It is getting easier for the investor in doing business in Vietnam. In order for the investor to do business in Vietnam, the investor needs to establish business in Vietnam. Business registration certificate is considered a legal document of an organization, which is a paper or electronic document that records information related to business registration that the Business Registration Authority grants to an enterprise.
According to the provisions of the Law on Enterprises, to establish business in Vietnam, the investors need to prepare the following:
- Enterprise name ;
- Address where the head office of the enterprise is located;
- Full name, contact address, nationality, number of legal papers of the individual, for the legal representative of limited liability companies and joint stock companies; for general partners of a partnership company; for business owners of private enterprises.
- Full name, contact address, nationality, number of legal papers of the individual, for members being an individual; name, enterprise identification number and head office address of the member being an organization, for limited liability companies;
- Charter capital for companies, investment capital for private enterprises.
In which, the name of the enterprise must be a Vietnamese name consisting of two elements: type of business and proper name.
Currently, Vietnam recognizes four types of enterprises when the investors chose to establish business in Vietnam:
- Limited liability companies
- Joint stock companies
- Partnerships
- Private enterprises
The enterprise’s proper name can be written with the letters of the Vietnamese alphabet, the letters F, J, Z, W, numbers and symbols. The enterprise code element recorded on the Certificate of Business Registration is a series of numbers created by the National Information System on Business Registration, issued to an enterprise upon its establishment, and recorded on the Certificate of Business Registration. Each business has only one unique code and that code will not be reused for other businesses.
Business registration procedures to establish business in Vietnam
The business registration can be carried out directly at the Vietnam Business Registration Office or through the postal service or through the electronic information network. If choosing the form of enterprise registration via electronic information network, the enterprise founder shall submit an application at the National Enterprise Registration Portal. Business registration documents will be presented in electronic form and have the same legal value as paper business registration documents.
The business registration agency is responsible for reviewing the validity of the enterprise registration dossier and granting the Business registration certificate within 03 working days from the date of receipt of the application. In case the application is not sufficient or not prepared according to the regulations, the business registration agency must notify in writing the contents that need to be amended and supplemented to the enterprise founder.
If the business registration authority refuses to register the enterprise, it must notify in writing the enterprise founder and clearly state the reasons. The company could prepare its own submissions or hire a Vietnam business lawyers to assist with the submissions to establish business in Vietnam.
