What to know setting up a company in Vietnam

What do you need to start a company? The question of tens of thousands of startups who are wondering before starting a company. Starting a business is not an easy thing to do. In addition to the business idea you have available, the legal procedures, how to open a company need to know what you need to learn. Although administrative procedures are increasingly simplified by the authorities. However, if you are not knowledgeable about the current law, you will face many difficulties in the process of business registration as well as operating the business later. Here is the answer to the question of what does it take to setting up a company in Vietnam?

Mục lục

1 It is necessary to choose the type of business that best suits their actual conditions
2 Preparing to name the company
- 2.1 Need to prepare to choose the address of the company’s headquarters
3 Select the appropriate business line registration
4 Select the appropriate level of charter capital of setting up a company in Vietnam
5 Choosing a legal representative who is capable of running the business
6 Preparation of setting up a company in Vietnam papers
7 What are the procedures for setting up a company in Vietnam after being granted a business registration certificate?
8 Prepare a good, creative, dominant business idea
9 You need a clear business plan
10 Prepare financial budget for business
11 Researching competitors in the same industry, knowing the enemy – knowing me: Hundred battles, hundred wins
12 Preparing online marketing technology services for businesses
13 Search and make a list of potential customers
14 Prepare the customer care policy that the business has
15 Steps to setting up a company in Vietnam

It is necessary to choose the type of business that best suits their actual conditions

Currently, in Vietnam, if you want to establish a company, you need to choose one of the following five types of businesses:

One member limited liability company: Owned by 01 individual or 01 organization. Liability is limited to the amount of capital contributed.
Limited liability companies with two or more members: From 2 to 50 individuals/organizations contribute capital to establish the company. Liability is limited to the amount of capital contributed.
Joint Stock Company: A type with at least 3 shareholders or more. There is no maximum limit on the number of shareholders. Liability within the scope of shares owned.
Sole Proprietorship: Owned by 1 individual, unlimited liability with all his personal assets for the obligations of the business.
Partnership: There must be at least 02 members who are common owners of the company, doing business together under a common name (hereinafter referred to as general partners). In addition to general partners, the company may have additional capital contributors.

Therefore, depending on the number of members contributing capital to establish the business, and depending on the specific needs of the business owner, you can choose for yourself a suitable type of business to have a business management structure. reasonable business. That is an answer to the open question what does the company need?

What to know setting up a company in Vietnam

Preparing to name the company

You must determine the name of the company you want to establish. The company name written in Vietnamese can include numbers and symbols, must be pronounceable and has at least two elements: type of business and proper name. It is also very important that your company name must be written or attached at the head office, branch, representative office of the business. The company name must not be identical or confusing with previously registered businesses.
The name of the enterprise written in a foreign language is the name translated from the name in Vietnamese into the corresponding foreign language. When translating into a foreign language, the enterprise’s proper name may remain the same or be translated in the corresponding sense into the foreign language.

Need to prepare to choose the address of the company’s headquarters

Company address is the contact and transaction place of your company must be in the territory of Vietnam and have an address identified by house number, street name, ward, district, city or province, phone number , fax number and email address if available.
In case the place where the head office is located does not have a house number or street name, a local certification that the address does not have a house number or street name must be submitted together with the business registration dossier.
There are many businesses that have business opportunities and plan to establish a company but do not have an office address to open a company, so you should refer to the virtual office rental service to register for business registration.

>>>> See more: Foreign investment procedures in Vietnam >>>>

Select the appropriate business line registration

Industry is one of the most important factors in all business activities, it governs many other factors. You should prepare all the lines of business you plan to operate in and the lines of business you plan to do in the future. In case you register for one profession but after a while you want to do another business, you can add another business line.

Select the appropriate level of charter capital of setting up a company in Vietnam

There is no minimum or maximum amount of capital (except for industries that require legal capital). This capital is registered by the business itself and does not need to be proved in cash, account or any other form. However, the person establishing the business needs to be responsible within the amount of charter capital declared when registering the business. Prepare for the tax to pay when establishing the company corresponding to the registered charter capital of the enterprise.

