List of steps for company creation in Vietnam

Nowadays, the more developed Vietnamese economy is, the more new companies are created by both native and foreign individuals. The following article is aimed to give an overall about steps for company creation in Vietnam according to current laws.

Read more: Vietnam Company Registration at a glance

Step 1: Prepare fundamental functions for company creation

Pursuant to Law on Enterprise 2014, the first step to create a company is making a choice of these following basis and compulsory factors according to current Vietnamese legal provisions:

– Types of company;

– Company’s name;

– Charter capital;

– Business lines;

– The head office;

– Representative;

– …………………..

Step 2: Prepare dossiers and necessary document:

Before registering for company creation, all individuals and organizations shall prepare a complete dossiers and attached document subject to the Law on Enterprise 2014, particularly:

– Investment Registration Certificate (IRC) in case the founder is foreigner or at least 51% of charter capital belongs to the foreigner;

– Enterprise Registration Application;

– Company’s Chater;

– List of company’s member/shareholders ( in case of Limited Liability Company and Joint Stock Company);

– Copy of citizen or people’s identity card, passport or another valid personal identification paper of the owner/partners;

– Other documents which are specified in Articles 20, 21, 22 and 23 of the Law on Enterprise 2014

Step 3: Submit the dossiers:

There are two methods of submitting the company creation dossier:

1. Direct enterprise registration:

– Pursuant to Article 27 of the Law on Enterprise 2014, the enterprise founder or authorized person shall submit an enterprise registration dossier as prescribed in this Law to the business registration agency.

– Within 03 working days from the date of receiving the dossier, should the dossier is lawful, the company shall be granted an enterprise registration certificate.  In case of any mistake, the enterprise registration agency shall notify in writing such to the enterprise founder, clearly stating the reason and requirements for dossier modification and supplementation.

2. Online enterprise registration:

– Pursuant to Chapter V of the Decree 78/2015/ND-CP, every organization and individual may apply for enterprise registration online, by using public digital signatures or business registration accounts to apply enterprise registration online.

– In case the company is registered by using digital signatures, the procedure shall include the following steps (pursuant to Article 37 of the Decree 78/2015/ND-CP):

+ The legal representative shall enter information, download electronic documents, append the digital signature on the electronic registration application according to the procedures on National Business Registration Portal.

+ After the application is sent, the legal representative will receive a confirmation slip.

+ If the application is qualified as well as receiving the enterprise ID number from the tax authority, Business Registration Office shall issue the enterprise registration certificate and notify the applicant. If unqualified, Business Registration Office shall send an electronic notification to the applicant for amendment or supplementation of the application.

– Should the company is registered by using business registration accounts, the procedure shall include the following steps (according to Article 38 of the Decree 78/2015/ND-CP):

+ The legal representative  shall enter information on National Business Registration Portal in order to be issued with a business registration account

+ After the application is sent, the legal representative will receive a confirmation slip.

+ If the application is qualified as well as receiving the enterprise ID number from the tax authority, Business Registration Office shall and notify the applicant about the issuance of the certificate of enterprise registration. If unqualified, Business Registration Office shall send an electronic notification to the applicant for amendment or supplementation of the application.

+ Finally, the legal representative has to hand in a physical application for enterprise registration enclosed with the confirmation slip to Business Registration Office,  whether directly or by post. If they are consistent, the company will be issued the certificate of enterprise registration

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