Establishment / Registration of Company / Corporation in Vietnam | Application Procedure Guide
Established a company in VietnamIs very different from the procedure for establishing and registering a company in Japan.
While many companies have already established companies in Vietnam, the process of company establishment and registration is more complicated and bureaucratic than in Japan. While the administrative time required to set up a company is improving year by year, establishing a foreign-affiliated corporation in Vietnam requires a number of procedures and processes. This article will give you an overview.
Company establishment/registration process in Vietnam
For start-ups to start a business, establishing a corporation is a very important process before hiring staff and recording sales. Limited liability company (LLC) is the most common type of foreign-affiliated business.
Projects in Vietnam require approval of an Investment Registration Certificate (IRC) by the Ministry of Planning and Investment. After that, the company registration certificate (ERC) is required to establish the company. Officially, it takes about 45 days to complete these processes, but various advance arrangements are very important.
Preparation for application procedures for company establishment and registration
It is important to make necessary preparations in advance for application for company establishment/registration. Otherwise, there may be a delay. Here are four important things to know.
1) Clarification of business content
In order for Vietnam to join the WTO, it was necessary to open up a wide range of foreign investment. Business fields such as "software development" and "web consulting", which are attracting attention as the most advanced fields, are relatively easy to set up.
However, on the other hand, foreigners also have business fields such as real estate and finance that are strictly limited. These business areas require conditional approval from the government, foreign ownership limits, etc.
2) Capital required for company establishment
In Vietnam, credit is required to carry on business. Whether or not you have the credit to keep your business running is generally determined by the amount of your capital. Vietnamese law does not explicitly state or require a minimum capital amount. However, in order to be approved by the Ministry of Planning and Investment, it is necessary to show different amounts of capital for each business area. In addition, the amount of capital to apply for capital must be deposited in a designated account immediately after the company is established.
3) Company location/address
When applying for company registration in Vietnam, it is necessary to enter the company address. Therefore, it is necessary to prepare a solid office/office where you can proceed with your business.
To a company establishment expert
There are various options for establishing a company, such as other company forms such as stock companies.Please feel free to contact us for more information on setting up a company in Vietnam.
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