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. There are also other structures that can be relevant to foreign investors, including: However, these remain most relevant to specific situations or scenarios. Set up a company in Vietnam through Emerhub. 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. The article has showed you the best ways to verify whether the business registration certificate of a Vietnamese company is legitimate or not. It must say that you will use the location for your business after incorporation. 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. Companies can take one of two basic forms in Vietnam: LLCs are the most common corporate structure for foreign investors, given their relative simplicity in operation. With an employer of record in Vietnam, you can hire employees without establishing a company or representative office. Vietnam company registration and investment certificate. All rights reserved. IC includes equity (charter) capital, and loans. However, from our experience, it is possible to open a business service company with USD 3,000. Step 3: Conducting business registration in Vietnam requires opening a bank account for all private limited companies. The Department of Planning and Investment may check the address during the incorporation process. Emerhub can assist in the process to gain access to this system and maintain compliance with tax regulations. It will come into effect in January 2021. The items with a red asterisk must be filled in, answering the demographic questions is optional, but we do hope you’ll provide us with your information so that we can know our … Once the receipt is received, the company may start using the seal. Establish market presence in Vietnam fast with experts' assistance. We will also take care of maintaining compliance with local employment laws. 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. You can start importing goods into Vietnam immediately through an importer of record. Note that LLCs in Vietnam do not have shareholders. At Acclime, we help foreign investors register their own company in Vietnam. Before you can import goods into Vietnam, you will need certain certificates and licenses. Company registration in Vietnam typically takes about one month. 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. The Vietnam free zone company. Although most sectors are open for 100% foreign investment, there are some restrictions such as: • Fully Restricted: Military related, agricultural land, etc. 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. Companies also submit tax declarations and reports through this system. Companies in Vietnam must also get a business registration certificate (BRC). Foreigners can register a company in a Vietnam free zone provided they plan to manufacture and export most of their products. On the other hand, a company must submit an incorporation certificate, articles of association, and a list of its directors. You can submit documents to serve as proof of your address. On the other hand, a JSC must have a minimum of 3 shareholders. • Chief Accountant: This position is appointed once the company is established, and also takes on many of the responsibilities that a “Company Secretary” would do in other jurisdictions. Contact us Service Vietnam Company Registration Regulator Business registration offices. 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. Below we provide some insights into the key aspects of undertaking the business and expand its presence in Vietnam: Forms of Enterprises to Consider. Vietnam company registration is time consuming, though GBS will normally complete the tasks within ten weeks. Your business will need Ministry-level approval from one or more ministries. However, the Vietnamese government is cracking down on nominee companies. Emerhub can also assist you in sourcing and recruiting candidates in Vietnam. The process of Vietnam Company Formation always has two steps: registration of investment project (to obtain an Investment Registration Certificate) and registration of Vietnam company (to obtain an Enterprise Registration Certificate). Fast start. Companies, once they have received their ERC and completed the initial post-licensing activities, can open bank accounts with Vietnamese banks. The government will impose heavier sanctions on nominee companies with the new Investment Law. Charter and/or Articles of Incorporation of the Investor and all amendments thereof; Passport/ID Card of the authorised representative(s) of the Investor; Bank statement, or bank letter for the Investor: the balance of account must be equal to or more than the value of the charter capital of the local company; Lease Contract (or pre-lease contract) in relation to the local company’s office in Vietnam and documentation related to the landlord. However, some industries restrict foreign ownership. We are a team of local and international company incorporation agents and tax consultants who can help foreign investors open companies in Vietnam. Note that your Business Certificate will state the amount of your capital. Being well-prepared will make most of the problems avoidable while starting a business in Vietnam. 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. Toyota Vietnam to recall 320 Camry 3.0 cars to check defects (11/05/2017) Motor Vehicle Inspection Activities in October 2011 (11/05/2017) Automobile inspection and sanctions for excess emission permits (11/05/2017) Company Registration Services in Vietnam. Home; Services; Articles; Contact; Services. A representative office cannot generate income locally, but it can perform tasks in support of the parent company. In a few selected industries, company registration in Vietnam is only allowed in a joint venture agreement with a Vietnamese individual or corporate … The latest news, articles, and resources, sent to your inbox weekly. In most industries, they can own 100% of the shares of their business. • Partially Restricted and requiring a local joint venture partner: tourism, advertising, logistics, etc. Vietnam Company Registration Starting a new company is a really big deal both emotionally and financially. Country after reform gradually integrated into global trade and investment result in its market as the market-oriented economy. A director who is a foreign national