Vietnam Company Formation
Vietnam’s dynamic environment, reflected in a young population, growing wealth, changing consumer attitudes, greater mobility and urbanization– are pushing Vietnam through a period of great change.
Vietnam’s dynamic environment, reflected in a young population, growing wealth, changing consumer attitudes, greater mobility and urbanization– are pushing Vietnam through a period of great change. Vietnam’s low-cost environment and a strong economic outlook continue to make it an attractive place for investment in South East Asia.
Vietnam is recognized as having high mobile commerce penetration which is attractive to entrants wanting to establish digital businesses in Vietnam. A rising middle class and a deregulated economy bring access to exciting new opportunities including manufacturing.
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Vietnam Facts
Options for Incorporation
- Corporation (Limited liability corporation; Joint-stock company)
- Branch Office
- Representative Office
- Others (Business Cooperation Contract (BCC); Public and Private Partnership Contracts (PPP))
Procedures of company formation
- Obtain a Certificate of Investment Registration from Provincial Department of Planning and Investment of the province/city that you intend to register head office.
- Get Certificate of Business registration at Department of Planning and Investment of the Province/City that you intend to register head office.
Processing Time
Normally takes around 25 working days to complete after all relevant documents have been duly received.
Appearance of Shareholders in Vietnam
- Vietnamese Law does not require Shareholders of foreign invested capital company to reside in Vietnam
Non-resident Director requirements
Under the Law on Enterprise 2014 of Vietnam:
- A limited company may have one or multiple legal representatives.
- There must always be at least one legal representative that resides in Vietnam.
- If the company has only one legal representative, such person must reside in Vietnam, and in the case of an absence, such person must authorize another person in writing to enforce the legal representative’s rights and obligations.
Tax Regime
A limited company in Vietnam that operates in cosmetics and BAA-related trades are subject to the following taxes:
- License Tax: the license tax levels shall be paid base on the basis of your company’s registered capital
- Corporate Income Tax: 20% of profit
- Value-Added Tax: 0-10%
- Import Duty: Depending on original of goods and HS code of goods
- Personal Income Tax: From 5-30% (progressive tax rate)
Currency ExchangeRegulation
- Foreign investors are eligible to contribute their invested capital in foreign currency or Vietnamese dong
- Foreign investment entities are entitled to open their foreign currency and Vietnamese account of direct investment at 1 authorized banks for the purpose of their receipt and expenditure transactions
Dissolution Procedures
- The Company carries out the closing procedure of Tax code at the competent Tax Department
- Implementation of the notification procedure for dissolution at The Planning and Investment Department after all debts and dissolution costs are paid
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