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Instructions on procedures for applying for a foreign investment license in Vietnam

Vietnam is a developing country, and the government has many open-door policies to attract foreign investors. Specifically, Vietnam has a centralized location in Southeast Asia, stable governments, steady economic growth, a vast market, increasing per capita income, a wide range of international integration, and low labor costs. That is why Vietnam has become a potential market, enticing many foreign investors to come and invest in Vietnam

However, foreign investors need a business license approved by the Vietnamese government to invest in this potential market. Today, let’s learn about the actual process of registering for a business license in Vietnam and related information in the following article by Bao Tin Tax. Don’t forget to contact Bao Tin Tax business service by hotline 0786 440 486 right away for A – Z support on all investments in Vietnam procedures!

1. Types of investment most chosen to invest in Vietnam

Nowadays, there are four legitimate ways for foreign investors to invest in Vietnam:

1.1. The investment made in forming a business organization

After obtaining an Investment Registration Certificate, foreign investors may create business entities to invest in Vietnam. In addition, they are permitted to own an unlimited amount of charter capital in companies, with the following exceptions:

  • The provisions of the securities law must be followed concerning foreign investors’ holdings at publicly traded firms, listed corporations, securities-trading organizations, and securities investment funds.
  • The provisions of the law on the equitization and transformation of state-owned firms must be followed regarding foreign investors’ holdings in state-owned businesses that have undergone these changes.
  • Other than the situations specified in points 1 and 2 above, the relevant legal rules and international agreements to which Vietnam is a party shall apply concerning the holdings of the foreign investors who invest in Vietnam.

1.2. Investment through capital contributions, share purchases, or capital contributions to business entities.

In this type of company, foreign investors have two options to invest in Vietnam: capital contribution and investment to buy shares.

  • For the capital contribution option, foreign investors are allowed to contribute capital to a limited liability company or a partnership.
  • For investment options to buy shares, investors have more options when they can buy shares or make capital contributions to joint stock companies, limited liability companies of company members, and companies partnerships.

Contact Bao Tin Tax business service right away for A – Z support on all investments in Vietnam procedures! Call our hotline at 0786 440 486!

1.3. Investments made through contracts for Private-Public Partnerships (PPPs)

Under this investment strategy, foreign investors invest in Vietnam and project management firms must enter into PPP agreements with the relevant authorities to carry out investment projects involving the construction,  management, and operation of existing infrastructure, new infrastructure, or the provision of public services.

1.4. The investment made under business collaboration agreements (BCC)

Contracts for Business Cooperation (BC) that are signed between international investors or between foreign investors and a Vietnamese investor must follow the procedures for the issuing of an investment registration certificate. Additionally, to carry out a BC contract, the parties must set up a coordination unit to carry out a BC contract. This type of investment enables foreign investors to invest in Vietnam and carry out trading operations quickly without having to spend time and money establishing and maintaining a new legal organization.

If you are planning to invest in Vietnam, Call our hotline at 0786 440 486 to contact Bao Tin Tax business service right away for A – Z support on all investments in Vietnam procedures!

2. Foreign investment services in Vietnam

Regardless of the type of investment you wish to make in Vietnam, you must employ at least one of the following three services:

  • Carrying out the procedures for opening an investment project and registering a business license
  • Prepare the Certificate of Business Registration (in the form of indirect investment) at the Department of Planning and Investment of Ho Chi Minh City.
  • The service package of quarterly tax accounting and annual financial statements for businesses.

Investors who want to invest in setting up economic organizations in Vietnam will particularly benefit from carrying out the necessary steps for opening an investment project and registering a company license.

The Department of Planning and Investment in Ho Chi Minh City will be able to draft Business Registration Certificates (in the form of indirect investments) that are acceptable for both investments under contract and investments under public-private partnership (PPP) agreements. business collaboration agreement (BCC).

If you plan to make any kind of investment in Vietnam, the bundle of quarterly tax accounting services and annual financial statements for businesses is a necessity.

Contact Bao Tin Tax business service right away for A – Z support on all investments in Vietnam procedures! Call our hotline at 0786 440 486!

3. Service price 

Currently, at Bao Tin Tax, we have three services to support foreign investors who want to invest in Vietnam:

  • Carrying out the procedures for opening an investment project and registering a business license
  • Prepare the Certificate of Business Registration (in the form of indirect investment) at the Department of Planning and Investment of Ho Chi Minh City.
  • The service package of quarterly tax accounting and annual financial statements for businesses.

Above are three services that you need to perform if you want to invest in Vietnam, each service will have different corresponding prices.

For more details, please contact Bao Tin Tax immediately via the hotline: 0786 440 486  for detailed advice and a quotation.

4. The process of carrying out the procedures for opening an investment project and applying for a business license 

When coming to a new market, one of the top concerns and troubles of foreign investors is the paperwork and administrative procedures to start investment activities in Vietnam. To discover more about the licenses required to invest in Vietnam.

When choosing to register for a business license in Vietnam at Bao Tin Tax. Your information will be received by us, then our staff will conduct a suitable package consultation. Bao Tin Tax invites you to learn about the process of conducting each of our services below.

4.1. Carrying out the opening of investment projects and registering for business licenses (Direct investment form)

  • Prepare, submit, and receive results of direct investment opening investment projects.
  • After receiving the decision sanctioning the start of an investment project, complete the application for the establishment of a business license.
  • Publication of information about new businesses on the National Portal.
  • Notify the company of the seal sample and bank account information following its establishment.

Timeline: 25–30 working days from the date of signing the completed forms. 

