Important things to handle after incorporating a company in Vietnam

Hi DMS Attorney in Vietnam! We are going to start a new company in Da Nang, Vietnam. Could you advise me about procedures to incorporate a 100% foreign owned company ? What are essential things to do after the registration of a company in Vietnam ? 

Hi!

Procedure to set up a 100% foreign invested company in Vietnam:

Set up 100% FDI company in Vietnam in the form of a single member LLC

Important things to handle after the registration of a company in Vietnam:

1. To announce about enterprise registration information:

Upon issuance of an enterprise registration certificate, the enterprise must make a public announcement on the national enterprise registration information portal in accordance with the stipulated sequence and procedures, and must pay fees in accordance with regulations.

The time-limit for public announcement of information about an enterprise as stipulated in Clauses 1 and 2 of this Article is 30 days from the date of public announcement (Clauses 1,3 Article 33 Law on Enterprises No.68/2014/QH13 dated 11/26/2014).

2. To notify about the enterprise’s seal specimen:

Before use, the enterprise is obliged to notify the business registration office of the seal specimen for the purpose of publicly publishing it on the National Enterprise Registration Information Portal (Clause 2  Article 44 Law on Enterprises No.68/2014/QH13 dated 11/26/2014).

3. To display your company name at the registered office address:

The name of an enterprise must be affixed at its head office, branches, representative offices and business locations (Clause 2 Article 38 Law on Enterprises No.68/2014/QH13 dated 11/26/2014).

4. To hire an accountant or accounting service:

An accountant or accounting service shall handle accounting and tax related items, such as:

Buy a token (digital signature) to declare and pay taxes online

Declare and pay business license tax

Buy and notify digital VAT invoices to be used when you sell products, services  

Record transactions and keep accounting books

Make quarterly (or monthly), annual tax filings and payments

Prepare annual financial statements and tax finalization

Work with external auditors for annual audit of financial statements (if applicable)

5. To open a corporate bank account:

Opening bank accounts is necessary to run a company, especially foreign invested companies in Vietnam, as according to Clause 3  Article 16 Law on Enterprises No.68/2014/QH13 dated 11/26/2014: all payments for any purchase, sale or transfer of shares and share of capital contribution and the receipt of dividends by foreign investors must be made through capital accounts of such investors opened at banks in Vietnam, except for payment by assets.

Founders may carry out procedures to open a company bank account themselves or assign an accountant to do this task.

DMS law office can recommend commercial banks to support, facilitate our clients in opening a bank account in Da Nang, Vietnam.

6. To pay up your initial share capital:

Members must pay their shares of capital contribution to the company in full and in the type of assets as undertaken when registering for establishment of an enterprise, within 90 days from the date of issuance of the enterprise registration certificate (Clause 2 Article 48 Law on Enterprises No.68/2014/QH13 dated 11/26/2014).

Related topics:

Set up LLC with two or more members in Vietnam, with capital contributed by foreign investors

Set up 100% FDI company in Vietnam in the form of a single member LLC

Establish a joint-stock company in Da Nang, Vietnam

Set up a shareholding company, partly owned by foreign investors in Vietnam.

Consulting services:

Phone: 0914 165 703 or email: dmslawfirm@gmail.com

Essential things to do after the registration of a company in Vietnam