How do I set up an office in Vietnam?

How do I set up an office in Vietnam?

What do you need to do after you get the license?

1. Make a seal for the RO; License on the establishment of RO.
2. Register a Tax code for RO; Declaration to register a tax code.
3. Open a bank account of RO; License on the establishment of RO.
4. Announcement of the establishment of RO of Company.

What is a representative office in Vietnam?

Representative office (“RO”) is not a separate legal entity under the laws of Vietnam. The activities of a RO are limited to business promotion, identification and accelerating trade opportunities, and supervising the implementation of contracts signed between its parent company and local partners.

Can you own a business in Vietnam?

Foreigners are permitted to own and operate their own businesses in Vietnam, either through indirect or direct foreign investment. Businesses that are wholly foreign-owned or are participating in joint ventures with a Vietnamese business are considered to be direct foreign investments.

How much money do you need to open a business in Vietnam?

Wholesale and Retail Trading, E-commerce. Wholesale and retail trading is also a good option for someone who wants a small business. These businesses do not need a specific location which keeps costs down. The minimum capital for these businesses can range from USD 10,000 to 20,000.

How can a foreigner start a business in Vietnam?

Foreigners are allowed to start a business in Vietnam, regardless of indirect or direct investments. The first option is to choose a direct investment. Direct foreign investment indicates a 100% foreign-owned company or a joint venture company in which the foreign investor and a Vietnamese partner work together.

What is a representative office of a bank?

A representative office is an office established by a company or a legal entity to conduct marketing and other non-transactional operations, generally in a foreign country where a branch office or subsidiary is not warranted.

How can I open a factory in Vietnam?

There are three general requirements manufacturing companies need to fulfil:

1. Register the environment impact assessment or the environmental protection plan (depending on the scale of the project)
2. Obtain the certificate of land use.
3. Obtain the construction permit.

Does Vietnam allow 100% foreign ownership?

Vietnam allows 100% foreign ownership of a business in most industries. These include trading, IT, manufacturing, and education. World Trade Organization (WTO) agreements regulate foreign ownership for most business lines. However, there are some business lines not regulated by WTO agreements nor local laws.

Is Vietnam a good place to start a business?

Being one of the fastest-growing economies in the world, Vietnam becomes a strategic place for many foreign entrepreneurs to invest. Its relatively cheap but highly qualified population is not the only reason attracting businessmen from all over the world for starting a business in Vietnam.

What is the difference between a branch and a representative office?

In most countries, a representative office cannot handle transactions or contractual matters. A branch office, on the other hand, is a direct extension of the parent company and can engage in core activities like sales and contracts.

What is the purpose of representative office?

A representative office can be registered for representative purposes: to look for clients, partners, present goods or services, perform other activities on behalf of the foreign merchant; however, the conclusion of contracts, purchase of goods and services will be done with the foreign company.

Do you need an office address in Vietnam?

Changing this will require amending your company’s documents. You must have a business address to incorporate a company in Vietnam. Service-based businesses, like consulting companies, can use a virtual office address. However, some business lines must have a physical location or office.

Is it legal for foreigners to work in Vietnam?

A Vietnamese entity is permitted to recruit foreigners to work as managers, executive directors, experts, and skilled labor where local candidates are not yet able to meet production and business requirements. It is important to note that unlike in some other Asian countries, such as China,…

Can a Vietnamese representative office hire a staff?

It is important to note that unlike in some other Asian countries, such as China, Vietnamese representative offices are able to hire staff directly.

Why is it important to do business in Vietnam?

These factors have in turn inspired a flurry of foreign businesses looking to start operations or expand in the country. But for those planning to do business in Vietnam for the first time, it is important to learn about the country’s vibrant culture and traditions.