If the enterprise registers charter capital Over 10 billion VND, the license tax to be paid annually is: 3,000,000 VND
If the enterprise registers a charter capital of 10 billion VND or less, the annual license tax rate to be paid is: 2,000,000 VND
If an enterprise registers to establish a branch, business location, or representative office, the annual license tax rate to be paid is VND 1,000,000.
Value added tax. This tax must be paid by the enterprise according to its reporting quarter. VAT rate is 10%
Corporate income tax. The business closes after the end of the financial year when the business is profitable. The corporate income tax rate is from 20-25% on the profit that the business declares tax.
Export tax (For export enterprises). Closed when performing the export of goods. This tax rate depends on the business lines and goods.
Import tax (For import enterprises). Closed when performing the import of goods. This tax rate depends on the business lines and goods.

Choosing a legal representative who is capable of running the business

The legal representative is the person who is primarily responsible for all business activities of the enterprise, is the representative of the enterprise to work, sign documents and procedures with state agencies and individuals. or other organization.
The title of the representative is the Director (General Director), Chairman of the Board of members/administration, and other management titles specified in the company’s charter.
The legal representative of the enterprise must permanently reside in Vietnam; In case he is absent from Vietnam for more than 30 days, he/she must authorize another person in writing according to the provisions of the enterprise’s charter to exercise the rights and perform the obligations of the legal representative of the enterprise.

Preparation of setting up a company in Vietnam papers

Want to know what it takes to set up a company? What documents do you need to prepare to open a company?

Prepare 04 certified true copies not older than 03 months of ID card/Passport/Citizen identification of all capital contributors/founding shareholders/legal representatives.
(In case you do not have time to make a notarized copy, you can send the originals of the above documents to Law VN to support the notarized copy to keep up with the schedule).
After preparing the above documents, you need to prepare a company profile to apply for a Business Registration Certificate.

What are the procedures for setting up a company in Vietnam after being granted a business registration certificate?

You need to complete the following procedures after being granted a business registration certificate:

Engrave company seal + Announce seal sample on national portal on business registration
Announcement of business registration contents
Carry out initial tax declaration procedures for newly established companies
Procedures for applying tax calculation method
Notice of electronic invoice issuance to local tax department
Digital signature of tax declaration (1 year)
Electronic invoice 200 numbers
Title stamp (01 mark)
Signboard (25 x 35) hanging at the headquarters
Free first quarter tax report
Notice of bank account number
Rent a business registration address to open a company 500k/month in Law VN (If you do not have an address to register to open a company).

What does it take to set up a company to be successful? It is necessary to prepare a methodical business plan for your business, specifically, there are some suggestions below for the business you intend to establish.

Prepare a good, creative, dominant business idea

If you have a good business idea, are creative or have a dominant advantage over the market, your initial business has been successful up to 75%. The survival and growth of your company in the long run depends a lot on the initial business idea that you have outlined.
How to have a good business idea to realize the business dream? The answer is very simple: You just need to research what the market needs and how best to meet them.

You need a clear business plan

Make a business plan including financial plan, personnel plan, market development plan and potential customers. A good business plan must be planned and prepared in detail. You need to outline in detail the source of investment, operating capital, sales, advertising costs, rent, utilities, taxes, other incurred costs and finally determine enterprise profits.
You need to determine the target market right from the time you prepare to establish a company: If you do market research and know what the market needs and you can satisfy it, that’s great. If not, then just go work for businesses. After a while, you have been exposed to the market and identified customer needs, this you can completely grasp.

Prepare financial budget for business

Good business idea but need to have finance to realize that business idea. If your family has a lot of money to support you, then you are very lucky. However, if you come up from two empty hands, the financial preparation seems to be more difficult. It comes from sources you save during work or take out a bank loan. Note: Borrowing will incur additional interest payments. Please calculate carefully. And if you can get a loan from a relative, that’s great. They are lending you with trust, so you need to build credibility from the hardest times so that when you need it, they support you without hesitation.

