Raja Chakraborty, Director Streamlyn Pte. The minimum capital need differs based on the kind of business you incorporate, however, a minimum of USD10,000 is required to incorporate a business in Vietnam. This is not a common form of foreign direct investment and is only permitted in a few sectors. Feel free to get the copy of our e-book and get in touch with us to get some help. 2011-2021 Emerhub Limited. (g) Handling for the import and export license. This enrollment procedure is often conducted at the Provincial or City Office of Planning and Investments Business Registration Department by submitting a form. The costs of setting up a company in Vietnam | VNBG Step 5: obtaining a business license from the department of planning and investment, which allows the company to legally operate in Vietnam. The registered address is located in Ho Chi Minh City. (Director shall meet the bank officer in person). Some businesses have specific requirements for the amount of capital that must be injected into the business (by the law). 96/2016/ND-CP, in order to issue a Certificate of satisfaction of security and order conditions, procedures for appraisal of security and order conditions must be carried out. Expenses for title stamps for the company director. What is an action to quiet title in real estate? Kaizen role is limited to provide assistant, including preparing bank account opening documents and making appointments with the bank. If youre looking to register a company in Vietnam, talk to an Emerhub consultant today for assistance. There is no restriction on the nationality of the director, and they do not need to reside in Vietnam. Our clients are always aware of the potential fees associated with working with us. We endeavor to make all-out efforts to assist every client towards success and establish a prosperous future together. After obtaining business licenses and opening a bank account, your business is regarded legally compliant. In truth, lesser capital corporations (as little as $3,000-$4,000, $5,000) have been successfully registered, particularly for simple businesses such as Consulting, IT, etc. You must consider the balance between the cost and quality. Types of legal structures in Vietnam (c) The latest Annual Return form, or the Certificate of Incumbency issued within 6 months (or other related relevant documents). In this video, we talk about the textile industry, exports, IT, the F&B and tourism sectors. The process for registering a Joint Stock Company (JSC) in Vietnam is as follows: Step 1: Choosing a company name that is unique and complies with Vietnamese regulations. 78/2015/ND-CP that requires the founder of an enterprise or enterprise to pay fees and charges. How much does it cost to register a company in Vietnam? To illustrate these concepts, lets take a look at 5 business sectors and opportunities that are booming in Vietnam in recent years. It is achieved by providing a lease agreement that details the rationale behind registering a business. Note 2: The company documents of the Vietnam Company are in Vietnamese language, if clients need the documents to be translated in Chinese and English language, Kaizen could provide the translation service, and the fee will be quoted upon request. Each type of business has its advantages and disadvantages and this is one of the topics explored in this article and video. Other cities/provinces may not be this flexible. This is helpful for online companies and smaller consulting companies. Step 3: Submitting required documents to the DPI, including the IRC, lease agreement of the office, passport copies of the representative and the head of the foreign company, and a power of attorney. This contribution is then treated as equity. Step 5: Completing the tax registration process by submitting the ERC and required tax forms to the tax office. Also a bar or restaurant can be 100% foreign owned under the name of a company. The steps on how to register a foreign company in Vietnam differs depending on whether you are considered as local or a foreign company. NetherlandsNieuwezijds Voorburgwal 104 Amsterdam 1012 SG, The Netherlands, PolandSolidarity Avenue, No. Kaizen arranges to courier the company kit, to the address specified by the client (client could also receive the company kit in any Kaizen Office), Tax Declaration, Accounting and Bookkeeping Service Fee, Accounting, bookkeeping and the tax declaration fee (the initial stage after company registered) / year, Audit fees (the initial stage after company registered) / year, Payroll services, includes the preparation of payroll slips to the company and the Vietnam Labour Bureau, Apply the social insurance number (One-time), Calculation of the staff social insurance (If there is an employee). Under normal circumstances, for the company do not require to apply for a special license, the registration of Vietnam Company takes around 60 to 80 working days. Set Up Company in Vietnam - Step by Step Guide (Legal Advice & Quotation) 1. After 20 or so days, you will receive your IRC. Company registration in Vietnam is a straightforward process, but there are specific guidelines for foreign-owned businesses. The most common entity for investors looking to engage in import and export activities, as well as engage in domestic distribution of goods, is to establish a trading company. Paid Fees when registering a business in Vietnam - LSX Lawfirm This is why the majority of entrepreneurs choose to involve a Vietnamese partner as an