8 Important Steps Guide to Establish Company in Vietnam

8 Important Steps Guide to Establish Company in Vietnam

It is possible for foreign investors to establish company in Vietnam. Foreign investors have the right to choose the appropriate forms of enterprise such as a limited liability company, joint stock company... with particular steps including:

Step 1: Register the investment project to establish company in Vietnam

Investors submit a registration file for an investment project to the business registration office of the province, city, or management board of an industrial, export processing, or high-tech zone for approval within 15 days (without additional time for clarification).

Step 2: Apply for Certificate of investment registration

Investors can apply for a business registration certificate in Vietnam by submitting a valid record to the Department of Planning and Investment within ten days of the investment project's approval.

Step 3: Apply for the certificate of business registration

After obtaining the business registration certificate, the investor shall submit the application for enterprise registration certificate to the enterprise registration office within 3 days.

Step 4: Publish the content of the business registration

Within 30 days of receiving the certificate of enterprise registration, the investor is required to disclose the following information about the company on the national enterprise registration portal:

i, Business lines;

ii, List of founding shareholders and shareholders being foreign investors for joint-stock companies.

Step 5: Registered business stamp

The form, quantity, and contents of the company's stamp are entirely up to the business. The following information must be displayed in the stamp's content:

-Company’s name;

-Business code.

After receiving the legal entity stamp and before using the business stamp, the enterprise must send a notice on the stamp of the enterprise to the business registration office for publication in the National Information Portal on the business registration.

Step 6: Notice of use of stamp

Investors send notices on use of stamp forms to the Investment registration agency after getting a stamp. The Investment registration agency stamps samples of businesses, branches, and representative offices for businesses, publishes the business's notice on the National Business Information Portal, and issues a receipt for the business following receipt of the record.

Step 7: Open bank account

Financial backers need to open two sorts of ledgers, to be specific the speculation capital record to get the venture sum and the exchange represent going through with everyday exchange in Vietnam.

Step 8: The post licensing procedures

For the conditional business lines:

Investors investing in conditional business lines as defined in Appendix 4 of the Investment Law 2014 are required to have professional liability insurance, a certificate of business qualification, practicing certificates, and other documentation… prior to directing business in Vietnam.

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How to Establish a Joint-Stock Company in Vietnam?

How to Establish a Joint-Stock Company in Vietnam?

In addition to limited liability companies, partnerships, and private enterprises, joint-stock companies are recognized by Vietnamese law. When a Vietnam authority issues a Certificate of Business Registration, a joint-stock company gains legal status. Consult with corporate lawyers in Vietnam to learn about the advantages of various company formations in Vietnam for the owner's efficient management and goals.

As per the meaning of the Law on Undertakings, a business entity is a venture whose sanction capital is separated into two halves called shares. A joint-stock company can have individuals or organizations as its shareholders; the minimum number of shareholders is three. Since there is no maximum number of shareholders, the company will be able to easily expand its operations on a larger scale. In addition, shareholders will only be responsible for the company's debts and other property obligations up to the amount of capital contributed. Due to the level of risk that shareholders must bear, this is an advantage of this type of business. Specifically, business entities reserve the privilege to give offers, bonds and different protections to raise capital, which is a component that different kinds of organizations don't have.

The owner of a business in Vietnam has the option of submitting a set of documents to the Business Registration Office where the intended head office is located on their own or by authorizing another individual, organization, or law firm in Vietnam to do so. These documents include:

1.An application for enterprise registration;

2.The company’s charter;

3.List of founding shareholders and list of shareholders being foreign investors;

4.Copies of the following papers:

a) Legal papers of the individual for the legal representative of the enterprise;

b) Personal legal papers for company members, founding shareholders, shareholders being foreign investors who are individuals; Legal papers of the organization for members, founding shareholders, shareholders being foreign investors being organizations; Legal documents of individuals for authorized representatives of members, founding shareholders, shareholders being foreign investors being organizations and documents on appointment of authorized representatives.

For individuals and investors being unfamiliar associations, duplicates of lawful papers of the association should be authenticated and consularly sanctioned in Vietnam; The owner of a business in Vietnam has the option of submitting a set of documents to the Business Registration Office where the intended head office is located on their own or by authorizing another individual, organization, or law firm to do so. These documents include:

c)Investment registration certificate, in case the enterprise is established or participated in the establishment by a foreign investor or a foreign-invested economic organization in accordance with the provisions of the Investment Law and other legal documents; implementation manual.

