| Setting up a Company in Vietnam |
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Setting up a company in Vietnam is a time consuming and complicated process. The tedious method of setting up a company in Vietnam is often criticised by international investors. However, there are logical engagement procedures invovled in setting up a company in Vietnam that interested parties can follow.
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| 1. | Firstly, it is recommended that the planned corporate structure of the company, including shareholders and directors, is confirmed in accordance with laws of foreign investment in Vietnam.
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| 2. | Secondly, a Business Registration Certificate from the Business Registration Office in the city of incorporation must be obtained when setting up a company in Vietnam.
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| 3. | An announcement in a local newspaper has to be published making public the name and type of company, the number and issuance date of the Business Registration Certificate, the headquarters and business objectives, charter capital, name of the legal representative and the place of business registration, following the setting up of Company in Vietnam.
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| 4. | A seal-making license at the Administrative Department for Social Order (ADSO) under the Municipal Police Department must be applied for. Note that without a seal, a Vietnamese company cannot register with the tax department, open a bank account or apply for utilities, etc.
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| 5. | The next step in setting up a company in Vietnam is to apply for a tax code at the Municipal Taxation Department in the city of incorporation, and pay the business license tax of 3 million Dong (US$144).
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| 6. | Subsequent to this, the investors must submit the company’s accounting system to the Taxation Department for approval. The documents submitted include:
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| 7. | The company must comply with the Ministry of Finance's regulations on accounting standards and account maintenance.
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| 8. | The company must then be registered
with the local labour office to declare use of labour (Municipal Department for Labour, Invalids and Social Affairs) and with the Trade Union in the city of incorporation. Note that every Vietnamese company must undergo these steps.
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| Contact Us | |||||||
| For more information on Vietnam company formation, email email@healyconsultants.com or call us in Singapore at (+65) 6735 0120. | |||||||
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