Q: What types of businesses need to apply for a business license?
A: In Vietnam, all companies engaged in business activities need to apply for a business license, including limited liability companies, joint-stock companies, wholly foreign-owned enterprises, etc.
Q: What types of companies can foreign investors apply for?
A: The types of companies that foreign investors can apply for include limited liability companies, joint stock companies, wholly foreign-owned enterprises, etc. Certain industries may have restrictions on the proportion of foreign shareholding.
Application process
Q:What is the basic process for applying for a business license?
A: The basic process includes: preparing application documents, submitting application to the planning and investment department, review and approval, and obtaining a business license. The specific steps may vary slightly depending on the type of company.
Q: How long does it take to apply for a business license?
A: Generally, it takes about 3-4 weeks from submitting complete application materials to obtaining a business license. Complex cases may take longer.
Needed file
Q: What basic documents are required to apply for a business license?
A: Basic documents include: Articles of Association, List of Shareholders/Members, Identification Certificate of Legal Representative, Proof of Registered Address, etc. The specific list of documents will vary depending on the type of company.
Q: Do foreign documents require special handling?
A: Yes, all foreign documents need to be notarized and legalized by the consulate, and translated into Vietnamese.
Business Scope
Q: How to determine the company’s business scope?
A: The business scope needs to be clear and specific, and cannot be too general. It should be determined based on the company’s actual business plan and relevant Vietnamese laws and regulations, and listed when applying.
Q: Is it possible to expand the business scope later?
A: Yes, but you need to apply to the relevant department to change the business license. It is recommended to list the planned business as comprehensively as possible when applying for the first time.
Registered capital
Q: What is the minimum registered capital of a limited liability company?
A: Generally, the minimum registered capital requirement for a limited liability company is US$10,000. However, certain industries may have higher requirements.
Q: Does the registered capital need to be paid in full at one time?
A: No. The company can declare the registered capital amount in the business license, but the actual payment can be made according to the schedule stipulated in the company’s articles of association.
Tax related
Q: What tax registrations are required after company registration?
A: After company registration, you need to register for tax with the tax department, including value-added tax (VAT) registration, corporate income tax registration, etc. Specific tax registration requirements may vary depending on the company type and business scope.
Q: What are the main taxes that a company needs to pay?
A: The main taxes include value added tax (VAT), corporate income tax (CIT), personal income tax (PIT), etc. Some industries may also need to pay special taxes, such as consumption tax.
Licenses and approvals
Q: Do certain industries require additional licenses?
A: Yes, some specific industries such as banking, insurance, securities, medical, education, etc. require additional licenses or approvals. It is recommended to consult relevant departments or legal advisors before registration.
Q: How to apply for an industry license?
A: Applying for an industry license usually requires preparing specific documents and submitting an application to the relevant competent authorities. The approval process and time may vary from industry to industry.
Company Name
Q: What are the requirements for the company name?
A: The company name must be unique and must not be the same as any other registered company name. The name must not contain any words that are against public order and good morals. It is recommended to conduct a name pre-check before submitting an application.
Q: Can the company name be in a foreign language?
A: The company name can contain foreign words, but it must be accompanied by a Vietnamese translation, and the translation should be accurate.
Registered address
Q: What are the requirements for the company’s registered address?
A: The company’s registered address must be a real and valid address. It can be a rented office address or a self-owned property. Some industries may have specific address requirements.
Q: Can I use a virtual office as my registered address?
A: In some cases, it is possible to use a virtual office as a registered address, but you need to ensure that the address is able to receive official documents and correspondence.
Legal representative
Q: What qualifications does a legal representative need to have?
A: The legal representative must have full civil capacity and can be a Vietnamese citizen or a foreigner. Certain industries may have specific qualification requirements for legal representatives.
Q: Can the legal representative be a non-Vietnamese person?
A: Yes, foreigners can serve as the legal representative of a company, but they need to provide a valid passport and visa.
Shareholders and ownership structure
Q: Can shareholders be foreigners?
A: Yes, foreigners can be shareholders of a company. The shareholder structure of a foreign-owned enterprise needs to comply with relevant laws and regulations of Vietnam.
Q: Is there an upper limit on the number of shareholders?
A: The number of shareholders of a limited liability company is generally limited to 50. There is no upper limit on the number of shareholders of a joint stock company, but there must be at least 3 founding shareholders.
Other FAQs
Q: Does the company need to submit an annual report after registration?
A: Yes, after the company is registered, it is required to submit an annual report according to regulations, including financial statements, operating conditions, etc. Failure to submit the annual report on time may result in penalties.
Q: Can a company change its registration information?
A: Yes, the company can apply to change the registered information, such as business scope, registered address, legal representative, etc. The change application needs to be submitted to the relevant department and approved.
Q: Can a company be dissolved or deregistered?
A: Yes, the company can apply for dissolution or cancellation. It is necessary to submit documents such as dissolution resolution, liquidation report, and complete tax liquidation.
