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Steps to establish an FDI company in Vietnam - 2020 updated (part 2)

Wednesday 29, 04 2020
In the previous article, VietnamCredit provided readers with the most basic information about setting up an FDI enterprise in Vietnam
Steps to establish an FDI company in Vietnam - 2020 updated (part 2)

In the previous article, VietnamCredit provided readers with the most basic information about setting up an FDI enterprise in Vietnam, including steps to set up an FDI company, how to apply for investment certificates, ... In this article, we will dig a little deeper and provide more detailed information about what to prepare when establishing FDI enterprises in terms of types of businesses after an investment certificate is granted.

Limited liability companies

  • Application for business registration;

  • Company regulations;

  • ​List of members (for limited liability companies with two or more members);

  • Copies of the following documents: citizenship identification card, ID card, passport or other lawful personal identification of the individual members;

  • Establishment decision, business registration certificate or other equivalent document of the organization and the authorization document; Citizenship identification card, ID card, passport or other lawful personal identification of the authorized representatives of members being organizations;

  • For members being foreign organizations, the copy of the business registration certificate or equivalent document must be consular legalized;

  • Capital contribution decision and appointment of a manager; List of authorized representatives (for members being organizations);

  • Investment registration certificate.

Joint stock companies

  • Application for business registration;

  • Company regulations;

  • List of founding shareholders and shareholders being foreign investors; List of authorized representatives if the shareholders are organizations;

  • Copies of the following documents: citizenship identification card, ID card, passport or other lawful personal identification of the individual members;

  • Establishment decision, business registration certificate or other equivalent document of the organization and the authorization document; Citizenship identification card, ID card, passport or other lawful personal identification of the authorized representatives of members being organizations.

  • For members being foreign organizations, the copy of the business registration certificate or equivalent document must be consular legalized;

  • Capital contribution decision and appointment of a manager; List of authorized representatives (for members being organizations);

  • Investment registration certificate.

Seal engraving and notification of seal samples

  • Companies shall engrave and announce the use of seal samples on the National Business Registration Portal;

  • Companies have the right to decide on the seal sample and the number of seals;

Competent agency: Business Registration Office - Department of Planning and Investment in province / city where the company is headquartered.

Time: from 5 to 8 working days.

Conditions for being granted a business license

Steps to establish an FDI company in Vietnam - 2020 updated (part 2)

In case foreign investors are from countries or territories participating in treaties to which Vietnam is a contracting party committing to open the market for goods trading and activities directly related to the purchase and selling of goods, they should meet the following conditions:

  • ​Satisfying market access conditions in treaties to which Vietnam is a party;

  • Having a financial plan to carry out business activities;

  • Having no overdue tax debt in case the company has been established in Vietnam for 1 year or more;

  • Meeting the following criteria:

    • Complying with specialized laws

    • Creating jobs for domestic workers;

    • ​Contributing to the Stage budget.

Documents needed to apply for a business license

  • ​Application for business license;

  • Explanatory statement with the following contents:

    • Explanation for the conditions to grant the respective business license;

    • Business plan: describing the content and method of conducting business activities; presenting business plan and market development, demand for labor; assessing socio-economic impacts and efficiency of business plans;

    • Financial plan: reporting the results of business activities on the basis of the audited financial statements of the latest year in case the company has been established in Vietnam for 1 year or more; explaining capital, capital sources and capital raising plan; enclosing financial documents;

    • Business situation, activities of purchasing and selling goods and activities directly related to trading goods; financial situation of foreign-invested economic organizations up to the time of applying for business license.

  • Documents of tax authorities proving that there is no overdue tax.

  • Copies of business registration certificate; investment registration certificate of projects on goods trading and directly related activities (if any).

​Competent agency: Department of Industry and Trade in province / city where the company is headquartered.

Time: from 30 to 45 working days.

VietnamCredit hopes that the information we have provided above is really useful for foreign investors who are planning to set up a company in Vietnam. For further help and advice, please contact us via email: [email protected].

​>> Steps to establish an FDI company in Vietnam - 2020 updated (part 1)

Source: VietnamCredit

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