As Vietnam remains an appealing destination for foreign investors and entrepreneurs, a well-structured and legally compliant company setup holds significant importance. Amidst this dynamic landscape, ensuring a smooth and successful company incorporation necessitates not just knowledge but also a strategic setup approach.
This article delves into the essential aspects of Company Incorporation in Vietnam. Vina Bookkeeping will guide you the steps, requirements; as well as the pros and cons of forming a new entity in Vietnam. Whether you’re a local entrepreneur or an international investor, gaining insights into company incorporation sets the foundation for a future prosperous organization in Vietnam.
What is Company Incorporation in Vietnam
Company incorporation in Vietnam refers to the process of establishing a new business entity adhering to legal regulations. This process involves various phases and necessary procedures to create an independent legal entity. The purpose is to engage in business activities, encompassing manufacturing as well as service provision, within the Vietnamese business landscape.
Opportunity and challenge of establishing a company in Vietnam
Opportunities
- Legal Protection: Company Incorporation in Vietnam ensures that the business is recognized and protected under the law. The strict legal framework provided by the Vietnamese Enterprise Law ensures lawful operations and prevents legal disputes.
- Strong Organizational Structure: The process of company incorporation also establishes a specific and well-structured organizational framework. This enhances effective management and transparency in roles and responsibilities.
- Independent Assets: An independent company possesses separate assets that are distinct from personal or other legal entities’ assets. This enables the company to be financially responsible with its own assets without affecting others.
- Economic Benefits and Reputation: Establishing a company enhances business scalability and conveys professionalism and credibility to customers and partners. This not only provides better opportunities for capital mobilization but also brings profits and various advantages.
Challenges
- Capital Requirements: Each type of company requires different levels of minimum capital. This demands individuals or organizations wishing to establish a company to meet the stipulated capital requirements.
- Complex Legal Procedures: The process of Company Incorporation in Vietnam involves intricate legal procedures, documents, and paperwork. Lack of legal understanding can create challenges for the company during this process.
- Challenging Internal Organization: Establishing and maintaining a strong internal structure isn’t always straightforward. The company’s success often depends on the strength of its internal structure.
- High Taxes and Stringent Control: Companies need to comply with tax regulations, regularly report taxes, and undergo strict scrutiny by tax authorities. The tax burden is influenced by the company’s revenue.
- Government Oversight: Companies, post-incorporation, need to adhere to close government oversight, including reporting requirements and various types of taxes.
How to Incorporate Company in Vietnam ✅
Step 1: Prepare Company Incorporation in Vietnam Documents
This step ensures complete and accurate documents for submission to the relevant authority for registration and legal procedures.
- Proposal: Clearly states company purpose, founder info, and expected business’ scale.
- Founder IDs/Passports
- Founder’s Business Certificate
- Lease Agreement: Needed if specific location is chosen.
- Land/House Certificates: If land/house used as headquarters.
- Building Permit (if applicable): Required for headquarters construction/renovation.
- Power of Attorney (if applicable): If the founder designates a representative.
- Capital Certificate (if applicable): For registered charter capital.
- Membership Certificate (if applicable): If the company has members.
Step 2: Drafting Documents
In the process of establishing a business, drafting the necessary documents is a crucial phase. An effective choice is to utilize the Company Incorporation in Vietnam service. Which means partnering with experienced experts in company formation procedures. A legal team will assist in composing the documentation according to legal requirements. Ensuring accuracy and completeness of all information in the documents, facilitating a smooth processing.
Step 3: Document Submission
After assembling the documents according to guidance and drafting from Vina Bookkeeping, the subsequent phase is submitting the registration application to the authorized office.
Outlined below are specific steps within this process:
- Review Documents: Before submission, company should double-check the documents to ensure accuracy and completeness. This avoids potential errors afterwards.
- Select Registration Office: Company needs to determine the appropriate registration office based on its location and industry. Generally, the application is submitted to the Business Registration Office within the Department of Planning and Investment in the respective province or centrally governed city.
- Submit Documents: Fill out registration forms and provide accurate details, accompanied by copies of essential documents.
- Pay Registration Fee: Alongside the application, company is required to settle the fee stipulated by the registration office. This fee varies based on the company’s scale and industry.
- Await Result Notification: Processing times can differ based on the local situation and the workload of the office.
Step 4: Complete Payment of Information Disclosure Fee
Announcing the establishment of a business is a pivotal step in Company Incorporation in Vietnam. As per the guidelines of Circular No. 47/2019/TT-BTC, the fee for information disclosure is set at 100,000 VND. Should a business neglect to make this disclosure, it may face administrative penalties. The penalty varies based on specific violations:
- Failure to publicly disclose business registration information on the National Business Registration Portal.
- Public disclosure of business registration information on the National Business Registration Portal that doesn’t comply with the specified deadline.
Step 5: Receive Business Establishment Result
Within a period of approximately 3 – 5 business days, if the application is valid, the registration authority will issue the Business Registration Certificate. This result could involve the approval of business registration or a request for additional information if the application is incomplete or lacks necessary criteria
Step 6: Business Disclosure
This phase is crucial for the company to inform the public about its establishment and operations. As well as to establish an official position within the business sector.
