7 basic steps to set up a business and comply with
Vietnam laws
Vietnam’s economy is increasingly
diversified in terms of business activities and business regulations are also
constantly being improved and enhanced. Accordingly, foreign investors can
freely choose the right type of business. Therefore, the set up company in Vietnam is
always a matter of great interest to foreign investors whom find business
opportunities in Vietnam.
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The first step is to
set up a business in Vietnam
To take this step, the investor first
needs to determine the type of business to choose to establish and provide the
business name and expected information. Accordingly, the composition of the
enterprise establishment dossier will be prepared according to regulations and
submitted at the Business Registration Office, the Department of Planning and
Investment of the place where it is expected to be headquartered. After submitting
a valid application, the enterprise will be granted an enterprise registration
certificate and announced the registration contents on the National Business
Registration Portal.
The second step is to
publish the contents of business registration
After being granted an enterprise
registration certificate, an enterprise must make a public announcement on the
National Business Registration Portal.
In the third step, the
enterprise conducts stamp engraving
Enterprises can request to make a seal
from the seal making agent. Accordingly, the enterprise actively decides on the
type, quantity, form and content of the seal and is solely responsible for the
use of its legal entity seal.
Fourth step is that to
open a bank account in Vietnam
Currently, businesses can choose a bank
to open an account for their business, to open an account, the bank requires an
application form issued by the bank, a seal sample, the company’s charter, and
a certificate. Business registration and related documents are required by different
bank.
The fifth step is to
register the tax declaration form in Vietnam.
Accordingly, enterprises register for
the use of e-invoices and notify the use of e-invoices to their tax
authorities. Enterprises need to contact the invoice supplier to order the
printing of value-added invoice books and must register self-printed invoices
with tax authorities.
In the sixth step, the
enterprise needs to conduct labor registration in Vietnam. Enterprises register
with the Department of Labor, War Invalids and Social Affairs to declare the
use of labor. Within 30 days from the date of commencement of operation, the
employer must register the employer to the Labor Department (according to the
prescribed form). In addition, enterprises should note that the relationship
between the employer and the employee is regulated by the Labor Code and
specified in the labor contract.
Seventh step is to
register for social insurance in Vietnam.
Enterprises register with the Social
Insurance Agency to pay health insurance and social insurance for employees.
Employers must fill in all information according to the form provided by social
insurance, including: full name, date of birth, salary (recorded in labor
contract), number of social insurance book (for employees who have been issued
with a book), a certified copy of the company’s business registration certificate and
a copy of each labor contract.
It can be seen that setting up a
business requires businesses to carry out a lot of procedures and comply with
many different regulations of tax, banking, labor, insurance… Therefore,
besides learning about legal regulations and businesses can seek the support of
professional consulting firm in Vietnam with expertise and experience in the
field of business establishment to implement the process quickly and
effectively.
Finding the right business partner in
Vietnam is also important. We recommend doing research on the reputation of the
company and individual shareholders, corporate or individual, gathering
publicly available company information, and performing background checks on key
personnel to find potential risks in cooperation. Working with a reliable
partner can help achieve economic benefits, saving time and money in business.
ANT Lawyers, a law
firm in Vietnam could offer service to establish company in Vietnam.
We assist clients needing legal service in obtaining investment certificate,
business registration certificate, or other licensing procedures.
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