Business formation timeline in Vietnam
Are you ready to pursue your dreams of becoming an entrepreneur? It is crucial to understand the process of setting up a company for a successful start, and Vietnam offers a conducive environment for business ventures. This detailed guide takes you from the initial idea to the actual formation of the company, providing estimated timelines and valuable advice to help you make informed decisions.
A step-by-step guide
We have outlined the essential procedures for creating a company, including a rough idea of the time needed and our comprehensive methods to simplify the process for you. It is important to note that the timeframe for setting up a business can differ greatly, as each company’s registration process is distinct and dependent on its specific circumstances and needs.
Define your business plan (1-2 weeks)
It is important to have a well-defined strategy in place before proceeding with the formalities. Our team of professionals can provide expert guidance and help you develop a comprehensive business plan tailored to your goals. Schedule a consultation with us to get started.
Reserve your company name (1-2 days)
Choosing a unique and enduring company name is a crucial aspect of the marketing strategy. We offer fast and simple name reservation services, ensuring that your desired name is immediately available and secured, allowing you to move forward confidently.
Draft and sign the articles of association (1-2 weeks)
The Articles of Association define the legal structure of your company, detailing its objectives, organization, and internal rules. Our team of legal professionals can help you create and review these essential documents to ensure they adhere to Vietnamese laws and regulations.
Opening a business bank account (1-2 weeks)
In order to facilitate financial transactions for your company, it is necessary to open a business bank account. The necessary documents, such as identity papers, proof of company registration, and other relevant paperwork, are usually required. This process typically takes anywhere from one to two weeks.
Deposit share capital (1-2 weeks)
In Vietnam, companies must have a minimum share capital based on the legal structure chosen. Our team will help you with the paperwork and help you deposit the necessary funds into your new bank account, ensuring that you meet all legal requirements.
Register your business (1-2 weeks)
Enrolling your business in the Trade and Companies Register is a crucial part of setting up your company. Our team of experts will take care of all the necessary documentation, communicate with the relevant authorities, and speed up the registration process, allowing you to save both time and energy.
Obtain necessary permits and licenses
Your specific business activities in Vietnam may necessitate certain permits or licenses in order to operate within the boundaries of the law. Our team of regulatory specialists will help navigate the intricate regulations, pinpoint the required permits, and aid in efficiently obtaining them. The timeline for securing the necessary permits will depend on the type of license needed.
Tax registration (2-3 weeks)
Registering for taxes, which includes obtaining a unique tax identification number, is a crucial step in setting up a business. The process of tax registration can vary in length, but typically takes two to three weeks to complete.
Set up payroll and employment contracts (1-2 weeks)
Establishing compliant payroll and employment contracts is essential if you intend to hire employees. Our HR specialists can help you with setting up payroll systems, creating employment contracts, and ensuring adherence to labor laws so that you can concentrate on forming a skilled workforce.
Establish accounting and bookkeeping practices (2-4 weeks)
It is crucial for businesses to have precise financial records. Our team of accounting specialists assists in setting up strong accounting and bookkeeping procedures to ensure adherence to Vietnam accounting standards.
Starting operations
Once all the necessary regulatory procedures have been completed, your company is ready to begin operations. The timing of this step may vary depending on factors such as the type of your company, the market conditions, and your level of readiness for the market.
Form a company with us
Do you have the necessary preparations to begin your corporate business in Vietnam? Contact us now for a consultation and our experienced team will assist you throughout the process. We collaborate to achieve your corporate objectives.