The Vietnamese government cuts the price of company registration certificate (ERC cost)
Circular No 47/2019 / TT-BTC, issued by the Ministry of Finance of Vietnam, announced that it will cut the company registration certificate (ERC) fee or business registration fee in half.
Fee for new company registration certificate (ERC fee)
The fee for issuing, reissuing ERCs, and changing registration information has been changed from the previous US$4.28 (100,000 VND) to US$2.14 (50,000 VND). This also includes branches and representative offices.
ERC must be done when establishing a new corporation in Vietnam. This reduction of ERC costs is considered to be supported by the establishment of a corporation by the Vietnamese government.
Application procedure for company registration certificate (ERC)
When applying for an ERC, you will need to prepare the following documents:
- Company registration application
- Articles of Incorporation
- List of employees or shareholders
- List of delegates
- Copy of notarized passport
- Copy of notarization of investment registration certificate of local corporation
All foreign language documents must be translated into Vietnamese and approved by the Vietnamese Consulate.
Exemption from company registration certificate (ERC)
This Circular also contains examples of cases where exemptions from company registration fees are allowed.
- Corporate liquidation or dormancy registration
- Abolition of branch office or representative office
- An organization that provides useful information to the government
- The first corporation to be incorporated by a sole proprietor
ERC price cuts improve business environment in Vietnam
This government action will help improve Vietnam's business and investment environment rankings, attract foreign investment and further promote Vietnam's economy.
There are many challenges involved in starting a business in Vietnam. In some cases, the new rules can be time-consuming and tax-intensive, but they are not the only negative things we do this time. Overseas expansion into Vietnam can be promoted smoothly and efficiently by working with experts who are familiar with the local legal system in Vietnam.
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