Researching competitors in the same industry, knowing the enemy – knowing me: Hundred battles, hundred wins

Business management experts recommend spending at least 15-20 minutes a day researching the market and competitors in the industry that your future company joins. This work helps you identify the right target customers. Helps you know what your competitors are doing to grow so big. Or simply avoid mistakes during operation. From there, businesses take advantage of business opportunities and develop. This is one of the important factors to prepare before setting up an important company that you should not ignore.

Preparing online marketing technology services for businesses

Computers, corporate websites, email services, online businesses… Have you prepared these? Perhaps in today’s modern business age, these utilities are indispensable in companies, no matter the size of your company. Take advantage and use it effectively to help your business be more successful.

Search and make a list of potential customers

Business survival or death is determined by the source of customers. If you open a business but for a long time there are no customers or too few customers, it means that sooner or later your business will go bankrupt. One experience has shown that it is advisable to prepare customers in advance and at the same time research and utilize traditional and modern marketing tools to increase the number of customers. Identify the right audience needed to use your products/services so that when you start your business, you can deploy them.

Prepare the customer care policy that the business has

Finding customers is hard, and keeping customers is even harder. So please satisfy customers more than they expect.” Customers are always king. It’s great when your business gives them more value than what they want to receive. Customers will stay with your business and refer other potential customers.

Steps to setting up a company in Vietnam

The steps to establish a company, to establish a business will be done through the following steps:

Step 1: Receive request for company establishment service

Customers who are interested in the company formation service of Law VN can request.

Step 2: Consult the steps to establish a company in accordance with customer requirements

In this step, customers will be consulted on how to choose the type of business, charter capital, industry, legal representative, shareholders/members, head office, profit sharing… related to the formation and development of the company. In addition, customers will also have their own questions and concerns in the matter of unknown business establishment, which can be discussed with our lawyer.

Step 3: Customers authorize Law VN to carry out the company establishment procedures

In order for Law VN to represent customers to carry out procedures related to business establishment, customers will have to authorize us. After that, we will draft documents on behalf of the client, submit them, process them at the request of the Department of Planning and Investment, and receive the results. As follows:

Prepare documents to carry out the procedures for establishing the Company

We will send the customer a request to provide information for the establishment of the company, the customer’s job is to complete the necessary content in the request for information and send it back to us for the specialist. filing company. In addition, members/fans need to prepare a certified copy of their ID card/passport/identity card with expiry date or customers can send us the original or a scanned copy of the document. above, we will endorse the client free of charge.
Drafting business registration documents: After receiving all information from the customer, we will proceed to compile the business establishment dossier and send it to the customer for reference via email or in person. In case the customer does not have a repair or related question, we will print the profile and guide the customer to sign the record.

Submit an application at the registry office to apply for a certificate of business establishment

The dossier will be submitted by our specialist to the registry, the dossier will be monitored by us and will promptly correct or supplement the content of the dossier at the request of the specialist (if any).
Receive the results, engrave and publish the seal sample, announce the establishment of the company on the national portal
After receiving the business registration certificate, we will carry out the procedures to engrave the circular seal, publish the seal sample, and announce the business establishment information on the national portal.

Step 4: Hand over the company establishment results, original documents to the customer

When completing the company establishment procedure, Law VN will hand over the results and documents to the customer. At the same time, proceed to submit the tax return on behalf of the customer (in case the customer requests). In addition, issues related to printing invoices, opening bank accounts, submitting declarations… Law VN will support wholeheartedly.

>>>> See more: Things to know about procedures for foreign investment in Viet Nam >>>>

If you have any questions please contact us for a free consultation, we always bring you the best service, with a team of experienced lawyers, you completely trust Luật VN hotline. / zalo: 0763387788.

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