Flow of company establishment in Vietnam

Thursday, 11/08/2022
Flow of company establishment in Vietnam

Hello everyone. We are Hanotobi.

Today, I would like to introduce the flow of company establishment in Vietnam.
When we established our company, we did not rely on a consulting company, and prepared the documents and established the corporation on our own, so we would like to share that knowledge with you.


I think it will be useful information for those who are not in a hurry to establish a company and do not want to spend as much as possible.

Hiring a consultant will cost a lot of money, so I think it would be a good idea to try without asking a consultant and if things don't go well, ask a consultant.

This is a rough flow, but in the case of a foreign company, the flow is as follows. 

"Business location contract" → "IRC acquisition" → "ERC acquisition" → Completion of company establishment → "Company seal creation" / "Bank account opening" / "License fee payment" / "VAT invoice" / "Work permit" Exemption Application"/"Visa Application"/"Salary Table Submission"

"Contract for business location"
The first step is to sign a contract for an office or factory location.
This is because when you apply for an IRC (Investment Registration Certificate), you must indicate your business address.


"Get IRC"
An IRC (Investment Registration Certificate) is an investment registration certificate.
*Details are explained in the article "How to apply for IRC".
After all documents are in order and submitted, you will receive feedback within 15 business days.
If there is no problem, proceed to apply for ERC.

"Get ERC"
ERC (Enterprise Registration Certificate) is a company registration certificate.
In the case of foreign companies, it is necessary to submit IRC as well, so it will be after IRC acquisition.
However, do your preparations in parallel with the IRC and apply as soon as the IRC is issued.
Please check here on how to apply for an ERC too.
By the way, the ERC acquisition date will be the company establishment date.

If you can get the ERC, the first step is to break through the first barrier.

"Open a bank account"
You will need to open a capital account and transfer the capital within 90 days after obtaining the ERC.
We recommend that you open a capital account at a Vietnamese branch of a Japanese bank, as there are many transactions with the head office in Japan.
On the other hand, for domestic transactions, using a local bank is cheaper.
I will explain in detail about opening a bank account in Vietnam in another article.


"Creating company seal"
Like Japan, Vietnam also has a seal culture.
At a minimum, the company stamp must include the company name and company number.
There are many seal making companies in Hanoi city, so if you search for “Khắc Dấu” on Google Map, you will find various ones.
When you create a seal, the company that created it will submit a seal usage notice and perform seal registration.


"Application for Listing on National Company Registration Information Site"
Applications must be made to the Planning and Investment Department of the business location.


"Purchase VAT Invoice"
You need to purchase a VAT invoice from a major telecommunications company such as VNPT or Viettel.
When you establish a company, you will receive a lot of sales emails and sales calls, so I think it would be a good idea to compare and choose.

"License Fee Payment"
After the company is established, the license fee must be declared and paid.
If capital is more than 10 billion dong (approximately 500,000 USD): tax amount 3 million dong (approximately 150 USD)
If capital is less than 10 billion VND (approximately 500,000 USD): tax amount of 2 million VND (approximately 100 USD)
Branch office or management base: tax amount 1 million dong (approximately 50 USD)


"Work Permit Work Visa Acquisition"
Foreigners working in Vietnam are required to obtain a work permit and work visa.

The above is a brief introduction to the process of establishing a company.
We also support company establishment. We can establish a company at a lower price than other consulting companies by taking advantage of the knowledge gained from establishing our own company and advising the customer and proceeding together, rather than acquiring it on behalf of the company.


If you have any question, please feel free to send inqury.



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