{"id":35829,"date":"2020-06-25T17:39:00","date_gmt":"2020-06-25T09:39:00","guid":{"rendered":"https:\/\/zegal.com\/?p=35829"},"modified":"2023-01-13T15:47:31","modified_gmt":"2023-01-13T07:47:31","slug":"company-incorporation-step-by-step-vietnam","status":"publish","type":"post","link":"https:\/\/zegal.com\/en-sg\/blog\/post\/company-incorporation-step-by-step-vietnam\/","title":{"rendered":"Company Incorporation Step by Step: Vietnam"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/zegal.com\/wp-content\/uploads\/2020\/06\/georgios-domouchtsidis-UtbUQWxElVs-unsplash-1024x683.jpg\" alt=\"\" class=\"wp-image-36155\" srcset=\"https:\/\/zegal.com\/wp-content\/uploads\/2020\/06\/georgios-domouchtsidis-UtbUQWxElVs-unsplash-1024x683.jpg 1024w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/06\/georgios-domouchtsidis-UtbUQWxElVs-unsplash-300x200.jpg 300w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/06\/georgios-domouchtsidis-UtbUQWxElVs-unsplash-768x512.jpg 768w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/06\/georgios-domouchtsidis-UtbUQWxElVs-unsplash-1536x1024.jpg 1536w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/06\/georgios-domouchtsidis-UtbUQWxElVs-unsplash-2048x1365.jpg 2048w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/06\/georgios-domouchtsidis-UtbUQWxElVs-unsplash-640x427.jpg 640w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/06\/georgios-domouchtsidis-UtbUQWxElVs-unsplash-1200x800.jpg 1200w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/06\/georgios-domouchtsidis-UtbUQWxElVs-unsplash-1920x1280.jpg 1920w\" sizes=\"auto, (max-width: 639px) 98vw, (max-width: 1199px) 64vw, 770px\" \/><\/figure>\n\n\n\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400;\">This article covers the main points on registering a company in Vietnam. Read on for details on Vietnam\u2019s requirements, procedures, and the estimated timeline to register a company.\u00a0<\/span><\/p>\n<h4><b>Minimum Setup Requirements to Register a Company in Vietnam<\/b><\/h4>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Resident Director &#8211; 1\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Application form for registration<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Official copy of Personal Identification papers\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Articles of Association\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Registered Capital<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Physical proof of company physical address\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Investment Registration Certificate\u00a0<\/span><\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<h4><b>Registration Timeline\u00a0<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Vietnam has a strict and highly bureaucratic process for the incorporation of any company. The entire process takes roughly <\/span><b>45 working days<\/b><span style=\"font-weight: 400;\"> to officially get your company registered.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is done through a 24\/7 online portal on the National Business Registration System (NBRS). The online platform provides videos that guide the user through the different steps and documents required to register the company. More information can be found <\/span><a href=\"https:\/\/dichvuthongtin.dkkd.gov.vn\/auth\/Public\/LogOn.aspx?ReturnUrl=\/egazette\/Forms\/Egazette\/DefaultAnnouncements.aspx\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<h4><b>Step 1: Deciding your Business Scope<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Vietnam has been known to be well receptive of foreign ownership of businesses. In most of the economic sectors, Vietnam allows 100% foreign ownership. However, there are certain sectors that are restricted and foreign ownership is on a ministerial level approval basis.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thus, the very first step is to decide the type of sector to do business in and if foreign ownership is required.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If foreign ownership is required, it is in accordance with the World Trade Organization (WTO) agreement requirements.\u00a0<\/span><\/p>\n<h4><b>Step 2: Minimum Capital Requirement<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Although there is no stated\/specified capital requirement, Vietnam requires the minimum capital to be reflective of the type of business activities you are partaking in.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In general, the minimum amount of capital is around USD$10,000.