How to Setup Foreign Owned Company in Vietnam (100% Foreign-Owned Company)
Pursuant to Article 13, Enterprise law in 2005, foreigner is permitted to open a company with 100% foreign-owned capital in Vietnam, regulated specifically in Decree No. 108/2006/ND-CP on September 22, 2006.
Article 7: Establishment of economic organizations with 100% capital of foreign investors
- Domestic investors and foreign investors may invest in the form of 100% of their own capital to establish Limited Liability Companies, Joint-Stock Companies, Partnerships or Private Enterprises under the provisions of the enterprise law and relevant laws.
- Enterprises with 100% foreign investment capital which have been established in Vietnam may cooperate with one another and with foreign investors to establish new enterprises with 100% foreign investment capital.
- An enterprise with 100% foreign investment capital shall have the legal representative under Vietnamese law, be established and operated from the date of grant of the investment certificate.
How to Setup Foreign Owned Company in Vietnam (100% Foreign-Owned)? With our experience with some big Clients, Viettonkin would like to provide you the significant procedures to open a 100% foreign-owned company in Hanoi, Vietnam as following:
Step 1: Preliminary Consultation
Give the background information and orientation for clients (information on the country, people, overview of the market, competition, and list of required documents for submission). Regarding to some business lines which belong to conditional investment domains and require sub-licenses to operate the business, we will advise clients on how and where to obtain those certificates.
Step 2: Searching Office Location
With our understanding and close relationship with local service partners, we are confident that we can give you the best option that fit your need and budget. We also give advice on the suitable location to set up your company and negotiate with the lessor to get the best price. If needed, we will on the behalf of clients, sign the leasing contract with lessor.
Step 3: Company Incorporation
Viettonkin Consulting will take care of all processes included but not limited to:
- Advise about Dossiers and Legal Procedures
- Collect and verify information to support for the engagement
- Draft all necessary documentations to apply for company registration in Vietnam
- On behalf of the company, applying for evaluating related Ministries or Provincial departments
- Applying the dossier for Investment Certificate, Website registration; Tax registration, Stamp sample
- Explaining and providing any necessary documentation to Vietnamese Competent Authorities (if needed) during the procedure
- Working with Vietnamese Competent Authorities
- Obtaining Investment Certificate, Tax Registration, Stamp Certificate and Stamp Sample from the Authorities
- Public on Vietnamese newspapers or other public information channels (as required by Law)
Step 4: Opening Bank Account
After client receives the Investment Certificate, Viettonkin will give advice on the bank with low service charge in Vietnam. In case of client requests, Viettonkin will work with the bank and open account for clients on their behalf without any required travel from them.
Step 5: Obtaining work permit for Foreign Employee
On the behalf of clients, Viettonkin will prepare all dossiers to apply for work permit of foreign employees. Again, we do not require them to be available in Vietnam.
Step 6: Recruiting local staffs
With the long-term partnership with some professional recruitment firms, we are confident that we can help you search for the most suitable staffs.
Step 7: Office facility
Actually, that is not our strong points; however, we are willing to advise clients on how to get the best deal with all the facilities including Internet, phone, tables, chairs or other stationary.