investor. Choosing the type that suits you the most is key in getting the most out of your investment. Maybe you have been living in Vietnam for a while and want to have your own business and leave the expat life. business registration when filing company establishment). The shares correspond to the capital that the person has invested in the company. Get Dedicated company formation consultant. How much does it cost to register a company in Vietnam? Rental costs of offices / premises, business offices (depending on the potential of the company). How do I get a import license in Vietnam? (c) Preparation of the registration documents and the application form. All Rights Reserved. Our knowledgeable consultants provide you with assistance throughout the company registration process in Vietnam and work with you to find the most cost-effective solution that meets your specific needs. Preparation of the company kits, including the register of shareholders, register of directors, etc. Service fee from different consulting/law firm can vary between $900-$2,500 for a standard and unconditional business registration. Publishing the materials of a foreign corporation establishing itself in Vietnam will charge about 100,000 VND. Learn about the process, licenses, and other factors to consider while setting up a manufacturing company in Vietnam. The resulting IRC permits the foreign investor to commence the establishment of their company in Vietnam. High-speed internet (300 Mbps) in Vietnam costs 1,119,000 VND (USD 48.65) per month. We check the eligibility of the name, and make suggestion if necessary. Understanding Vietnam import regulations How to import to Vietnam? As what we have already mentioned, local companies do not need to get an IRC so you can go straight to getting your BRC. (b) Articles of Association. This article will provide a brief overview of how much it costs to register a company in Vietnam as well as an explanation of the elements that affect that cost. 1. Thinking of registering a company in Vietnam? An experienced consultant can advise you on which business lines are appropriate for your company to register. What do lenders and investors look for in a business plan? (5) Import and Export License. Company Registration in Vietnam: A to Z Guide - Nova Law Vietnam Book end-to-end experts consultation with Odint legal, accounting and company formation experts. There are primarily six principal types of business licenses in Vietnam. This structure is a bit more complicated to open and maintain. Setting Up a Business in Hanoi: Quick Incorporation Guide - Cekindo Vietnam The courier fee and the translation fee are excluded. This capital investment must be injected into the company within 90 days of the date the business licenses are issued. How much does it cost to register a business in Vietnam? Published On: 21 October 2020 Updated On: 25 October 2022 5 mins. No hidden fees or unexpected expenditures. Healy Consultants confirms all Client due diligence is received; Healy Consultants couriers to our Client the complete original company and bank account documents; Our Client completes our web page feedback survey; The US-China trade war our business solutions! Summary Our fees for the establishment of a Trading (wholesale) company in Vietnam Ho Chi Minh City or Hanoi City is USD 8,500. 1. Learn more about EOR services. An international corporation establishing itself in Vietnam must pay 10,000 VND to post its information. JSCs offer flexibility in terms of management and control and allow for a wider pool of potential investors and partners. In a few selected industries, company registration in Vietnam is only allowed in a joint venture agreement with a Vietnamese individual or corporate shareholder. How do I get a business license in Vietnam? This includes the cost for paper preparation (documents notarization, legalization), state fees, and the service fee paid to a supporter or agency who will help you complete the registration process. Heres the inside scoop to help you plan your budget before making the move! Ltd. Steve Louw, UK General Counsel JLL Group, Timothy F Kauffman, CEO Trivector Services, Susan Gunnery, Managing Director Qudoss Group, Nikolay Evdokimov, Director Appintop Echange Pte Ltd. For additional information on our company registration services in Vietnam, please contact our in-house country expert, Mr. Simon Guidecoq, directly: 2003 - 2023 Healy Consultants Group PLC. It's important to understand the requirements and process of establishing a foreign-owned company in Vietnam. , the cost of establishing a business in the region must be taken into account by the entrepreneur. Overview of different legal entities available for foreign investors . Charges for purchasing electronic invoices and generating invoices are about 850,000 VND. Licensing for local companies is not mandatory. This means that you will expect more and more customers and/or users. A copy of each founder and shareholder's passport or identity card. The country is booming and you will for sure see a return to your investments. Kaizen currently accepts Hong Kong Dollar check, cash or TT and credit card through PayPal. Our knowledgeable consultants provide you with assistance throughout the company registration process in Vietnam and work with you to find the most cost-effective solution that meets your specific needs. What is enterprise registration certificate? At VNBG, we include this setup step in our Accounting and Payroll service, which