What do you need to prepare when you want to fast company establishment? Not only do you need a business idea, business owners also need to pay attention to legal procedures when starting a business. If you ignore these issues, you may encounter many difficulties later in the process of registering and operating your business, and you may also face the risk of being administratively sanctioned for not performing the procedures correctly and on time.

1. Should you establish a company?

Nowadays, doing business is very simple, as long as you have capital, passion, a little experience and ability, you can start a business in your favorite field. So should you start a business or not? Here we will show you 8 reasons to start a business, you can refer to and make your own decision:

• When starting a business, you have the right to decide, the right to manage, the right to own your business.
• Opening a business will bring an important turning point in your own business process. Establishing a business to do business can help your brand and products become known to many people, trusted and used by many people, thereby creating more profits.
• Opening a business means developing the business. Instead of just opening 1 or 2 small retail branches, you can establish a whole business specializing in trading these items, products and services. Registering to open a business means that you operate within the framework of compliance with regulations as well as being protected by the law, your business process becomes serious and perfect every day.
• In addition, when establishing a business, the brand of the product and company you do business with will be protected by law. Other businesses are prohibited from using your trademark to conduct business.
• Starting a business will create jobs for many other people.
• A Vietnamese company with valid legal status will enjoy benefits under Vietnamese law. Furthermore, the final reason to start a business is that starting a business helps you satisfy your passion for business, becoming a real boss and manager.

2. Notes during the process of establishing a company

Once you have answered the questions about whether you want to start a business or not and have made the decision to start a business, do not ignore the key points about starting a business. This will help you better understand starting a business and set a specific direction for yourself. And it will help you fast company establishment.

2.1 Important things to prepare when wanting to establish a company quickly

Choose a location to set up the company headquarters in accordance with regulations

• When choosing an address to set up the company’s headquarters, the company must clearly state that address, accurately and within the territory of Vietnam.
• Do not use the address of a dormitory, apartment building or places that only function as accommodation.
• Businesses need to sign a contract to rent or borrow a house to use as a company headquarters for the convenience of business operations. At the same time, the owner is required to provide 02 valid copies of the Land Use Rights Certificate or equivalent documents.
• The company’s registered office must be an easily accessible address to avoid cases where parcels are not received. In these cases, the competent state agency will recognize the company as not operating at the registered headquarters and the trade code and tax code will be locked.

Consulting on choosing the appropriate legal form for your company

• According to the Enterprise Law 2020, our company can register the following types of companies: single-member limited liability company, limited liability company with two or more members, sole proprietorship, joint stock company and partnership.
• Each company has different characteristics such as form, organizational structure and fundraising capacity. Legal restrictions also vary depending on the type of company.
• Therefore, businesses need to choose the appropriate form of company for their purposes, needs and conditions.

Naming a company

The selection and registration of a company name must comply with the provisions of Articles 37 to 41 of the Enterprise Law 2020.

• The selection of a company name is very important because it is related to the company’s brand identity. Therefore, to create uniformity and specialization, the company name needs to consider the possibility of registering a trademark and domain name for the website.
• In addition, the company name must be determined in accordance with the provisions of law. Avoid using words or characters in the name that are uncultured and affect the history and customs of the country.
• The company name consists of two parts: the type of company and the proper name. In particular, be careful not to duplicate or confuse the proper noun with the name registered by other companies.
• In addition, companies must not use the name of any government or military agency to identify themselves.

Registering reasonable charter capital

Regulations on equity capital are stipulated in Clause 34, Section 4 and Clause 2.c, Article 24 of the Enterprise Law 2020.

• According to the above provisions, the State does not specifically stipulate the minimum capital that a company must register to establish an enterprise. The decision on the registered capital level depends on the registered business line, financial conditions and business objectives.
• In cases where the registered business line does not require legal capital, the company can decide to register the minimum capital level. However, social capital should not be too low. Because social capital demonstrates the company’s credibility when conducting transactions and exchanges with partners, customers and state agencies.
• At the same time, some conditional industries require accompanying legal capital. To establish and operate in these fields, enterprises must ensure that they meet the requirements on legal capital. On this day, the minimum share capital is equal to the legal capital required for this field of activity.
• The State stipulates that the capital contribution period is 90 days from the date the company is granted a business registration certificate.

Choose the right business field

• According to this regulation, companies are allowed to engage in any business activity that is not prohibited by law. However, companies must clearly state the intended field of operation when preparing the business registration dossier.
• You should consider registering a branch with a branch code appropriate to your purpose and operational needs. At the same time, the enterprise must meet the relevant conditions to operate in related industries.

