Vietnam is also an attractive investment destination with stable political advantages and incentives for FDI companies. However, information about the business registration procedure in Vietnam such as How many steps or How long does it take to establish a company in Vietnam? may not be available to foreign investors.
Therefore, in this article, VietnamCredit will focus on giving detailed information about the procedure for setting up a company in Vietnam.
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). The procedures for business registration involves 9 steps as follows:
- Step 1: Prepare company establishment documents.
- Step 2: Submit the application for company establishment at the local business registration office.
- Step 3: Get the business registration certificate (if the information submited is complete and correct)
- Step 4: Make your company’s circular seal and submit seal sample on the national business registration portal.
- Step 5: Open a bank account + Notify the business registration agency about the bank account number.
- Step 6: Register for electronic tax payment with the tax authority and the bank confirming the registration of electronic tax payment.
- Step 7: Pay license tax online.
- Step 8: Make the initial tax declaration at the tax office, request the use of VAT invoices and notify the issuance of VAT invoices.
- Step 9: Submit monthly, quarterly and yearly tax report to the local tax authority.
Below are the minimum required company registration fees for a new company to operate:
1. Fee for filing the application for registration of enterprise establishment at the business registration office of the Department of Planning and Investment: 5 USD;
2. Fee for posting company establishment statement on the national business registration portal: 15 USD;
3. Cost of engraving the company's circular seal: 20 USD (according to the current Law on Business, a company may have many seals to facilitate the use of seals in many places);
4. Cost of placing company signs: 10 USD
5. Cost to buy digital signature (Token) for 1-year package: 75 USD.
6. Cost of depositing a bank account: 50 USD.
7. Cost of using value-added invoices (VAT): 17 USD
8. License tax: The company will pay license tax depending on the registered charter capital as detailed in the following table:
– If the business license is issued between January 1 and June 30, the company must pay annual license tax.
– If the business license is issued between July 1 and December 31, the company must pay the semi-annual license tax rate.
Source: Vietnam Laws, VietnamCountry Report (VietnamCredit)