Establishing a company is a process that involves many steps and stages, and therefore, if the records are not well understood, the implementation procedures will lead to a longer period of time, affecting the planned establishment progress. Therefore, the use of Viet My professional package company establishment service is the best option. Legal matters such as the conditions of establishment, documents, and necessary documents will be consulted in detail and in full, and we will also represent our clients to work with state agencies.

1. What is company establishment service?

The company establishment service is known to be a consulting service that supports enterprises on many issues such as legal, conditions for establishment of a company, procedures for establishment of a company, documentation and so on.

When using package company establishment services, enterprises will ensure accuracy and speed in the actual process of establishing the company.

2. What is the process and cost of establishing a company?

Below we advise domestic company establishment services with procedures, costs and considerations when establishing a company.

2.1. Precautions for Establishing a Company

a, Subject with right to establish a company

All individuals and organizations have the right to establish and contribute capital to establish and manage enterprises and companies in Vietnam except in the following cases:

• Organization without legal status;
• Persons under the age of 18 or who are not fully capable of civil acts;
• State agencies and units of the People’s Armed Forces of Vietnam use State assets to establish enterprises that conduct their own profit-making business for their agencies and units;
• Officials, civil servants and civil servants in accordance with the law on cadres, civil servants and civil servants;
• Officers, non-commissioned officers, professional servicemen and defense workers in agencies and units belonging to the Vietnamese People’s Army; professional officers and non-commissioned officers in agencies and units belonging to the Vietnamese People’s Police;
• Executives and professional managers in 100% state owned enterprises, except those assigned as authorized representatives to manage State capital contributions in other enterprises;
• A person who is serving a prison sentence or is prohibited by the court from practicing his/her business;
• Other cases in accordance with the law on bankruptcy.

b, Identify capital contribution members

Partners and shareholders who make capital contributions are those who can decide on the existence, development or dissolution of the company. It is necessary to think carefully and consider before choosing to work together to establish a company.

The current Enterprise Law does not provide for minimum capital at the time of establishment of a company (except for those with legal capital requirements). However, if left too low, charter capital will decrease confidence in customers and partners in business. And if the charter capital level is high, the risk is also high, but it will be easier to create trust with customers and partners. Therefore, depending on the financial capacity and size of the business, the company owner decides and registers the charter capital level according to his or her ability.

Charter capital will have an impact on the amount of annual subject tax payable by the company, and will also be a factor to consider when the partners of the company cooperate.

c, Determine the type of business 

Joint Stock Company: A minimum of 3 founding shareholders (who can hire legal representatives), are not limited to the maximum number of shareholders, and are subject to limited liability within the amount of charter capital they have contributed.

One-member Limited Company: It is compulsory that only one individual, organization, is the owner (starting to establish the company), is liable to limited liability within the amount of capital contributed by the charter.

2 or more members Limited Company Limited: There must be between 2 and 50 individual members/organizations participating in capital contribution to establish the company, determining the actual number of members to be able to choose the appropriate type, with limited liability within the amount of capital contributed.

Partnership Company: Unlimited liability for the company’s assets.

+ There must be at least two members who are joint owners of the company, who do business together under a common name (joint partnership); in addition to the partnerships there may be partners who contribute capital;

+ Partnership members must be individuals and must not be the owners of other private enterprises; partnership members of other partnerships must not be allowed unless the other partners are agreed upon.

Private Enterprise: 

+ The sole proprietor must be individual and be responsible for all of his assets in relation to the operation of the company; ;

+ Each individual may establish only one private enterprise and shall not simultaneously be a business household owner or a general partner of the partnership; ;

+ Private enterprises will not be entitled to contribute capital established or buy shares or capital contributions in partnerships, limited liability companies or joint stock companies.

Depending on the actual situation and the needs of the person planning to establish the company, the appropriate type is chosen.

d, Company name

The types of enterprises that can be written are: Limited Liability Company, Joint Stock Company (CP Company), Partnership Company (HD Company), and Private Enterprise (VCT);
The individual name is written by letters in the Vietnamese alphabet, letters F, J, Z, W, digits and symbols.
Company names that match or cause confusion with those of previously registered companies nationwide; ;
To refrain from using words and symbols that violate the historical, cultural, ethical and pure traditions of the nation; ;
Do not use phrases used in mass organizations of the state to name the company.

e, Head office of enterprise

Pursuant to Article 42 of the 2020 Enterprise Law, “The head office of the enterprise is located in the territory of Vietnam, is the contact address of the enterprise and is determined by administrative unit location; there are telephone numbers, fax numbers and e-mails (if any).

