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Foreign individuals and foreign companies can easily register their legal, commercial presence in Vietnam in the form of a Single-Member Limited-Liability Company (Single-Member LLC) or a Multi-Member Limited-Liability Company (Multi-Member LLC) or a Joint-Stock Company (JSC), or a Representative Office.

Depending on the percentage of shares owned by foreign investors in a company, it will be classified as a Wholly Foreign Owned Company (WFOC) or a Joint-Venture Company (JVC). Unlike a WFOC which one or more foreign shareholders wholly own, a JVC is owned by local and foreign shareholders regardless of the percentage of shares held by the foreign shareholders.

VIETNAM COMPANY REGISTRATION: TYPES OF LEGAL ENTITIES AVAILABLE FOR FOREIGN INVESTORS

LLC is the most preferred choice of foreign investors because of its simple shareholder and management structure, especially for small and medium enterprises (SMEs). Unlike JSC, LLC is not allowed to make an IPO but it can be converted into JSC easily.

As opposed to LLC, a JSC must have a least three founding shareholders, and shares are flexibly transferable. A JSC can have its shares listed on the stock exchange if it meets the listing requirements as set out by law. JSC is highly recommended for medium and large-sized businesses that aim to make an initial public offering (IPO) to raise capital from the stock exchange.

For foreign companies that are new to the Vietnam market and want to set up an office in Vietnam to conduct liaison work, market research, or promote their business and investment opportunities. Foreign companies incorporated and operating for at least one year, as evidenced by audited financial statements of the most recent fiscal year or written certification by tax agencies, are eligible for opening an RO in Vietnam.

This is the least common type of foreign direct investment and is only permitted in a few sectors (e.g., banking and legal services). A branch is not a separate legal entity but a dependent unit of a foreign entity. Unlike an RO, a branch can conduct revenue-generating activities in Vietnam.

It will make foreign investors less than 30 days to fully set up a business in Vietnam, regardless of their selected type of company. They must follow the step-by-step process as follows:

Step 1: Applying for an Investment Registration Certificate (IRC) from the provincial Department of Planning and Investment (DPI) or the State agency of similar authority. It usually takes 2 – 3 weeks.

Step 2: Upon the availability of an IRC, apply for an Enterprise Registration Certificate (ERC) which is similar to a certificate of incorporation in many jurisdictions. It usually takes one week.

Step 3: Once the ERC is issued, specific post-licensing tasks must be conducted in time, such as company seal making, initial tax registration, bank account opening, etc.

Our LTS LAW team comprises seasoned corporate service lawyers and professionals with many years of experience. LTS LAW continuously strives to supply cutting-edge corporate & business services to our clients at the most competitive prices, from Vietnam company formation to legal consulting, company secretarial, bookkeeping, tax reporting, accounting, auditing, and management consulting services. We are confident in developing your business in Vietnam. Just Order, We Do The Rest For You.

Simon and his team have been very supportive and go the extra mile to facilitate setting up a company and myself entering Vietnam during border closure. If you’re looking for a client-focused lawyer and responsive team, LTS is your company.

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