While Vietnam puts up appealing investment prospects, the process of startup registration in Vietnam could get complicated and overly official. Earlier in Vietnam’s developmental cycle, it used to take about two to three months to register a startup, however, that’s the thing of the past as regular improvements are being made to lessen the processing time. Moreover, there is reduced emphasis on the requirement of a local partner.
There are still some requirements to meet and work to do in order to register a foreign-owned startup in Vietnam. This article provides an overview of the process and documents required for startup registration in Vietnam.
The most prevalent company structure for foreign-owned startups in Vietnam is a Limited Liability Company (LLC). One needs to go through a two-stage process of registration for this type of startup. For a project in Vietnam, a clearance from the Department of Planning and Investment is required (usually in the form of an Investment Registration Certificate, IRC), followed by an Enterprise Registration Certificate (ERC). The official timeline for completing these steps is around 30 days.
Startup Registration Preparation
- Startup Line and Scope Decision: The foreign investor must be certain about the segment the startup aims to operate in and have a clear picture of the business potential in the market.
- Ensure the Capital and Proposed Scale: The investor needs to ensure that they have procured the required capital amount before they begin to register their startup. One must also be certain of the scale on which they intend to start their business.
- Acquire a Company Address: Having chosen a location for the concerned startup is paramount prior to its registration.
- Ownership & Management Structure Confirmation: Names of the owner and various management positions are required while registration, so it’s imperative to have ownership and management structure figured out beforehand.
Following are the required documents for corporate and individual investors:
- Certificate of incorporation (an authentic copy) or certificate of business registration or equivalent documents
- Latest audited financial report (an authentic copy)
- Legalized copies of Passport from Directors and Shareholders
- Latest Bank Statement (an authentic copy)
- Legalized copies of Passport from Directors
Proposed Registered Address
- Rent Agreement from Owner/Landlord
Also, it should be noted that alternative business structures (such as a Joint Stock Company) and activity codes (including E-Commerce) are also available when it comes to starting a business in Vietnam.
How Can Cekindo Help?
Throughout the process of registering a startup in Vietnam, having Cekindo by your side can make the whole process hassle-free. Cekindo, with its integrated business registration services, can advise on the most suitable legal entity type. We provide instructions on gathering relevant documents and submission of applications.
Moreover, Cekindo acts as a local representative to submit your application on your behalf without you being in the country. We also provide legal assistance during the business registration and setup and help you in applying for work permits.