The Business Registration Office will process the application within three working days of receiving it.

ANT Lawyers could assist you in establishing a joint-stock company in Vietnam with their highly skilled staff and extensive experience in foreign investment.

 

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How to set up a Joint-Stock Company in Vietnam in 2023

Joint-stock company is a type of enterprise recognized by Vietnam law, besides other types being limited liability company, partnership and private enterprise. A joint-stock company has legal status from the date of issuance of the Certificate of Business Registration by Vietnam authority. It is important to consult with corporate lawyers in Vietnam to learn the advantage of different forms of companies to be set up in Vietnam for the efficient management and purpose of the owner.

According to the definition of the Law on Enterprises, a joint-stock company is an enterprise whose charter capital is divided into equal parts called shares. Shareholders of a joint-stock company can be organizations or individuals, and the minimum number of shareholders of the company is 03 people. There is no limit on the maximum number of shareholders, so it will be convenient for the company when it wishes to expand its business on a larger scale. In addition, shareholders will only be liable for debts and other property obligations of the enterprise to the extent of the amount of capital contributed to the enterprise. This is an advantage of this type of business because the level of risk that shareholders have to bear. In particular, joint-stock companies have the right to issue shares, bonds and other securities to raise capital, which is a feature that other types of businesses do not have.

To set up a joint-stock company in Vietnam, the business owner can submit by himself or authorize another individual/organization or a law firm in Vietnam to submit a set of documents to the Business Registration Office where the head office is intended, including:

1.An application for enterprise registration;

2.The company’s charter;

3.List of founding shareholders and list of shareholders being foreign investors;

4.Copies of the following papers:

a) Legal papers of the individual for the legal representative of the enterprise;

b) Personal legal papers for company members, founding shareholders, shareholders being foreign investors who are individuals; Legal papers of the organization for members, founding shareholders, shareholders being foreign investors being organizations; Legal documents of individuals for authorized representatives of members, founding shareholders, shareholders being foreign investors being organizations and documents on appointment of authorized representatives.

For members and shareholders being foreign organizations, copies of legal papers of the organization must be notarized and consularly legalized in Vietnam;

c) Investment registration certificate, in case the enterprise is established or participated in the establishment by a foreign investor or a foreign-invested economic organization in accordance with the provisions of the Investment Law and other legal documents; implementation manual.

The processing time will be 03 working days from the date the Business Registration Office receives the valid application.

With highly professional staff and great experience in foreign investment, ANT Lawyers could help to support you to set up a joint-stock company in Vietnam.

Source ANT Lawyers: https://antlawyers.vn/library/set-up-a-joint-stock-company-in-vietnam.html

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Vietnam attends APEC Ministers Responsible for Trade Conference

 Vietnam attends APEC Ministers Responsible for Trade Conference

The 27th APEC Ministers Responsible for Trade (MRT) took place online on June 5, 2021 with the participation of 21 APEC member economies and observers including the Association of Southeast Asian Nations (ASEAN), the Asia-Pacific Economic Cooperation Council (PECC) and the Pacific Islands Forum (PIF). Measures to open market will be discussed to facilitate trade and investment, including the smooth policy from Vietnam to support to establish company in Vietnam.

In 2020, due to the impact of the Covid-19 pandemic, the global economy shrank 3.3%. However, because of strong efforts in the introduction of vaccine production and vaccination, financial support programs in some countries, as well as more effective disease containment measures in many countries, this year’s global economy is forecasted to achieve marked improvements compared to 2020. According to a report by the International Monetary Fund (IMF) published in April 2021, the global economy is forecast to reach 6% in 2021 and 4.4% in 2022.

At this meeting, APEC Ministers focused on discussing trade policies to respond to the COVID-19 pandemic. Measures taken include ensuring open markets, promoting the smooth flow of trade in essential goods and services, and facilitating safe and effective vaccine supply chains.

Another important content of the 27th MRT Conference is to support the multilateral trading system, including the progress of implementing reforms of the World Trade Organization (WTO) and updating the progress of negotiations in many fields, such as fisheries subsidies, special and differential treatment, industrial subsidies, market access, agriculture, etc. The APEC Ministers expressed their hope that reform and progress in WTO negotiations will bring positive results, contributing to strengthening the role of the multilateral trading system as well as global and regional economic integration.