Documents must be prepared include:

In case the investor is a corporation that wants to invest in Vietnam

  • A notarized copy of the last two years audited financial statements or a financial promise from the parent firm.
  • Notarized copy of the investor’s business license or establishment decision (consular legalization).
  • Notarized copies of the legal representative’s legal documents.
  • Provide the name and address of the company’s headquarters; register business lines; and the charter capital must be registered. On the business license, include your phone number and email address.
  • The original and two copies of the legal paperwork for the project’s location or renting the company’s headquarters for one year or longer.

In case the Investor is an Individual who wants to invest in Vietnam 

  • Statement of the foreign investor’s bank account balance (to invest in creating a company in Vietnam, the amount must be equal to or higher than the registered capital).
  • Passport photocopy and three valid passport copies notarized for each foreign investor in Vietnam (if authenticated in the host country, it must be legalized at the Vietnamese Embassy in the host country). 
  • A photocopy of each Vietnamese member’s ID card or citizen ID card and three notarized copies of these documents.
  • Describe the company’s name and address, an email and phone number on the business license (It’s necessary to register business lines and registration of charter capital).
  • The current residence address of the investor (in Vietnam and the host nation).
  • The original and two copies of the legal documents on the project’s location and renting the corporate headquarters for at least one year.
  • Profiles of foreign investors’ skills and experience.

If you are planning to invest in Vietnam, Call our hotline at 0786 440 486 to contact Bao Tin Tax business service right away for A – Z support on all investments in Vietnam procedures!

4.2. Carry out the preparation of a Business Registration Certificate (in the form of Indirect Investment) at the Department of Planning and Investment of Ho Chi Minh City.

  • Step 1: Form a Vietnamese corporation. (Prepare, submit the application, and receive the results of the business establishment at the Department Of Planning And Investment of Ho Chi Minh City, Ministry of Industry and Trade).
  • Step 2: Carry out processes for a newly founded Vietnamese firm to purchase capital contributions proportionate to foreigners.
  • Step 3: After gaining approval to purchase the contributed money, Bao Tin Tax creates a Business Registration Certificate that includes components of foreign investment.

Time Required for Execution: 30-35 working days from the date the procedure is signed

Procedures must be developed:

  • Each investor in Vietnam must provide three (3) certified authentic copies of his or her passport.
  • 03 certified true copies of each Vietnamese member’s ID card/citizen ID card (if any);
  • The legal representative’s current living location; the purchaser of donated capital
  • Please include the name and address of the company’s headquarters. It is necessary to register business lines. The charter capital must be registered. The phone number and email address on the business license.

*** The Vietnamese Embassy in the nation of the Investor must notarize and legalize the documents in Section 1: three copies per person.

4.3. Quarterly tax accounting service package and annual financial report for businesses

Service package details are as follows:

Providing tax accounting advice for commercial activity:

  • Advising and control.
  • Check and prepare accounting records for new vouchers and invoices.
  • Prepare and submit PIT and VAT declarations (if applicable) and reports on the use of quarterly invoices, as required by the tax authorities, promptly.
  • Logging new accounting activities using the Misa accounting program (accessible on Bao Tin Tax).
  • Declare and pay any applicable taxes due (including VAT, PIT (where applicable), and CIT pro forma quarterly).
  • Annual financial reports to the Tax and Statistics Office include:
    • Notes to the Financial Statements, the Income Statement, the Cash Flow Statement, and the Balance Sheet
    • Trial Balance Sheet to apply Circular 133;
    • Prepare the statements and send them to the Department of Statistics;
    • The Annual PIT Finalization Statement should be prepared and submitted;
    • Pay attention to the CIT’s payment and amount for the year;
  • Giving businesses access to year-over-year accounting data
  • Print booklets that companies can keep on hand.

For the first 12 months, the cost corresponds to the service package; after that, the cost level of the following year is exchanged.

Every time the company produces documentation and invoices, Bao Tin Tax will allocate staff specifically to oversee and provide guidance.

Viet Nam is a great spot for international investors to invest, thanks to the support of the Vietnamese government. Come and explore this fresh, potential market! Call our hotline at 0786 440 486 to contact Bao Tin Tax business service right away if you are planning to invest in Vietnam for A – Z support on all investments in Vietnam procedures!

5. Service completion time 

The time required to complete the services and apply for a Business Registration Certificate license in Vietnam will be variable. The period will vary greatly depending on your country’s and Vietnam’s opening policies, the sort of firm you invest in, and the business you wish to invest in.

However, if there are no issues with the dossier, it will take between 15 and 30 days to apply for an investment registration license in the case of establishing a business with foreign members. Additionally, it will take 3-5 days to apply for a business registration license, and the total time required to establish a corporation with foreign elements will be between 18 and 30 days.

We are committed to carrying out the necessary procedures and delivering you the results as quickly as possible when you choose our service to carry out the above permissions at Bao Tin Tax. We have the following at Bao Tin Tax:

  • A group of expert lawyers with extensive experience in resolving business license concerns for overseas investors
  • A professional tax declaration team.
  • Served over 200 local and foreign firms in completing the administrative procedures required to invest in Vietnam, such as business registration certificates, investment project openings, business licenses, and annual financial reports.

Finally, Vietnam is a good option for foreign investors who want to invest in another country. Besides having a low labor salary, stable governments, and a location in middle Southeast Asia with a long coastline, The Vietnamese government creates many policies to encourage foreign investors to come and invest in Vietnam, such as land incentives for foreign investors, tax exemptions (in some cases),… Let’s invest in Vietnam and own many profits today!

After reading the preceding article, you now have detailed knowledge of the process of establishing a business license for foreign investors who invest in Vietnam. I hope the above information is useful and makes the process of registering for a business license and investing in Vietnam more convenient. If you have any questions, please contact Bao Tin Tax via our hotline: 0786 440 486  for effective support!

 

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