How Vietnam Has Simplified Procedures to Register Business in Vietnam?

Investors start to inject more capital to register business in Vietnam

By the end of 2019, there have been more than 30,000 FDI projects choosing Vietnam for investment, with a total registered capital of about 362 billion USD. Recently, business propensity of Vietnam is highly concentrated on the private sector, attracting foreign investors to the Vietnam market. Covid 19 might have slowed the investment since 2019 but after the pandemic, and starting from 2023, the investment influx into Vietnam has started to pick up.  

Signing free trade agreements encourages Vietnam to simplify procedures to register business in Vietnam

As Vietnam has built diplomatic relationship with nearly 190 countries around the world and signed about 15 Free Trade Agreements with important trading partners, Vietnam’s participation in various free trade agreements has created a strong impetus for foreign investors from developed countries to set their first steps in Vietnam.

What are procedures to register business in Vietnam?

Procedures to register business in Vietnam:

1. Apply for the Investment Registration Certificate
2. Apply for Enterprise Registration Certificate

1. Apply for the Investment Registration Certificate

To be able to register business in Vietnam, investors need to carry out procedures to apply for the Investment Registration Certificate. After being granted the Investment Registration Certificate, the investor shall then apply for Enterprise Registration Certificate.

2. Apply for Enterprise Registration Certificate

To carry out the process of applying for the Enterprise Registration Certificate, firstly, the investors need to choose a name for the business, which must not be identical or confusing to the name of another business already registered in the National Database of Business Registration on a national scale, except for businesses that have been dissolved or have had effective court decisions declaring businesses bankrupt.

After that, the investors or the authorized person need to prepare a complete set of application dossiers in accordance with the law and submit it at the Business Registration Office where the head office is planned to be located. The Business Registration Office will check the validity of the application dossier, based on the appointment date on the Receipt, the investors or the authorized person can go to the Business Registration Office to receive the results of the application or Register to receive results by post. The time limit for considering and handling the dossier is 03 working days from the date of receiving the valid dossier.

5 Conditions to be granted Enterprise Registration Certificate in Vietnam?

The investor will be granted an Enterprise Registration Certificate when fully meeting the following conditions:

1. The registered business lines are not in the prohibited business sectors;

2. The business’s name is set in accordance with the provisions of law;

3. Having a head office as prescribed by law;

4. Having a valid business registration dossier as prescribed by law;

5. Fully paying the enterprise registration fee as prescribed by law

Why it has become more attractive to register business in Vietnam?

Over the years, investors have built confidence in the Vietnam’s business and investment environment. The socio-political and macroeconomic stability are prominent features for the growth of Vietnam’s business potential. The Vietnam government has determined to  simplify the process for investment application. Hence, Vietnam is and will continue to be an attractive investment location, a promising destination for foreign investors for applying for investment registration certificate and register business in Vietnam compared with other neighboring countries in the region.

About ANT Lawyers, a law firm in Vietnam

ANT Lawyers – a law firm in Vietnam will always follow up with authorities for legal update on matters relevant to investment registration or business setting-up in Vietnam.

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.