At the Conference, the Vietnamese representative also affirmed that Vietnam would actively participate in negotiations and discussions to resolve current issues in the WTO to contribute to the success of the 12th WTO Ministerial Conference. In addition, Vietnam also supports initiatives to promote the movement of goods and services in the region, both to help prevent the epidemic and to develop the economy.

Through the meeting, the participants hoped that in the coming time, in parallel with fighting the epidemic, the parties would also take measures to promote trade and investment to achieve the goal of economic development in the world. Vietnam commits to support the global trade and policy to smooth investment into Vietnam through setting up company in Vietnam.

ANT Lawyers, a law firm in Vietnam could offer service to set up company in Vietnam. We assist clients needing legal service in obtaining investment certificate, business registration certificate, or other  licensing procedures.

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How to Set-up Travel Services Business in Vietnam?

 How to Set-up Travel Services Business in Vietnam?

Foreign investor could only set-up joint venture with Vietnam travel agency to set-up travel services business in Vietnam because transport of passenger belongs to investment areas with conditions applied to foreign investor in Vietnam.

10 Questions to Ask Before Setting up Company in Vietnam?

No one could deny that information technology has tremendously changed the way travel services business operates. The use of booking reservation system application on smartphone and internet are widespread that make travel has never been easier.  Foreign investor would be interested to explore the travel services market. However, 100% foreign owned company is not allowed to set-up travel services business in Vietnam. As this investment area is conditional, it is advised that a law firm in Vietnam should be consulted to ensure compliance with local regulations.

The application process and documents requirements are briefly as following:

1. Required documents:

-Application for the International Travel Business License (form);

-Certificate of business registration (copy – certified)

-Business plan for the international travel agency;

-Tour schedule

-Proof of at least 4 years of experience in international travel business operations

-Certified copies of the tourist guides’ cards whereby at least 3 international tourist guides are required

-Confirmation of bank deposit (as per regulations);

-Proof of office premises or legally registered place of business

2. Business License Application Procedure

-Submission of the required documents to the correct authority (Department of Culture, Sports and Tourism of the province/city where the business is headquartered).

-The Department of Tourism of the province/city completes the records of appraisal and submits a written request with the agency’s records to the Ministry of Culture, Sports and Tourism in Vietnam within ten working days from the date of receipt of a valid application. When cases are not eligible for the proposed permit to the state agencies, the provincial tourism department shall cite the specific reasons for refusal. 

-The state management agency of tourism (VNAT – Ministry of Culture, Sports and Tourism) is responsible for reviewing and licensing the international travel business within ten working days from the date of both receipt of the file and written request of the state agency of tourism in the province. In case of refusal, the ministry shall state the specific reasons to the state and provincial tourism authorities

3. Number of records

-Submission to the Department of Culture, Sports and Tourism: 01

-Tourism Authority Filed in: 01

ANT Lawyers, a law firm in Vietnam could offer service to establish company in Vietnam. We assist clients needing legal service in obtaining investment certificate, business registration certificate, or other  licensing procedures.

Source: ANT Lawyers.vn

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How to Set up Trading Company in Vietnam

How to Set up Trading Company in Vietnam

Investment in set up trading company in Vietnam is considered as investment in conditional investment areas

Once an underdeveloped country, in the last two decades Vietnam has shown an incredible growth in the world economic scene, especially in the criteria of investment attraction. For a foreign company that is interested in expanding the business in a new country or region, Vietnam is a promising destination. In order to start a company or specifically a trading company in Vietnam, foreign investor should comprehensively understand the formality and function of the legal entity to be formed according to Vietnam Law. The consultancy and guidance of skilled and qualified lawyers in Vietnam law firms throughout the process shall mostly be needed.

The legal basis for a foreign company to set up a company in Vietnam is stated in the Enterprise Law of Vietnam: foreign organizations and individuals will be entitled to establish and manage enterprises in Vietnam in accordance with this law, with some exceptions.  Foreign investors may invest in the form of 100% foreign- owned capital to establish joint-stock companies, limited liability companies, partnerships or private enterprises under the provisions of the Enterprise Law and relevant laws.

