1.Prerequisite conditions to set up foreign invested company in Vietnam
The foreign company must:
– Being recognized as a legal entity by countries or territories of business registration;
– Having experience in the field of trading business or manufacturing the products that will be distributed in Vietnam.
– Having the consistent financial capacity to operate the project in Vietnam (at least 500,000 USD).
The office of the newly set – up company should be located in a commercial building and the retail shop (if any) should be located in on trading center.
2.Scope of operation of company
– Being allowed to carry out activities as specified in the Investment Certificate (goods purchasing activities and other activities directly related to goods purchasing)
– The scope of goods is restricted in the HS code list approved by Ministry of Industry and Trade.
– If the company operates in the fields which conditions are required in compliance with the law, such company can only operate if they meet enough conditions.
* Business conditions are shown through Business License, qualification certificate for business conditions, professional certificate, professional insurance certificate, requirements on statutory capital or other requirements in accordance with the law.
3. Total estimated time is about 90 (ninety) working days, in which:
After 80 working days from duly submission of dossier, the Investment Certificate shall be granted;
Within 10 days from issuance of Investment Certificate, S&B Law shall fulfill all post-licensing procedures (such as: registering the seal, publishing on newspapers for establishment, opening bank account, tax declaration)
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