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Register Company in Vietnam
A low-cost labour market, Vietnam’s economy continues to steadily develop since it experienced an economic reform in 1986. Vietnam is considered one of the most vibrant economies in the Asian region.
With its large market and growing markets for capital and consumer goods, several international companies have already set up a base here for their businesses. The strength of the Vietnamese market lies in its continues economic reforms and focus on attracting more foreign investment into the country to keep the economy growing and expanding.
Registering a company in Vietnam does bring forth some potential challenges for investors, among them the inadequate infrastructure. Because the country is still developing, the local infrastructure still has improvements that need to be made to is and isn’t as advanced as other more developed nations.
Corruption also poses a challenge to running a business in this region, along with the lack of Intellectual Property Rights enforcement. The language barrier also poses a potential problem for investors because translators and interpreters may need to be hired since English one of the main languages of Vietnam.
Registering a company in Vietnam – The Procedure
Just like every other business, the first thing every investor needs to be before attempting to register a company in Vietnam is to determine that your proposed company name is available for use.
A business name is one of the first things that every investor would need to sort out before attempting to continue with the rest of the registration process. If a name conflicts with an existing name or the name has already been taken, an investors application to register a business will be put on hold until a more suitable name can be ascertained.
Once the name has been arranged, the next steps of the registration process are as follows:
- Obtain a business registration certificate and a tax registration certificate. Both these documents can be acquired from the local business registration office under the Department of Planning and Investment.
- Obtain an official company seal from a seal maker.
- Get the seal sample registered with the Business Registration Office. The seal would need to specify what the business name is and what the business ID number is.
- Obtain a business bank account.
- Buy the pre-printed VAT invoices from the Municipal Taxation Department. You could also opt to get the self-printed VAT invoices.
- Get the registration contents of the business published on the National Business Registration Portal.
- Pay the business license tax at the tax office or a commercial bank that allows this transaction.
- Get the business registered with the Municipal Department for Labour, Invalids and Social Affairs to legally declare the use of labour in your business.
- Get employees registered with the Social Insurance Fund for payment to be made to their health insurance and social insurance.
First time investors registering a company in Vietnam understandably can feel overwhelmed at the unfamiliar paperwork that needs to be filed accordingly for the business to be successfully registered. Thankfully, there are professional services available for hire that can assist with the set-up of a business.
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