2.2 Work to be completed after opening a company

Members, shareholders and companies bringing capital into the company

Enterprises must contribute capital to the company within 90 days from the date of issuance of the business registration certificate. Contributed assets can be Vietnamese Dong, freely convertible foreign currency, gold, land use rights value, intellectual property rights value, technology, technical know-how, intellectual property rights. neighboring rights, industrial property rights, etc.

Engrave the company seal and publicize the seal sample

• Companies need to engrave the company seal, the quantity and shape are decided by the company but need to ensure that the seal shows the necessary information such as the company name or trade code…
• After engraving the seal, the company carries out the procedure of announcing the seal sample on the national electronic information portal along with the company’s information.

Declare and pay taxes after starting a business

After establishing a business, the business must declare taxes within 30 days. If the company fails to submit an accurate declaration, it may be fined. The company will have to pay the following taxes:

• Business license tax (paid within 30 days from the date of opening the business). The amount of business license tax to be paid will depend on the company’s declared capital. Specifically, over 10 billion VND, the business license tax is 3 million VND/year, under 10 billion VND, the business license tax is 2 million VND/year.
• Corporate income tax, paid on the basis of the company’s annual profit.
• Value added tax.

Businesses need to hire a separate accountant or can save costs by using accounting services: The company must hire a tax accountant to declare and pay taxes according to regulations. However, if you want to save costs, your business can take advantage of Viet My’s accounting services

Register a corporate bank account to conduct transactions: To open a corporate transaction account, the entrepreneur must bring his/her identification documents, seal and business license to the bank. Then follow the steps to report this account number to the Department of Planning and Investment.

Register to buy a digital signature to pay taxes online: Businesses must register for a digital signature to pay taxes online. Ask your bank to activate the online tax payment function for your company’s bank account. The company’s accountant uses this digital signature to regularly make online corporate tax payments.

Timely announcement of business registration information

• According to this decree and procedure, after being granted a certificate of company registration, the company must post a notice on the national company registration information portal and pay the prescribed fee. The announcement includes the content of the company registration certificate and the following information. List of shareholders who are founding shareholders and investors in a public company.
• The maximum time to complete this procedure is 30 days from the date of issuance of the Company Establishment License. If the company does not disclose information about the company after the above deadline, the competent authority will impose an administrative fine of VND 1 million to VND 2 million.

3. Fast company establishment profile in 2024

According to the provisions of the Enterprise Law 2020, Decree No. 01/20121 on the Basic Ordinance and Company Registration Procedures, including the following documents:

• Business registration application form.
• Draft Charter;
• List of members/list of shareholders
• Valid copy of one of the identification documents.
• Authorization document for the representative of the capital contributor if the organization contributes capital to establish the company.
• Other documents in special cases.

4. Fast company establishment procedures in 2024

Step 1: Prepare company registration documents

If the lawyer has obtained full information and advice on the company name, business location, expected nature of the business line, information on members and founding shareholders of the company, information on the company, company capital and legal representative of the company.

Step 2: Submit company establishment documents and pay the company information disclosure fee

Step 3: Issue a business registration certificate

Step 4: Make the company seal (round stamp)

Step 5: Receive results

5. Benefits of using Viet My’s fast company establishment service

When registering for a fixed-price business establishment service at Viet My, customers will enjoy attractive benefits. Specifically:

First is the enthusiasm of the staff who wholeheartedly support to ensure your satisfaction. We support customers with comprehensive advice and answer their questions completely free of charge. Including comprehensive startup support services.

We will prepare the company registration documents in 30 minutes and complete the process of establishing your company quickly. Viet My’s fast company establishment full service ensures that the agreed scope of work is completed on time.

We will hand over the results to the person registering for the company establishment service without having to pick it up. Grasp the problem quickly to best meet customer needs. We support you in other related legal proceedings, such as the appointment of directors, documents of decision to establish a company, etc.

Provide consulting support including accounting work after the establishment of a company in a special package seriously
Support posting reports on national information portals so that customers can easily search for information about the company and identify your company through the Internet.

VIET MY LAW AND ACCOUNTING Company is always ready to accompany and support fast company establishment procedures and post-establishment procedures for domestic and foreign entrepreneurs. In case of difficulties or problems, please contact us for the fastest and fastest support at the most reasonable cost!