How to incorporate company in Vietnam?
Tetra Consultants’ ultimate guide on Vietnam company incorporation is tailored to help our international clients to fully understand the whole process. Before you choose to incorporate a company in Vietnam, Tetra Consultants advises you to read through the following comprehensive guide as requirements and regulations are stated clearly to help you fully understand the process of company registration.
Simply put, we can break down Vietnam company formation engagement into four different phases:
- Planning & strategy
- Bank account opening
- Staying compliant
By systematically following the above four phases, you can expect to start conducting business with your Vietnam company within 6 months.
Step 1: Planning & strategy
- Depending on your business goals and activities, Tetra Consultants will recommend the most suitable business entity. Prior to Vietnam company incorporation, you will be advised on the optimum paid-up share capital, corporate structure, and whether there is a need to apply for any licenses.
- Once confirmed, Tetra Consultants reserves your preferred company name with the Vietnam Company Registry.
- It is necessary that you have a legal office address in Vietnam. While you are not mandated to operate at this address, this requirement will persist for your registration needs. As such, Tetra Consultants will provide you with a local address.
- Other additional requirements include appointing a registered agent. To meet this requirement, Tetra Consultants will assist you in appointing the registered agent coupled with its address so that you can meet your registration needs. This local registered agent will act as your representative to the Ministry of Finance and submit accurate financial statements and corporate tax returns.
- Before moving forward with the registration process we would also assist you by providing our nominee director services to meet the mandated requirement of having a local director. This nominee director will only act as a passive participant under the nominee director agreement to be signed by him.
Step 2: Incorporation
- Tetra Consultants’ legal team will draft articles of incorporation, business plan, and other required legal documents for Vietnam company incorporation.
- Before submitting the documents to the government, it is required for these Vietnam company incorporation documents to be translated to Vietnamese local language and notarized.
- Thereafter, Tetra Consultants will move forward to apply for Investment Registration Certificate (IRC), if the company formed is except a Representative Office or a Branch Office. We would also prepare documents to be filed along with the application for IRC, these documents include a detailed report on supposed project details for application of implementation, the proposal of the supposed investment plan entailing lease agreement and land use, and financial statements of the last 2 years.
- Once the IRC is obtained, Tetra Consultants will move forward to apply for Business Registration Certificate and register company in Vietnam with Vietnam Business Registration Authority.
- Once the company is successfully incorporated, Tetra Consultants will courier the Certificate of Incorporation, Memorandum & Articles of Association, to your preferred addresses. On average, within 1 week you can expect to receive the documents of your new company.
- Furthermore, Tetra Consultants will make sure to apply for relevant business licenses to conduct business legally in the country without government intervention. For example, if the company incorporated is LLC we would accordingly apply for Foreign Investment License.
- Tetra Consultants will additionally assist you in designing and ordering of compa
Step 3: Bank account opening
- Simultaneously, Tetra Consultants will proceed to open a corporate bank account for your newly-incorporated company. You can enjoy leveraging our extensive banking network and receive your bank account numbers within four weeks.
- Tetra Consultants will contact multiple reputable international or Vietnam banks and present your business to each relationship manager and compliance team.
- If you want to open an account with an offshore bank, we can help you with that as well. We work with renowned banking institutions in Hong Kong, the United States, and New Zealand.
- In most cases, Vietnam banks will not require you to travel to Vietnam for the bank meeting. In the event this is needed, We will send a representative to the bank meeting with you. Conversely, our staff will negotiate with the banks to hold a conference call or obtain a waiver.
- On average, the corporate bank account will be opened within a month after Vietnam company incorporation. Tetra Consultants will courier the internet banking token and access codes to your preferred address.
Step 4: Staying compliant
- After incorporating the Vietnam company and opening a current account in the bank, Tetra Consultants will continue to provide you with the necessary accounting and tax services to ensure that you can continue to legally conduct business while staying compliant with regulatory obligations.
- Our team of dedicated consultants will timely prepare your firm’s financial statements, and corporate tax returns and manage bookkeeping on your behalf.
- While the government of Vietnam does not only levy an income tax, corporations conducting business in the country are subject to other types of taxation as well including Value-added tax (VAT), stamp tax, real property tax, and import charges are some of these levies.
Contact us to find out more about how to incorporate a company in Vietnam. Our team of experts will revert within the next 24 hours.