will be proposed to the client immediately following the completion of the company registration (or before). (5) The registered capital of the Vietnam Company. This cost can be zero (if you use your own arrangement) or $250-$450 per month if you hire someone for a nominee role. What need to do next is to inject your capital into the company, and setup your accounting system for periodical tax reports. All questions are also very welcome and we will try our best to answer it quickly! Can foreigners register a company in Vietnam? We have witnessed a large number of instances in which a service goes wrong, the client went for the lowest cost and eventually was left unattended and was not given the correct information, resulting in hefty fines or economic harm. (4) Tax Registration Certificate. Some businesses have stringent requirements regarding the location of their operations (such as F&B, Warehousing, manufacturing). When the company begins to generate revenue and profit, it will be required to pay additional taxes such as VAT (8-10%), CIT (20% on profit), FCT(3-5%), and so on. 4. It is recommended to set the registered capital at USD 100,000. How do I check if a company is registered in Vietnam? The minimum capital requirements vary depending on the type of business you intend on opening. Step 2: Preparing required documents including personal identification of the members, proof of address, and a detailed business plan. So I created this website and this YouTube channel. How much does it cost to register a business in Vietnam? However, if your company is less than 51% owned by a foreigner and is therefore considered a local company, you no longer need to get an IRC. Popular products to import into Vietnam Products with the most complicated import regulations Ready to start importing to Vietnam? 2. According to the business nature of the company, the authority has the right to require investors to notarize the investors financial proof or the companys latest audit report or other supplement documents. 2. Whether a JSC, an LLC, a Representative Office or a Branch Office, our business incorporation services ensure compliance and a hassle-free experience. Emerhub provides a virtual office service to meet the business address requirement for the company registration. (Video) HOW TO START BUSINESS IN VIETNAM || HOW TO OPEN COMPANY IN VIETNAM || BUSINESS IN VIETNAM ||, (Video) HOW to Open a Business in Vietnam | Easy Guide. 2023 Investguiding. Alternatively, companies in Vietnam, depending on their business activities, are allowed to adopt their own financial year, which can end on either March 31, June 30, or September 30. This is obviously the number one requirement. The expense for acquiring the registration certificate of the firm can be around 100,000 VND. Within 90 days after the commercial licenses are granted, this financial investment must be put into the organization. What are the risks of doing business in Vietnam? Handle for business tax registration and purchase of VAT invoices, including activation of the system for electronic invoices, tokens for tax declaration, and pay for license tax (Note 1), The notarization and certification of the investor documents, Kaizen received the documents and certification documents provided by client, Registered address for the Vietnam Company, Prepares documents for the company registration, E-filing for company registration and prepare the Power of Attorney, Client signs the Power of Attorney and sent the original copies to Kaizen, Submit the signed documents of client to the business registration portal, Handling the Investment Registration Certificate (IRC), Handling the Enterprise Registration Certificate (ERC), Announce the company information on the Vietnam National Business Registration Portal, Handling bank account opening procedures (excluding bank approval time), Registered capital remit to the bank account within 90 days. Aside from this, they also have the power to supervise Vietnamese projects of the main foreign company. Get certified copies of identity cards or passports. The process gets a bit trickier and lengthy if you are in certain industries such as gyms, online teaching, and spas. Company registration in Vietnam: a comprehensive guide - VietnamCredit Vietnam attracts entrepreneurs from all over the world because it offers low labour and living expenses. 2. Once you have your BRC, you can now register your company for tax paying. 8 months: 6 months: 5 months: 4 months: 6 months: 5 months: See full . (d) The latest register of shareholder and the register of director. Vietnam offshore company formation - Vietnam LLC registration How to register a company in Vietnam 2021: A step by step guide The cost of buying digital signature to declare tax for 1 year period is 1,530,000 VND and for 3 years is 2,300,000 VND, Expenses for buying e-invoices and issuing invoices: 850.000 VND. It is mandatory for a representative office in Vietnam to have an office space and common services offered the most if they wish to register in Vietnam. Avoiding, such as a physical office space. 17. If special industry is involved, shall appoint a local resident or a foreigner holding a Vietnam resident card to act as the legal representative, director or shareholder. (Video) Doing Business in Vietnam 2022 | Things you MUST KNOW BEFORE setting up a company in Vietnam, (Video) How Much It Costs to Maintain CHEAPEST Business in Vietnam. 