SET UP A COMPANY IN VIETNAM: THE STEP BY STEP GUIDE TO ESTABLISH A COMPANY THAT YOU NEED TO KNOW

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Vietnam has one of the fastest-growing economies in the world. As a result, more and more companies are being established. However, many investors do not know how to set up a company in accordance with the law. OTIS LAWYERS will share with you the step by step guide to establish a company in Vietnam through the article below.

Legal grounds

The Law on Enterprises No. 59/2020/QH14, dated June 17, 202

Decree No. 01/2021/ND-CP dated January 04 2021 of the Government on enterprise registration

Step 1: Select the types of enterprises

According to the Enterprise Law 2020, there are 5 types of enterprises: sole proprietorship; single-member limited liability company; multiple-member limited liability company; joint stock company; partnership.

Organizations and individuals that want to set up a company need to consider choosing the appropriate type of enterprises.

>>>> SEE MORE: WHAT TYPES OF ENTERPRISES CAN FOREIGN INVESTORS CHOOSE TO ESTABLISH A COMPANY IN VIETNAM?

Step 2: Prepare an application for enterprise registration

Depend on the type of enterprises that you want to register, there will be corresponding documents, specifically as follows:

Application for registration of a sole proprietorship

The application form for enterprise registration.
The copies of legal documents of the sole proprietor.

Application for registration of a partnership

Application form for enterprise registration.
The company’s charter.
List of general partners.
Copies of legal documents of general partners
IRC if the enterprise is founded or co-founded by foreign investors or foreign-invested business entities in accordance with the Law on Investment

Application for registration of a multi-member limited liability company or a joint-stock company

Application form for enterprise registration
The company’s charter
List of members of the multi-member limited liability company; lists of founding shareholders and shareholders that are foreign investors of the joint-stock company
Copies of legal documents of the enterprise’s legal representative
Copies of legal documents of members or founding shareholders and foreign shareholders
IRC if the enterprise is founded or co-founded by foreign investors or foreign-invested business entities in accordance with the Law on Investment

Application for registration of a single-member limited liability company

Application form for enterprise registration.
The company’s charter
Copies of legal documents of the enterprise’s legal representative;
Copies of legal documents of the company’s owner (except for the State);
IRC if the enterprise is founded by a foreign investor or foreign-invested business entity in accordance with the Law on Investment

If the company’s owner is a foreign organization, copies of legal documents of that organization must be legalized;

Step 3: Submit an application for enterprise registration

Business registration authorities: The Business Registration Office which is affiliated to the provincial Department of Planning and Investment. Each Business Registration Office may open branches within the province to receive applications and return results.
Applicant: The law on enterprises requires that the applicant must be the enterprise’s founder or the authorized person. If the applicant is authorized, the application for enterprise registration must include the letter of attorney and copies of legal documents of the authorized person. The notarization or certification of the letter of attorney is not compulsory.

Step 4: Receipt and processing of applications for enterprise registration

The Business Registration Office shall directly receive applications for enterprise registration, examine their validity, issue or reject to issue enterprise registration certificates. The Business Registration Office shall issue the enterprise registration certificate and update enterprise registration information on the National Enterprise Registration Database within 03 working days from the receipt of the satisfactory application.

Step 5: Making enterprise’s seals

After being granted the Certificate of Enterprise Registration, a company will engrave the enterprise's seal. It can be physical or digital as prescribed by e-transaction laws.

Company can register the enterprise's seals through National Business Registration Portal

Step 6: Publishing of enterprise registration information

After an enterprise is granted the Certificate of Enterprise Registration, it shall announce it on the National Enterprise Registration Portal and pay the fee as prescribed by law. The announcement shall include the content of the Certificate of Enterprise Registration and:

The enterprise’s business lines;
The list of founding shareholders and foreign shareholders (for joint stock companies).

The above information shall be published for 30 days.

CONSULTING SERVICE TO SET UP A COMPANY OF OTIS LAWYERS

OTIS LAWYERS is committed that all clients' problems are resolved. Our team of highly qualified lawyers are always ready to listen and try to solve any problems for you. OTIS LAWYERS is always proud to be a professional unit in the field of consulting services to establish a company with: the simplest process; fastest processing time; most economical cost; All customer information is strictly confidential. Above are the current regulations on the steps to establish a company that OTIS shares with readers. Do not hesitate to pick up the phone and contact OTIS immediately to be advised and supported!

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