Step 7: Company Seal Creation
While awaiting results, you can design a logo or seal. Once you get the Business Registration Certificate, Vina Bookkeeping assists in creating the company seal. Required details may include:
- Company name
- Tax identification number
- District, city
- Logo (if any)
Company Incorporation Service in Vietnam at Vina Bookkeeping
At Vina Bookkeeping, we commit to supporting you from the planning stage to the successful completion of the company incorporation process. We understand that Company Incorporation in Vietnam can be complex. Therefore, our team provides comprehensive assistance, enabling you to focus on efficient and sustainable business development.
✅ Consultation on Business Types
Selecting the right business entity type is the crucial first step, impacting all aspects of business operations from management to the company’s future. We listen and comprehend your business requirements. Our goal is to help you choose the optimal business entity type that fully complies with legal regulations and maximizes future business benefits.
We examine critical factors such as member rights and responsibilities, management structure, required charter capital, and future scalability. We are dedicated to delivering clear information and delving deeper into the pros and cons of each entity type. This empowers you to make informed decisions based on legal regulations and your business objectives.
✅ Preparing Documents and Registration Procedures
We recognize the complexity of this process and the significance of alleviating the legal burden for you.
Document Preparation:
- We guide you in providing the necessary information to compile the business registration dossier.
- Assisting in organizing and preparing the dossier in accordance with regulations.
Completing Application Form:
- Preparing the registration dossier, including the charter, establishment contract, shareholder list, and relevant details.
- Advising on how to fill out the application forms and adjusting documents as required.
✅ Submitting Documents
- Submit the business registration documents to the relevant government agency or the Department of Planning and Investment.
- Monitor and carry out procedures as required by the governing authority.
✅ Establishing Bank Account and Tax Registration
- Vina Bookkeeping will assist in opening a corporate bank account for financial management.
- Register the tax identification number and necessary business certificates.
✅ Legal and Financial Consultation
- Legal Consultation: Provide guidance on legal regulations related to businesses, including establishment and operational activities. Ensure compliance with legal regulations and establish a strong legal foundation for the company.
- Financial and Tax Management Consultation: Assist in day-to-day financial management, from bookkeeping to monitoring cash flow. Offer tax advice and ensure compliance with monthly, quarterly, and yearly tax obligations.
Benefits of Company Incorporation in Vietnam Service
| ✅✅Company Incorporation in Vietnam Service | Company establishment, corporate administration, corporate governance, corporate compliance, comprehensive corporate assessments, as well as the cessation of operations for FDI enterprises operating in Vietnam |
| ✅✅Hotline | (028) 3821 0375 |
| ✅✅Benefits | Professionalism and Extensive Experience, Time and Effort Saving, Efficient and Cost-effective |
| ✅✅Advantages | Efficiency, Effective, Optimization |
| ✅✅Commitment | Efficient Process, Data Security, Help Business Save Time and Cost |
Professionalism and Extensive Experience
Vina Bookkeeping stands confidently with years of involvement in company formation. Our team comprises seasoned specialists equipped with extensive understanding of legal stipulations and processes associated with establishing enterprises in Vietnam.
Our consultancy extends beyond suggesting the most suitable business type based on your operational needs and aspirations. We also provide strategic advice to help you make well-informed decisions. Our legal advice is not only technically solid but also meticulous in gathering and preparing necessary paperwork. Our pledge is to provide ease and ensure adherence to legal mandates at every stage.
Time and Effort Saving
The intricacies of setting up a company involve multifaceted procedures, encompassing tasks. Such as document collection, profile creation, application submission, and monitoring of approval progress. Undertaking this process independently demands a significant investment of time and effort.
Vina Bookkeeping‘s Company Incorporation in Vietnam service transfers the legal and administrative responsibilities to our team. This empowers you to concentrate on core business operations without the hassle of handling procedural intricacies. Our team boasts a comprehensive grasp of the process. Which facilitates rapid, effective, and precise execution of each phase.
Efficient and Cost-effective
Our all-inclusive service not only conserves time and effort but also minimizes expenses in comparison to a do-it-yourself approach. While there are fees related to our service, they are reasonable when weighed against the time and effort invested in managing procedures.
You don’t have to master intricate legal regulations concerning company setup. You can sidestep errors and wastage of resources often resulting from self-handling. Vina Bookkeeping‘s experts team ensures accurate management of all processes right from the outset. Which effectively prevents undesired legal complications down the line.
Advantages of Company Incorporation in Vietnam Service at Vina Bookkeeping
In today’s market, there are numerous firms offering comprehensive Company Incorporation in Vietnam services. However, choosing an external partner of quality is not a straightforward decision. When choosing Vina Bookkeeping, you are opting for a professional and dedicated partner that prioritizes your success in the company establishment process.:
✅ Professional Team with Extensive Expertise: Our team comprises experienced professionals with years of industry experience. Particularly in company establishment within Vietnam. We aim to provide the most optimal solutions for our clients.
✅ Committed Partnership: We pledge to accompany you every step on your entrepreneurial journey. Our mission is to provide dedicated guidance and enthusiastic support from A to Z, ensuring you receive assistance whenever needed.
✅ Transparent and Public Pricing: Our all-inclusive process guarantees that you will receive all necessary services for the company establishment process, with no additional cost.
✅ Value-Oriented Commitment: With a genuine commitment to providing value to our clients, we offer our Company Incorporation in Vietnam service at the most competitive rates in the market.