The foreign investor shall mostly needs to fulfill the investment registration procedures at provincial-level state agencies in charge of investment in order to be granted the investment certificates, in accordance with Vietnam law in investment. The dossier required for the investment registration shall comprise of an examination dossier, papers showing the capability to satisfy the conditions which the project is required by law to satisfy, for investment projects in conditional investment domains i.e. specific goods to be traded at HS code level, experience in trading area, how the trading procedures would be carried out, potential business in Vietnam.

In particular, for investment capital, it should be noted that, trading company needs to commit larger investment in terms of capital, since its function is to identify competitive suppliers, negotiate and purchase their products and sell them through a distribution network in Vietnam. In the meantime, the investor needs to have experience in trading to run the business smoothly and efficiently. The investor should explain why the company would contribute to the development in Vietnam when applying for investment license at Department of Planning and Investment, and Ministry of Trade and Commerce.

ANT Lawyers, a law firm in Vietnam could offer service to establish company in Vietnam. We assist clients needing legal service in obtaining investment certificate, business registration certificate, or other  licensing procedures.

Source ANTLawyers: https://antlawyers.vn/library/set-up-trading-company-in-vietnam.html 

Source: ANT Lawyers.vn

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What Foreign Investors Should Consider in Making Investment in Conditional Areas?

What Foreign Investors Should Consider in Making Investment in Conditional Areas?

In the context of integration and globalization, the number of foreign investors whom wish to make investment and establish business in Vietnam has increased due to the attractiveness of the growing middle class population, availability of skilled resources, and Vietnam openness policies. To register a business in Vietnam, however, foreign investors must meet the requirements of Vietnam and international treaties to which Vietnam is a party.

Firstly, the field in which foreign investors wish to conduct business must not be on the list of industries that have been denied entry to the market for foreign investors or are prohibited from doing so under the Law on Investment.

Secondly, foreign investors may be restricted to the percentage of charter capital ownership in some economic organizations.  For example, foreign investors ownership could only be up to 30% of charter capital of a commercial bank in Vietnam.  Limiting the amount of charter capital is indirectly restricting the management and control rights of investors. Instead of freely making policies or decisions, foreign investors have to depend on other members of the company, namely domestic investors. The investors are suggested to consult with corporate lawyers in Vietnam or banking and finance dispute lawyers in Vietnam for specific details in the specialized area like banking or finance.

Thirdly, foreign investors must consider the type of firm they want to register. A foreign insurance enterprise, for example, may operate in Vietnam as an insurance limited liability company or as a branch of a foreign non-life insurance enterprise. If the investor registers the establishment of an enterprise that is not under Vietnam law and the international treaties that Vietnam has signed, the application for registration is considered invalid. In addition, each type will also have certain limitations. For example, setting up a joint stock company might not be suitable for all investors. In the governance of a joint stock company, the decision-making process is complicated and time-consuming with different sequences and procedures.

Finally, the Vietnam law also have requirements on the legal status, financial status, and competence of investors in certain professions. To establish a company in Vietnam, foreign investors must meet all the prescribed conditions.

In conclusion, the foreign investors would need to undertake the legal research into the business it wish to register in Vietnam, and make strategic decision considering the legal and business requirements to maximize the benefits Vietnam would bring.

ANT Lawyers, a law firm in Vietnam could offer service to set up company in Vietnam. We assist clients needing legal service in obtaining investment certificate, business registration certificate, or other  licensing procedures.

Source ANTLawyers: https://antlawyers.vn/corporate-lawyers-in-vietnam/what-foreign-investors-should-consider-in-making-investment-in-conditional-areas.html

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Set up Joint Stock Company in Vietnam

 Set up Joint Stock Company in Vietnam

Joint Stock Company is an enterprise which has charter capital divided into equal portions called shares. The minimum number of shareholders shall be three and there shall be no restriction on the maximum number.

Shareholders shall be liable for the debts and other property obligations of the enterprise only within the amount of capital contributed to the enterprise.

Joint Stock Companies may issue all types of securities to raise funds. Founding shareholders must together register to subscribe at least twenty per cent (20%) of the number of ordinary shares which may be offered for sale.

The main difference between Joint Stock Company and Limited Liability Company is the Joint Stock Company can raise funds by offering shares or securities.  In addition, an enterprise tends to join the Stock exchanges or public company must be a Joint Stock Company. Management system of Joint Stock Company is more complicated than Liability Company.

