How to Start Your Foreign Business in Vietnam in Six Steps

How to Start Your Foreign Business in Vietnam in Six Steps
28/11/2023 05:20 PM 178 view

    Launching a new business in Vietnam as a foreigner involves six distinct steps. You have the option to establish either a 100% foreign-owned company or a jointly foreign and domestic-owned enterprise.

    This complete guide shows you the six most important steps you need to take to get your business up and running in Vietnam.

    1. Get the documents you need ready for the application:

    Make sure you have a lease agreement for the place where your business will be registered, proof that you have enough money, and investor papers that have been notarized or legalized in your home country.

    2. Fill out an application for an Investment Registration Certificate (IRC):

    Start by filing an "investment project" that explains what your foreign company will do. The resulting IRC gives you the green light to start your business in Vietnam. This is similar to the idea of "foreign investment approval" in other places.

    3. Get an Enterprise Registration Certificate (ERC):

    Once you have the Investor Recognition Certificate (IRC), you can apply for an ERC. This will officially register the investment project and mark the start of your business.

    4. Finish the first registrations after opening:

    After your company is officially set up, you need to do things like let people know about it, get and give out the company seal, announce the seal specimen, and write up the decision for the hiring of the general director or director.

    5. Send in more applications for post-licensing and sub-licensing:

    Apply for extra licenses or sub-licenses based on the type of business you run to meet the needs of your area, industry, or business line.

    6. Contribute Charter Capital:

    As per the charter, make sure all members or owners contribute in full within 90 days of the company's formation. This is the most important part of charter capital, and it is the company's enterprise capital.

    Foreign business owners can successfully start a business in Vietnam by carefully following these six important steps. This will give them a solid base for future success in this fast-paced market.

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