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Understand the Jurisdictions Setup Requirement Before Proceed Your Vietnam Company Incorporation Services
Since 2007, Vietnam has opened its doors to foreign investment, allowing foreigners to set up offshore companies in the country. That being said, as an investor or head of a multinational organization, you should be aware of the regulations, licensing hurdles, and bureaucratic challenges you may likely face when incorporating in Vietnam. Here we have outlined the basic steps to setting up a business in Vietnam and how 3E Accounting helps you with fast, responsive Vietnam company formation services.
Business Incorporation in Vietnam
Limited Liability Company – A 100% foreign owned LLC can be set up in Vietnam with just 1 shareholder, regardless of nationality and whether or not he/she is a Vietnam resident. The shareholder will then appoint a Director who will have to travel to Vietnam and get a work permit.
Joint Venture – Also known as partially foreign owned LLC, this is the most common type of offshore company set up in Vietnam. The company is incorporated by at least 1 Vietnamese shareholder and 1 foreign investor. The licensing delays are however, common in this structure.
Public Limited Company – A JSC is when three or more shareholders of any nationality, regardless of whether they are Vietnam residents, form a company. If the company appoints a foreign director, who will also be the legal representative, he/she will have to travel to Vietnam to get the work permit.
Branch Office – Foreign companies operating for at least 5 years can also set up branch offices in the country. A resident representative has to be pointed along with meeting other obligations. This option is not recommended as it exposes the investor to unlimited liability.
Representative Office – A representative office can also be opened in Vietnam for businesses that have been operating abroad for one year. Despite that the representative offices are 100% foreign owned, the company cannot engage in commercial or production related activities.
Once you have decided on the structure, here are the steps to company incorporation in Vietnam:
- Company name registration, followed by obtaining the registration certificate and the tax registration certificate.
- Making the company seal.
- Registration of seal with the Police Department.
- Opening a bank account with a local bank.
- Buying VAT invoices.
- Registration with the Vietnam General Confederation of Labor.
- Publishing the registration details on National Business Registration Portal.
- Paying for the business license tax.
- Registration with local labor office.
- Registering employees with Social Insurance Fund.
How 3E Accounting Helps
Currently, there are five corporate structures available to foreign investors, but all of them have their set of hurdles and challenges. This is where 3E Accounting can help you with Vietnam company incorporation services that provide you with end to end support. As a result, you get to see your company shaping up within a matter of days, helping you regain focus on other important decisions.
Get Started Today
If you are looking for consultation and assistance for company incorporation in Vietnam, let 3E Accounting help you choose the right corporate structure according to your needs. Our diverse experience working with SMEs and multinationals ensures that the entire process of incorporation is fast and smooth.