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How to start a business Vietnam

How to start a business Vietnam

Wednesday 10, 03 2021
How to start a business Vietnam ? .Vietnam’s commitments with the WTO, and the bilateral free trade agreements between Vietnam and other countries in the region and around the world, foreigners are allowed to start a business in most industries and service sectors in Vietnam.

1. How to starting a business Vietnam​? When a foreign investor starts a business in Vietnam, they should bear in mind the following things: 

When a foreign investor starts a business in Vietnam, they should bear in mind the following things

- For each investment field, there will be separate conditions on procedures, on capital contribution ratio, and on documents to be prepared. 

- When starting a business in Vietnam, a foreigner investor is required to prove his / her financial capacity to invest in Vietnam by confirming the balance of the bank account.

2. General conditions and documents to be prepared when starting a business in Vietnam:

General conditions and documents to be prepared when starting a business in Vietnam

- Notarized passport of the foreign investor(s);

- Having financial capacity to implement the project: this will be demonstrated through the balance of a bank account or savings book bearing the investor's name with the corresponding amount of investment in Vietnam;

- Foreign investors must ensure that the location of the project is available. In other words, there should be a lease contract or an office lease in Vietnam to register the company's headquarters. For condominiums or collective houses, foreign investors should request the lessor to provide a notarized copy of the Land Use Right Certificate. In case of lease of a company, it is necessary to provide: Certificate of business registration (with the function of trading real estate), Certificate of land use rights of the rental house, and Construction permit of the building.

3. Procedures

Procedures

- Before carrying out the procedures for issuing an investment registration certificate, the investor shall make an online declaration of information about the investment project on the National Foreign Investment Information System. Within 15 days from the date of online declaration, the investor shall submit the application for Investment Registration Certificate to the Investment Registration Authority.

- After the application is received by the investment registration agency, the investor is granted an account to access the National Foreign Investment Information System to monitor the application processing situation.

- The investment registration agency uses the National Foreign Investment Information System to receive, process and return results of investment registration dossiers, update application processing and issue codes to investment projects.

4. Documents submitted to the investment registration authority include:

  • Application for investment project implementation;

  • A copy of ID card or passport for individual investor; a copy of the Certificate of Establishment or another equivalent document certifying the legal status of the institutional investor;

  • Proposal for an investment project includes the following contents: investor implementing the project, investment objectives, investment scale, investment capital and capital raising plan, location, duration, investment schedule investment, labor demand, proposal for investment incentives, assessment of the project's socio-economic impact and efficiency;

  • A copy of one of the following documents: investor's financial statements for the last 2 years; commitment to financial support of the parent company; commitment to financial support of a financial institution; guarantees on investors' financial capacity; documents explaining the financial capacity of the investor;

    5. Duration for dossier processing:

Duration for dossier processing

Within 15 days after receiving a complete dossier, the investment registration agency shall grant an investment registration certificate. In case of refusal, there must be a written notification to the investor, clearly stating the reason.

6. Competence to issue investment certificates

Department of Planning and Investment receives, issues, modifies, and revokes Investment Registration Certificates of the following investment projects:

  • Investment projects outside industrial zones, export processing zones, hi-tech zones, and economic zones;

  • Investment projects to develop infrastructure of industrial parks, processing zones, high-tech zones and investment projects in industrial parks, processing zones and hi-tech zones in localities that have not yet established a Management Board of industrial parks, processing zones and high-tech zones.

Management boards of industrial parks, processing zones, hi-tech zones and economic zones receive, grant, modify and revoke investment registration certificates for investment projects in industrial zones, processing zones, hi-tech zones, and economic zones including:

  • Project on investment and development of infrastructure of industrial parks, processing zones and high-tech zones;

  • Investment projects implemented in industrial zones, processing zones, hi-tech zones, and economic zones.

The Department of Planning and Investment where the investor locates or plans to locate the head office or executive office to implement the investment project receives, issues, modifies, and revokes the Investment Registration Certificate for the following investment projects:

  • Investment projects implemented in many provinces and centrally-run cities;

  • Investment projects implemented both inside and outside industrial zones, processing zones, hi-tech zones and economic zones.

    7. Business registration certificate

After being granted the investment registration certificate, investors need to prepare a dossier to establish an enterprise.

For limited liability companies

The dossier includes

  • Application for business registration.

  • Company charter.

  • Members list.

  • Copies of the following documents: Citizen card, ID card, Passport or other legal personal identification of individual members;

  • Establishment decision, business registration certificate or other equivalent document of the organization and authorization document; Citizen card, ID card, passport or other legal personal identification of the authorized representative of an organization member;

  • If the member is a foreign organization, the copy of the Business Registration Certificate or an equivalent document must be consularly legalized;

  • Certificate of investment registration.

Business registration certificate

For joint stock companies 


The dossier includes

  • Application form for business registration.

  • Company charter.

  • List of founding shareholders and foreign shareholders (list of authorized representatives if any)

  • Copies of the following documents: Citizen card, ID card, Passport or other legal personal identification of individual members;

  • Establishment decision, business registration certificate or other equivalent document of the organization and authorization document; Citizen card, ID card, passport or other legal personal identification of the authorized representative of an organization member;

  • If the member is a foreign organization, the copy of the Business Registration Certificate or an equivalent document must be consularly legalized;

  • Certificate of investment registration.

Source: luatvietan

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