ANT Lawyers, a law firm in Vietnam could offer service to set up joint stock company in Vietnam. We assist clients needing legal service in obtaining investment certificate, business registration certificate, or other  licensing procedures.

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7 basic steps to set up a business and comply with Vietnam laws

 7 basic steps to set up a business and comply with Vietnam laws

Vietnam’s economy is increasingly diversified in terms of business activities and business regulations are also constantly being improved and enhanced. Accordingly, foreign investors can freely choose the right type of business. Therefore, the set up company in Vietnam is always a matter of great interest to foreign investors whom find business opportunities in Vietnam.

The first step is to set up a business in Vietnam

To take this step, the investor first needs to determine the type of business to choose to establish and provide the business name and expected information. Accordingly, the composition of the enterprise establishment dossier will be prepared according to regulations and submitted at the Business Registration Office, the Department of Planning and Investment of the place where it is expected to be headquartered. After submitting a valid application, the enterprise will be granted an enterprise registration certificate and announced the registration contents on the National Business Registration Portal.

The second step is to publish the contents of business registration

After being granted an enterprise registration certificate, an enterprise must make a public announcement on the National Business Registration Portal.

In the third step, the enterprise conducts stamp engraving

Enterprises can request to make a seal from the seal making agent. Accordingly, the enterprise actively decides on the type, quantity, form and content of the seal and is solely responsible for the use of its legal entity seal.

Fourth step is that to open a bank account in Vietnam

Currently, businesses can choose a bank to open an account for their business, to open an account, the bank requires an application form issued by the bank, a seal sample, the company’s charter, and a certificate. Business registration and related documents are required by different bank.

The fifth step is to register the tax declaration form in Vietnam.

Accordingly, enterprises register for the use of e-invoices and notify the use of e-invoices to their tax authorities. Enterprises need to contact the invoice supplier to order the printing of value-added invoice books and must register self-printed invoices with tax authorities.

In the sixth step, the enterprise needs to conduct labor registration in Vietnam. Enterprises register with the Department of Labor, War Invalids and Social Affairs to declare the use of labor. Within 30 days from the date of commencement of operation, the employer must register the employer to the Labor Department (according to the prescribed form). In addition, enterprises should note that the relationship between the employer and the employee is regulated by the Labor Code and specified in the labor contract.

Seventh step is to register for social insurance in Vietnam.

Enterprises register with the Social Insurance Agency to pay health insurance and social insurance for employees. Employers must fill in all information according to the form provided by social insurance, including: full name, date of birth, salary (recorded in labor contract), number of social insurance book (for employees who have been issued with a book), a certified copy of the company’s business registration certificate and a copy of each labor contract.

It can be seen that setting up a business requires businesses to carry out a lot of procedures and comply with many different regulations of tax, banking, labor, insurance… Therefore, besides learning about legal regulations and businesses can seek the support of professional consulting firm in Vietnam with expertise and experience in the field of business establishment to implement the process quickly and effectively.

Finding the right business partner in Vietnam is also important. We recommend doing research on the reputation of the company and individual shareholders, corporate or individual, gathering publicly available company information, and performing background checks on key personnel to find potential risks in cooperation. Working with a reliable partner can help achieve economic benefits, saving time and money in business.

ANT Lawyers, a law firm in Vietnam could offer service to establish company in Vietnam. We assist clients needing legal service in obtaining investment certificate, business registration certificate, or other  licensing procedures.

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Which Form of Investment – Set up Branch Office or Set up Company in Vietnam?

 Which Form of Investment – Set up Branch or Set up Company in Vietnam?

Foreign entities can set up company in Vietnam or set up branch offices in Vietnam to carry out business activities.

There are several main different aspects between opening a branch office or establishing a foreign owned company in Vietnam.

1.Conditions

-Permits for establishment of Vietnam-based branches of foreign enterprise shall each have a valid term of five years.

-Foreign enterprise must choose between establishing a 100% foreign capital enterprise or forming a joint-venture with domestic investor or company.

2.Certificate

-The Branch office needs to apply and obtain the operation license of a Branch;

-A foreign owned company will need to apply and obtain the investment certificate (“IC”) to operate in Vietnam.

