Procedures to Register Business in Vietnam
In recent years, a lot of foreigners including individuals and enterprises are choosing Vietnam for their investment. The total registered capital is about 362 billion USD with more than 35,000 FDI projects in Vietnam by the end of 2019. After the Covid pandemic, the business propensity of Vietnam is extremely concentrated on the high-tech industrial zones or the environmental-friendly sectors. Viet Nam has joined 15 free trade agreements with nearly 190 countries in the world, and this is created a strong impetus for investors to set up their companies in Viet Nam.
Registering a business in Vietnam needs two steps: step 1 is that the investors have to submit the dossier for Investment Registration Certificate (“IRC”). After being granted the IRC, the Enterprise Registration Certificate (“ERC”) shall then apply to the Department of Planning and Investment.
For the first step, the investor needs to prepare the documents as follows:
- 1. The passport for individual or the business registration certificate for enterprise;
- 2. The bank balance showing the money invested in Viet Nam;
- 3. The financial report with be certified by the audit company;
- 4. The documents relating to the location where the company in Viet Nam is located.
The duration for the enterprise registration certificate is 15 working days from the date of receiving the valid dossier.
For the second step, the investor needs to prepare the documents/information as follows:
- 1. The Application for registering the company (forms under the Law of Enterprise);
- 2. The company’s charter;
- 3. The documents verifying the investor’s legal status such as the passports or the company registration certificate issued from the country where the investor come from;
- 4. The Lists of investors;
- 5. The Investment Registration Certificate.
The duration for the enterprise registration certificate is 03 working days from the date of receiving the valid dossier.
The Dossier for the enterprise registration Certificate can be submitted online on the website of the national registration business.
Over the years, investors have believed in Vietnam’s business and simplifying the administrative process. Therefore, Vietnam is and will continue to be an attractive investment destination, a promising location for foreign investors to set up a company and start a business in Viet Nam’s market. Besides, as Vietnam has built relationships with nearly 190 countries around the world with important trading partners, Vietnam’s participation in various free trade agreements such as WTO, FTA, CP-TPP has created a strong impetus for foreign investors to come and open the company in Viet Nam.