After the wave of investment in distribution and export, trading companies, cars, food, retail, electronics will be very attractive to foreign retailers. For a foreign company interested in expanding business in a new country or region, Vietnam is a promising destination. In order to setting up a company in Vietnam, foreign investors need to comprehensively understand the form and function of legal entities established under Vietnamese Law. The advice and guidance of a qualified and qualified lawyer will be required at a Vietnamese law firm throughout the process.
Đọc thêm: Vietnam Company Registration at a glance
Important steps that must be taken in order to setting up a company in Vietnam
Step 1: Get legal advice
Meet with a lawyer from LNP, to get legal advice on which kind of business type is the most suitable for your situation.
Step 2: Find office space and a legal representative to setting up a company
Find office space then for your business not only to have a place to work, but also as a specific office address is required by the government for the business license application. If you are not the legal representative of your business, you need to find a reliable partner.
Step 3: Apply for a business license
Prepare all necessary paperwork and make sure that you fulfill all necessary requirements prior to applying for the business license. Expect a 15 day waiting period for a Vietnamese-owned company, and 60 day waiting period for a foreign-owned company.
Step 4: Run your business
Run your Vietnamese business which is now capable of hiring employees and committing to business contracts. There are some things you need to do such as getting a company stamp, registering for a tax code, setting up a company bank account and publicly announcing the establishment of your company. Recurring tasks include tax reports, accounting and paying the employees’ insurance.
Frequently asked questions
Clarify the scope and scope of the company’s business
Vietnam’s accession to the WTO requires the country to open its foreign investment economy to a range of business lines. The majority of tech startups will target ‘software development or‘ business consulting. The application for this business line is relatively simple.
However, some business lines are still restricted to foreigners in Vietnam (for example, real estate and finance). Some of these other areas still need to be reviewed on a case-by-case basis or subject to conditional approval (e.g., transactions), foreign ownership restrictions (e.g. travel) or licensing requirements and sub-license (e.g. F&B).
How much is office rent in Vietnam’s major cities?
Of course it depends on the location, but in general you could say that in Hanoi and Ho Chi Minh City it ranges between $7-15 per square meter for a normal office building and good location. For a high standard office building in a prime location it ranges between $18-30 per square meter.