How has streamlined the registration procedures for business in Vietnam in 2023?
By
the end of 2019, more than 30,000 FDI projects with a registered capital of
approximately 362 billion USD had chosen Vietnam as their investment
destination. As a result of Vietnam's recent focus on the private sector,
foreign investors are flocking to the country's market.
Vietnam's
participation in various free trade agreements has provided a strong impetus
for foreign investors from developed nations to take their first steps in
Vietnam. The country has established diplomatic ties with nearly 190 nations
worldwide and signed approximately 15 Free Trade Agreements with important
trading partners.
Investors
must submit an application for the Investment Registration Certificate in order
to register a business in Vietnam. The investor must then apply for an
Enterprise Registration Certificate after receiving the Investment Registration
Certificate.
Investors
must first select a business name that is not identical to or confusingly
similar to the name of another business that is already registered in the
National Database of Business Registration on a national scale. This does not
apply to business that have been dissolved or that have had effective court
decisions declaring them bankrupt.
The
investors or authorized person must then prepare a comprehensive set of
application dossiers in accordance with the law and submit them to the Business
Registration Office where the planned head office will be located. Based on the
appointment date on the receipt, the Business Registration Office will verify
the validity of the application dossier. Investors or authorized individuals
can either go to the Business Registration Office to receive the application
results or register to receive them by mail. After receiving the valid dossier,
the deadline for considering and processing it is three working days.
The investor will be granted an Enterprise Registration
Certificate when fully meeting the following conditions:
-The registered business lines are not in the prohibited
business sectors;
-The business’s name is set in accordance with the provisions of
law;
-Having a head office as prescribed by law;
-Having a valid business registration dossier as prescribed by
law;
-Fully paying the enterprise registration fee as prescribed by
law
Investors
have increased their faith in Vietnam's business and investment climate over
time. The socio-political and macroeconomic steadiness are conspicuous
highlights for the development of Vietnam's business potential. The Vietnam not
set in stone to work on the cycle for speculation application. As a result,
Vietnam is and will continue to be an appealing location for investment as well
as a promising location for foreign investors to apply for an investment
registration certificate and register a business when compared to other
countries in the region that are neighboring Vietnam.
ANT
Lawyers is a law firm in Vietnam that will always contact the authorities to
obtain legal updates on issues pertaining to the registration of investments or
the establishment of business in Vietnam.
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