The company’s address needs to be clearly identified in the number of houses, alleys, streets or villages, hamlets, communes, wards, towns, districts, towns and cities under the central government;
Do not place the company’s headquarters at the address of the condominium or dormitory

If the current company’s headquarters does not have a house number or a road name, it must be confirmed by the locality that the address does not currently have a house number and the road name must be submitted with the business registration file. If the address is intended as an office building/apartment headquarters, it is necessary to check that apartment’s documents for commercial/office functions.

f, Business establishment

Before establishing a company, it is important to note whether the business intended to be on the prohibited list or conditional business (the conditions that the company must meet fully before it can be registered for operation) in order to conduct the business in accordance with the law.

2.2. What does a company establishment file include?

Based on Articles 22, 23, 24 of the Enterprise Law 2020 (amended by Decree 01/2021/ND-CP), company establishment documents include:

• Application for business registration according to the form prescribed in Circular 01/2022/TT-BKHDT.
• Draft company charter for cases of establishing a one-member LLC, establishing a two-member LLC, establishing a joint stock company, and establishing a partnership.
• Authorization document for the person submitting the application in case he or she is not the legal representative of the submitting company
• List of members (Limited company with 2 or more members) or List of founding shareholders (Joint-stock company).
• Copy of personal identification documents such as ID card, citizen identification card, passport of the owner and capital contributing members and shareholders.
• Other documents depend on regulations on form and conditions according to the chosen profession.

2.3. What are the procedures for establishing a company?

Step 1: Prepare documents and company establishment documents according to regulations

Step 2: Complete the company establishment documents according to each selected business type

Step 3: Submit the complete company establishment documents to the business registration agency under the Province/City where the headquarters is located.

Step 4: Receive the results of the Business Registration Certificate

Step 5: Engrave the company’s round business seal

Step 6: Open a bank account and notify the account number to the business registration agency

Step 7: Register for electronic tax payment with the tax authority and must receive confirmation from the bank that you have registered for electronic tax payment.

Step 8: Pay taxes and license fees

Step 9: Initial tax declaration and request to use VAT invoice

Step 10: Tax reporting and bookkeeping on a monthly, quarterly and annual basis

2.4. Cost of establishing a company

a, Business registration fee

Article 32 of Decree 01/2021/ND-CP stipulates that companies must pay business registration fees and charges at the time of submitting company establishment documents.

The business establishment registration fee in Circular 47/2019/TT-BTC is 100,000 VND/time.

Enterprises that register to establish a company electronically will be exempt from business registration fees.

b, Fee for publishing business registration content

According to the provisions of the Enterprise Law 2020, within 30 days, the company must publish the content of business registration on the National Business Information Portal.

The fee for announcing the content of company establishment registration according to Circular 47/2019/TT-BTC is 100,000 VND.

c, License fees

License fees are based on the company’s charter capital and divided into two levels as follows:

• Charter capital from less than 10 billion, license fee: 2,000,000 VND/year.
• Charter capital over 10 billion, license fee: 3,000,000 VND/year.

2.5. How long does it take to establish a company?

Pursuant to the Enterprise Law 2020, the time for granting a Business License is 03 working days from the date the Department of Planning and Investment receives the complete set of valid establishment documents of the company.

3. Why should you choose the full company establishment service in Viet My?

Currently, when establishing a company, it must be carried out in accordance with the correct order and procedures at the competent state agency for business registration according to the provisions of the Enterprise Law 2020. The process of establishing a company includes many different steps, sequences and stages. If you do not understand the law well, this process will take a very long time.

Therefore, the choice of services to establish a package company in Vietnam America will help the best and most accurate implementation time. Customers will not have to care about any legal factors if they choose to complete the service to establish a package company in Viet My.

4. Frequently Asked Questions When Understanding Package Company Establishment Services

4.1 How much charter capital is needed?

The current Enterprise Law does not limit the charter capital of the company. Companies can register arbitrarily with high or low charter capital. However, for certain business sectors, legal capital must be required.

4.2 How is the business registration method listed in the business registration file?

According to clause 1 of Article 7 of Decree 01/2021/ND-CP, organizations and individuals must select level four economic sectors in the Viet Nam Economic Sector System to record their branches and trades in the Enterprise Registration Request.

4.3 Can a condominium be used as a company headquarters?

According to Clause 11, Article 6 of the 2014 Housing Law, “The use of condominiums for purposes other than residence is prohibited”.
Therefore, organizations and individuals need to pay attention to not using apartments as company headquarters.

4.4 Where is the application form for establishment of the company submitted?

Applications for registration of the establishment of the corporation should be submitted at the Business Registration Department, under the Provincial Department of Planning and Investment, where the headquarters is intended.

4.5 What are the things to do after establishing the company?

Filing of documents for initial tax declaration; Opening a bank account and announcing a bank account number; Buying a digital signature; Hanging a company’s sign; Making procedures for issuing invoices; Finishing conditions on licenses, certificates and capital; Participation in social insurance for employees and tax issues;

The above is Viet My Professional Package Company Establishment Service in 2024. If you have difficulty preparing your application or have questions about the company’s establishment, please contact Luat va Ke toan Viet My immediately to receive further advice and benefits!

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