Starting a business in Vietnam can be a lucrative venture, but navigating the registration process may seem complex. In this guide, we'll break down the steps involved, ensuring you're well-equipped to establish your business successfully. So, what doess dissolving a limited company mean? ACC Group will address your question.
1. Step-by-step guide to business registration in Vietnam
Step 1 - Make sure you have the following prerequisites
Registered address for your business
Minimum initial capital is 1,800 USD
Resident manager (no need to be a Vietnamese official, just a Vietnamese household registration)
The Charter has been completed and signed
Copy of passport and contact information of the company founder
Step 2- Apply for an investment license
The investment registration certificate must be submitted and obtained from the Department of Planning and Investment (DPI). Release can take up to 25 business days.
2.1 Registered Address
Before diving into the registration process, ensure you have a valid registered address for your business operations.
2.2 Minimum Initial Capital
Prepare a minimum initial capital of $1,800 to meet the financial requirements for business registration.
2.3 Resident Manager
You need a resident manager, who doesn't necessarily have to be a Vietnamese official but should have a Vietnamese household registration.
2.4 Completed Charter and Founder Information
Ensure the completion and signing of your business charter. Additionally, provide a copy of the founder's passport and contact information.
3. Step 2 - Apply for an Investment License
To proceed with business registration, you must obtain an investment license. This involves submitting the investment registration certificate to the Department of Planning and Investment (DPI), a process that can take up to 25 business days.
3.1 Business Registration Fee
Understand the associated business registration fees during the application for the investment license.
4. Step 3 - Business Registration Certificate
Apply for a Business Registration Certificate from the DPI, a document that will be issued in less than 7 business days.
5. Step 4 - Register for Tax
After obtaining the business registration certificate, initiate the tax registration process. Remember to submit the request within 30 days to avoid license revocation.
6. Step 5 - Contribute Capital
The final step involves contributing the initial capital within 90 days to complete the business registration. Failure to do so may result in the revocation of your license.
6.1 Consult ACC Law Firm
If uncertainties persist throughout the process, consider consulting ACC Law Firm for expert guidance.
7. Conclusion
In conclusion, Vietnam offers a relatively straightforward process for foreigners to register their businesses. By following these steps, you can establish your venture efficiently and legally in this promising market.
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8. Minimum Capital Requirement
To kickstart the registration process, a minimum of $1,800 is required as start-up capital.
9. Registration Timeframe
Most company registrations, including LLCs, can begin within 30 business days.
10. Clientele
ACC Law Firm boasts a prestigious clientele, including TOYOTA, WACOAL, DELOITE, DLH, SHISEIDO, FOS, DLT, YAMAZEN, SANKOUGIKEN, BEAUTIFUL POINT, I FO, ALTECH, WIN, and SOMETHING OF THE PROPERTY.
Cost of Setting Up a Foreign Business in Vietnam
Foreign investors aiming to establish a company in Vietnam should be aware of the associated costs.
11. Legal Paperwork Costs
- Cost of copying and certifying legal papers (passport, certificate of establishment): at least 100,000 VND.
- Cost of registration of the establishment of a foreign company in Vietnam: 200,000 VND.
- Cost of displaying content of foreign companies established in Vietnam: 300,000 VND.
- Seal price: 400,000 VND.
Conclusion
Embarking on the journey of business registration in Vietnam might seem intricate, but with the right information and assistance, it becomes a manageable process. The country's business-friendly environment and relatively low costs make it an attractive destination for foreign investors.
FAQs:
Q1: Can I register a business in Vietnam without a local manager?
Yes, a local manager is required, but they don't need to be a Vietnamese official; a Vietnamese household registration is sufficient.
Q2: What happens if I don't contribute the initial capital within 90 days?
Failure to contribute the initial capital within the specified timeframe may result in the revocation of your business license.
Q3: Can I consult ACC Law Firm at any stage of the registration process?
Yes, you can consult ACC Law Firm at any stage, especially if you encounter uncertainties or challenges.
Q4: Is the minimum capital requirement of $1,800 fixed, or can it vary?
The minimum capital requirement of $1,800 is a fixed amount for the start-up capital.
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