manufacture and export most of their products. The business license certificate number is also the company’s tax number. Please fill out the form below – Choose either “Individual Member” or become a “Corporate Member”. 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.. Fast start. All companies must pay taxes through an online system. Representative offices in Vietnam can act on behalf of a foreign parent company. Formation, EIN, legal documents. If your business does not need to get ministry-level approval, it takes about one month. There are alternative ways to enter the Vietnamese market. These include: Note that your capital should exceed setup and equipment expenses. Specifically: • Investment Capital (IC): this is total funds that is to be invested into the company by the Investors. The procedure below details the process of registering a foreign LLC in Vietnam. Note that your Business Certificate will state the amount of your capital. 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.. 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. In such cases, foreign investors will need a Vietnamese joint venture partner. The legal entity is then categorized based on the percentage of its foreign investment. It’s becoming increasingly important to find distributors that have a direct relationship with manufacturers and are more likely to have fair prices. Waiting to get these documents before importing your goods will delay business operations. 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. All companies in Vietnam must have at least one resident director. Emerhub can assist in the process to gain access to this system and maintain compliance with tax regulations. To gain access to this system, businesses must get an electronic signature. 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. REGISTRATION COMPANY IN VIETNAM. The Department of Planning and Investment also issues this certificate. VietnamCredit is the first company in Vietnam to provide information on companies and industries. 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