Foreigners establishing company in Vietnam – The continuous participation in the current free trade agreement shows that the Vietnamese market is expanding, and tariff barriers are gradually being removed. So, do a foreigner have the right to establish a company in Vietnam?
1.A number of conditions for capital contribution by foreigners to establish a company, including
– Business lines: comply with domestic and international laws. The field of implementation will decide the conditions, procedures, and forms of business investment of the investor.
– Financial capacity: must prove their financial capacity, can fully implement the project by confirming the bank account balance, savings book or equivalent document on possession of a guaranteed legal source of money. ensure that the balance is not less than the amount of capital contributed to the project.
– Legal project implementation location: To prove the location of business activities, foreigners can provide lease contract, construction permit, certificate of land use right, household registration book, … documents that represent legal ownership and use of the site.
2. Procedures when foreigners establish a company in Vietnam
In order for a foreign individual to open a shop or do business in Vietnam, the establishment procedures must be followed. Includes 2 steps to establish a foreign company in Vietnam:
* Step 1: Apply for an Investment Registration Certificate
List of dossier
– Application for implementation of an investment project;
– Investment project proposals should be detailed and clearly fully explained.
– Certified copy of passport;
– Documents explaining financial capacity or commitment to ensure financial for investors to implement the project (bank account balance, savings book, …)
Steps to conduct
– Individuals declare information about investment projects on the National Foreign Investment Information System https://dautunuocngoai.gov.vn/fdi.
– Submit a set of documents according to the instructions to the dossier-receiving and result-delivering section of the Department of Planning and Investment or the Project Management Board (depending on the expected location of the project).
– Foreigners monitor the application process, receive additional notifications or receive results at the One-Stop Department
Time limit for processing applications:
Applications are processed within 25-30 working days
* Step 2: Apply for a Business Registration Certificate
After being granted the Investment Registration Certificate, the foreigner will carry out the procedures for applying for the Certificate of Business Registration to be allowed to open a company.
List of dossier
– The application for enterprise registration is made according to the form of Circular 02/2019/TT-BKHDT.
– The company charter.
– List of members (if there are two or more members).
– Certified copy of passport or equivalent document.
– A certified copy of the issued investment registration certificate.
Steps to conduct
– Individuals declare business information on the National Business Registration Information System https://dangkyquamang.dkkd.gov.vn/online/Default.aspx
– Submit a set of documents according to the instructions to the dossier-receiving and result-delivering section of the Department of Planning and Investment or the Project Management Board (depending on the expected location of the project).
Time limit for processing applications:
Applications are processed within 3-5 working days
Please don’t hesitate to contact us if you require any further information!