and not a founder of the company will need a work permit in Vietnam. In some cases, it is not necessary to set up a company in Vietnam. For a worldwide registry of most companies engaged in any type of financial transaction (stocks, bonds, derivatives, foreign exchange, etc.) A safer alternative is to conduct business through a special purpose vehicle. Vietnam Business Services and Vietnam market entry solutions and expertise to companies and entrepreneurs wishing to take advantage of the attractive quality-to-cost ratio of Vietnamese manufacturing operations or seeking to access Vietnam's growing market for imported goods and services. However, it must be enough to cover expenses until the business becomes self-sustaining. Documents required for standard applications for the establishment of a foreign-owned enterprise in Vietnam are listed below. Home » Blog » Vietnam » Complete Guide to Company Registration in Vietnam. Submit Vietnam company registration documents, duly signed by the partners. Fill out the form below and our consultants will get in touch with you. This can take anywhere from a couple of weeks to several months. In such cases, foreign investors will need a Vietnamese joint venture partner. SBLaw would like to provide you some information about Vietnam company registration as follows:. https://emerhub.com/vietnam/company-registration-in-vietnam Foreigners are allowed to register their company in Vietnam for starting a business. Differing from the LLC, JSC can issue shares to the publics. If your business does not need to get ministry-level approval, it takes about one month. 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. 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. If you are planning to file for a trademark or to register a new company name in Vietnam it is a good idea to do preliminary worldwide screening in order to reduce the cost of an exhaustive search. He or she doesn’t need to have residency status at the time of incorporation. The above information is general in nature, and each specific situation or application will need to be reviewed on its merits. These include trading, IT, manufacturing, and education. © 2011-2021 Emerhub Limited. Note that there are some business lines with minimum capital requirements. It must also submit financial statements from the last two years or a bank statement if the company is less than two years old.Note that if the above documents were issued abroad, you will have to legalize and notarize them in the issuing country. 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. see Legal Entity Identifier. National business registration portal means a website used for online business registration and access of information about business registration. Business setup. 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. In general, Vietnam government encourages foreign direct investment. Interloop Solutions & Consultancy can make it simple. 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. Acclime works with investors to ensure they understand how the above will apply to their specific situations in Vietnam before they start the company establishment process, Get in touch with us Reach us Monday – Friday: 8.30am to 5.30pm (UTC+7), © Acclime Vietnam document.currentScript.insertAdjacentHTML('afterend', ''); | Privacy policy, Decree 1 covering enterprise registration in Vietnam. The legal entity is then categorized based on the percentage of its foreign investment. Whether a JSC, an LLC, a Representative Office or a Branch Office, our business incorporation services ensure compliance and a hassle-free experience. All companies in Vietnam must have at least one resident director. 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. Some examples of businesses that need additional licenses are trading or tourism. Note that this time frame does not take into account any sublicenses necessary to operate your business.If your company needs additional licenses the process can take up three or four months. 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.. The Department of Planning and Investment will assess if your capital contribution is in line with your business. https://vietnam.acclime.com/news-insights/how-to-register-vietnam-company You can also get in touch with Emerhub’s consultants by filling out the form below. The business license certificate number is also the company’s tax number. Companies can only provide services in accordance with their approved business lines. ... Vietnamese company means any enterprise that is established or registered under Vietnam’s law and has its headquarter located in Vietnam. 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. Corporate compliance in Vietnam involves the following: Emerhub’s consultants will advise and assist in maintaining compliance in Vietnam. In some cases, foreign investors cannot set up a business due to foreign ownership restrictions. For example, companies that will engage in the sale or distribution of cosmetics must register their products. Vietnam is becoming more and more attractive to foreign investors. The BRC is also known as the Enterprise Registration Certificate (ERC). However, depending on the business line, some companies need to apply for sublicenses. Aside from company registration, Emerhub will also take care of sublicenses or permits you need. With an ample amount of cheap labor supply, Vietnam is a great option for investors who want to expand to the APAC region. YourGlobalPro can assist in Vietnam for Company Formation, Secretarial Compliance, Tax Registration, VAT Reclaim, Document Retrieval and Trademark Registration. Read Opening a Representative Office in Vietnam to learn more about this business structure. You must have a business address to incorporate a company in Vietnam. It’s a way to enter the Vietnamese market without incorporating a company. Some partner up with a local nominee in order to proceed with their intended business plans. Such examples of business lines that need sublicenses include: Certain businesses need to process additional permits. However, there are some business lines not regulated by WTO agreements nor local laws. Travel to Vietnam During COVID – My Experience. Foreigners are allowed to register their company in Vietnam. 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