3.Capital

-Optional, foreign entity will decide how much money to invest in branch. The allocation capital for branch is capital for the subordinate units.

-Mandatory, foreign entity will need to provide minimum capital as required by Vietnam Law in conditional investment area.

4.Obligation of owner

-For branch office in Vietnam, owner takes full responsibility;

-For company, owner takes responsibility within the capital contributed into the company in Vietnam;

5.Other matters

-For branch office setting up in Vietnam, the procedure is less complicated compared to those for the establishment of a 100% foreign owned company;  the branch office is able to carry out trading and some other activities as stipulated by Vietnam laws and the WTO commitments which Vietnam enters. The business lines of a branch have to be aligned with the business lines of the headquarter of the foreign entity.

-Setting up foreign owned company would be more complicated than the setting up of the branch office, however this form of investment has more flexibility and freedom as it is a stand alone Vietnam entity recognized under Vietnam laws.

ANT Lawyers is a law firm in Vietnam with English speaking lawyers, located in the business centers of Hanoi, Danang and Ho Chi Minh City to provide convenient access to our clients. With highly professional staff and great experience in foreign investment, we would like to support you to establish company in Vietnam.

Source ANTLawyers: https://antlawyers.vn/legal-service/which-form-of-investment-branch-or-company.html

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Da Nang City to carry out investment promotion in 2022

Da Nang City to carry out investment promotion in 2022 in the direction of innovation, initiative, focus, and prioritize on strategic markets

In 2022, Da Nang selected the theme as “Year of safe and flexible adaptation, effective disease control and socio-economic recovery and development”. Accordingly, the city has built the Investment Promotion Program in 2022 in the direction of innovation, initiative, focus, prioritizing strategic markets for key fields (high technology, information technology, high-quality service, etc.) to attract foreign investors to invest and set up company in Vietnam in genenal and Da Nang in particular.

To achieve this goal, Da Nang city has promoted research, assessed potential markets and investment partners, built images, promoted, introduced the investment environment, potential policies, and opportunities for investment association and connection. Along with that, the city has supported and guided to create favorable conditions for investment activities of international investors, built a list of investment attraction projects, publications and documents for investment promotion, etc. in order to attract foreign investors to establish company in Vietnam for doing business.

Accordingly, in 2022, Da Nang will study and implement the project “Building Da Nang into a regional financial center”; Project “Development of industry and services related to yachts”; Project “Promoting investment attraction to Da Nang city in the period of 2021 – 2025, vision to 2030”; The overall project of economic diplomacy in Da Nang city in the period of 2021 – 2025; Project on implementation of research – development, incubation – start-up, innovation and training of high-quality human resources… At the same time, Da Nang City implement investment procedures and call for businesses to invest in key projects. Access and connect with venture capital funds, start-up experts, large-scale technology enterprises, innovative start-up infrastructure investors, innovative start-ups. The City is focusing on promoting key investment projects, promoting projects in high-tech zones, concentrated IT zones, etc.

Besides, Da Nang City is organizing investment promotion conferences in the form of face-to-face and online to key markets such as the US, Korea, Japan, Europe, Taiwan, Singapore…; organize connection activities, promote private investment, event Route Asia Development Forum 2022 is held in Da Nang city.

The city will also increase proactive contact with high-level contacts with large corporations (belonging to Forbes 500), businesses in developed countries (G7, G8, OECD…), business associations, and big banks of other countries. The country is having the policy to shift investment capital to focus on calling for investment in Da Nang. Da Nang city is implementing the promotion of ODA projects, projects in the form of public-private partnership (PPP) …

In Da Nang Hi-Tech Park and Industrial Parks, in order to effectively implement the 2022 Investment Promotion Program of the City People’s Committee, the Management Board of Da Nang High-Tech Park and Industrial Parks has built and issued implementing investment promotion programs in the direction of innovation, prioritizing strategic markets for key fields such as high technology, information technology, high-quality services….

Through these activities, Da Nang City hopes that in 2022, many international investors will make investments in Da Nang to set up business, in order to create a vibrant and effective investment environment, taking advantage of the strengths, investment incentives from the city, thereby bringing high profits for their investment activities.

With highly professional staff and great experience in foreign investment, ANT Lawyers - a law firm in Vietnam would like to support you to establish company in Vietnam.

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