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">*At this stage, it is required for an application to be made to the Department of Planning and Investment. You can only proceed once you have received approval in the form of an <strong>Investment<\/strong><\/span><b> Registration Certificate (IRC)<\/b><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><b>Step 3: Obtain a Physical Company Address<\/b><\/p>\n<p><span style=\"font-weight: 400;\">There needs to be physical proof of the proposed company address to be submitted with the application.<\/span><\/p>\n<p><b>Step 4: Decide on the Internal Management Structure<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Official documents are required to prove the formal appointment of key officeholders.\u00a0<\/span><\/p>\n<p><b>Choosing your Company Name<\/b><\/p>\n<p><span style=\"font-weight: 400;\">As mentioned earlier, there are video tutorials that go through the relevant documents and steps for each stage to register the company. This <\/span><a href=\"https:\/\/www.youtube.com\/watch?v=HX0J97zVeNw\"><span style=\"font-weight: 400;\">video<\/span><\/a><span style=\"font-weight: 400;\"> takes the user through the requirements for choosing the company name.<\/span><\/p>\n<p><b>Accounting<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Vietnam follows the Vietnamese Accounting Standards (VAS), which follows the skeletal standards from the International Financial Reporting Standards (IFRS) issued by the International Accounting Standard Board (IASB). All records relating to the business must be maintained and recorded to fully reflect the correct amounts.<\/span><\/p>\n<h5><b>Corporate Tax Requirements<\/b><\/h5>\n<p><span style=\"font-weight: 400;\">The standard corporate tax rate is 20%. However, the tax rate is higher for selected sectors like oil, gas and mining.<\/span><\/p>\n<h5><b>Annual General Meeting<\/b><\/h5>\n<p><span style=\"font-weight: 400;\">Companies are usually required to hold their Annual General Meeting by the end of the first quarter of each year (i.e. April). Companies also follow the calendar year and thus, the financial year ends on 31st December.\u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><b><i>This article does not constitute legal advice.<\/i><\/b><\/p>\n<p style=\"text-align: center;\"><i><span style=\"font-weight: 400;\">The opinions expressed in the column above represent the author\u2019s own.<\/span><\/i><\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/register.zegal.com\/\"><b>Start managing your legal needs with Zegal today<\/b><\/a><\/p>\n<p>MORE IN THIS SERIES: Company Incorporation: <a href=\"https:\/\/zegal.com\/blog\/post\/how-to-start-a-business-in-hong-kong\/\">Hong Kong<\/a>, <a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-singapore\/\">Singapore<\/a>, <a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-japan\">Japan<\/a>, <a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-new-zealand\/\">New Zealand<\/a>, <a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-australia\/\">Australia<\/a>,<a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-taiwan\/\">Taiwan, <\/a><a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-step-by-step-macau\/\">Macau<\/a><a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-singapore\/\">, <\/a><a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-china\/\">China<\/a><a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-singapore\/\">, <\/a><a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-philippines\/\">Philippines<\/a>, <a href=\"https:\/\/zegal.com\/blog\/post\/incorporation-british-virgin-islands\/\">BVI<\/a>, <a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-step-by-step-vietnam\/\">Vietnam<\/a>,<a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-thailand\">Thailand<\/a>,<a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-step-by-step-indonesia\/\">\u00a0Indonesia<\/a>, <a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-step-by-step-cayman-islands\/\">Cayman Islands<\/a>, <a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-united-kingdom\">United Kingdom<\/a><\/p>\n<p><a href=\"https:\/\/zegal.com\/legalguide\/incorporate-your-business\/\"><span style=\"font-weight: 400;\">READ MORE: Documents required when incorporating your business<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":96,"featured_media":36155,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","inline_featured_image":false,"footnotes":""},"categories":[14278,133],"tags":[25,12420,10307],"usecases":[],"businesstypes":[],"country":[],"class_list":["post-35829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-management","category-startup","tag-company-incorporation","tag-vietnam","tag-z-syndicate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.8 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Company Incorporation Step by Step: Vietnam | Zegal Singapore<\/title>\n<meta name=\"description\" content=\"It will take some time and careful planning to get your company registered in Vietnam but it&#039;s not difficult. 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