5. Retailing and Distribution - The registerd capital of USD 200,000 or more. 1. Franchising in Vietnam: How to Open a Retail Business (2) The shareholder could be the legal person or a natural person. Cheap Rent Vietnam has a low cost of living. All rights reserved. Do you want to open a business in Vietnam? Therefore, Kaizen suggests client shall provide the certificate of account balance with a balance greater than the registered capital of the company. Can I use my wife bank account for Zerodha? The typical monthly fee for these kinds of services will be between $100 and $250. What is the difference between capital formation and investment? Only specific types of businesses are required to have it. Go to your respective Revenue District Office (RDO). Emerhub provides the following bookkeeping services. In order to meet the requirements of the Law On Investment in Vietnam, Kaizen could provide the registered address for a year to client. Fee for applying for an enterprise registration certificate: 100,000 VND (This is the fee specified in Article 32 of Decree No. The cost of registering a JSC in Vietnam with Emerhub includes the company incorporation charges. Copyright 2021 MOVETOASIA. You must be completely informed of certain laws and procedures in order for your company to run effectively and take fewer risks in the nation. Company Registration In Vietnam - ODINT Consulting Our fees for the registration of Vietnam Company is USD 8,500, it is limited to the registered capital not more than USD 100,000 and without special license or permit. Vietnam allows a foreigner to own 100% of the capital as a 100% foreign LLC. Steve Hauxwell, Managing Director Natural Resource Professionals Pte Limited. It normally takes from 15 to 30 days to establish a business in Vietnam at the cost of 90 ~ 190 VND (depending on the company's size). Is it expensive to start a business in Vietnam? Procedures with time frame for the registration of the Vietnam Company. Complete Guide to Company Registration in Vietnam - Emerhub Moreover, the services sector expanded by 9.05% and contributed 5.91% points to the GDP growth. Step 6: Opening a corporate bank account in the companys name to manage its finances. The usual structure of this kind of company consists of a members council, the chairman, general director, and a controller. A business seal costs around 250.000 VND. What is enterprise registration certificate? Vietnam's GDP growth touched 8.02% in 2022 which is an increase of 2.58% YoY. These agencies include the ministry of industry and trade, the ministry of finance, the ministry of construction, and the ministry of natural resources. (6) The basic background information of the company, such as the principal business activity, details of products to be produced and the number of employees expected to be recruited, the location of the suppliers and customers, the expected turnover for the first year, etc. Setting up a Business in Vietnam: A Step-by-step Guide - Cekindo Vietnam As the foreign investor conducting the business activities approved by the government, there is no restrictions on the nationality of shareholders. This type of company requires that you obtain an Investment Registration Certificate through the proper channels. When beginning a business in Vietnam, for some firms, the quantity of money that needs to be invested in the company must meet certain criteria. By working with a professional service provider such as Emerhub, the process is made more efficient and streamlined, ensuring that you select the best options for your specific needs. Does opening a coffee shop in Vietnam require business registration? Applicable for the legal representatives and employees of the company who wish to come to Vietnam under the companys sponsorship. How Much Is The Company Registration Cost In Vietnam? Download my book 7 mistakes your must avoid in Vietnam for business, investment and relocation in 2023. Help us understand your inquiry in detail. There will be a fine if clients do not remit the registered capital with time limited. Vietnam does not require a company to have a separate import or export license to engage in import and export activities in the country. In the search results page, you can see the business name. Company Registration A Step-by-step Guide to Setting up a Business in Vietnam Setting up a business in Vietnam is both challenging and financially rewarding from an investor's point of view. It is the initial investment in the business that must be made before it can be self-sustaining. Preparation Request free company name search. Emerhub helps make the company registration process smoother and less stressful. If the shareholder is a legal person, please provide company registration certificate, register of shareholders, register of directors and the certificate of account balance of the company. Do you have a business project in Vietnam? Vietnam Company Registration Process For Foreigners In Vietnam, this kind of company can be 100% owned by foreigners or a joint-venture between foreigners and at least one local investor. How much does it cost to register a company in Vietnam? Company registration service fee: begin at $1.500 You will always need a local legal team to assist you during doing business in Vietnam. Step 2: Obtaining approvals from relevant Vietnamese government agencies including the ministry of planning and investment and the department of planning and investment.In addition to these, approval from other government agencies is required for specific industries.