Setting up a business in Da Nang, Vietnam
Dear DBLegal Law Firm in Da Nang, Viet Nam. I am a foreigner that lives in Da Nang, Vietnam. I am considering setting up a new enterprise in Danang Vietnam with the form of business being LLC. But I am still not having a clear understanding about this form. Please help to give advice on this matter.
Thank you for choosing DBLegal, law firm in Da Nang, Viet Nam.
Our answer is as follow:
A limited-liability company is a legal entity established by its members through capital contributions to the company. The members of a limited-liability company are liable for the financial obligations of the limited-liability company to the extent of their capital contributions.
The management structure of a limited-liability company would normally consist of the “members’ council”, the chairman of the members’ council, the general director and a controller (or board of supervisors where the limited-liability company has more than 11 members).
A limited-liability company established by foreign investors may take the form of either:
• A 100% foreign-owned enterprise (where all members are foreign investors); or
• A foreign-invested joint-venture enterprise between foreign investors and at least one domestic investor.
There are two kinds of LLC: single-member limited liability companies and multi-member limited liability companies.
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