Investor: On the captioned subject, we want to take legal opinion from you for set up of our branch office inVietnam.
We want to more clarity in legal opinion of inbound tourism business setup in Vietnam . There are full authority will be our company and its directors. it can be Subsidiary company, Branch Office, Regional Office, Marketing or representative Office and other option if available with the opinion and answer including following point.
1. How Much Share Capital amount is required in the first year and rest of the year ?.
2. How many types of registration required like, Registrar of Company, Income Tax, VAT, Exchange control of Vietnam?
3. What minimum business required if applicable ?
4. How much security deposit amount required ?
5. How much of time required in permission in diff. registration/ license ?
6. How much Annual Expenses of the Statutory Compliance ?
7. How much first Year Expenses for the all registrations & license ?
8. What Approval from Bank of Vietnam is required ?
9. Any license or certificate required from Ministry of Industry ?
10.What is procedure of visa of work permit in the Proprietorship firm and others.
11. Applicability of employment Act and tax ?
12. If other applicable..
Lawyer of SBLAW:
This is reference to your email below. Please see our answers here under:
1. How Much Share Capital amount is required in the first year and rest of the year?
Vietnam Law does not impose minimum Share Capital Rate applied for tourism services. However, for setting up Foreign Invested Company providing inbound tourism service, you must credit 250,000,000VND (about 12,500USD) in a blocked bank account. According to our practical experience, you should propose an amount of 200,000USD as share capital upward. This capital rate shall be used for all operation time of the company (within 10 years).
2. How many types of registration required like, Registrar of Company, Income Tax, VAT, Exchange control of Vietnam?
For setting up the Foreign invested company in this field, you shall need to obtain (i) Investment Certificate which equivalent to Business License, (ii) Certificate of Tax Code Registration and (iii) Certificate of Seal Sample Registration.
3. What minimum business required if applicable ?
Vietnam Law does not impose minimum business required. You can register 01 business service: Inbound Tourism Service.
4. How much security deposit amount required ?
As stated above, for this service, you shall be required to deposit 12,500USD.
5. How much of time required in permission in diff. registration/ license ?
It shall take you about 2-3 months from submission of application dossier to complete obtainment of all license.
6. How much Annual Expenses of the Statutory Compliance ?
Annually, you must pay Business License Tax which is from 50USD-150USD. It shall depend on your registered investment capital.
7. How much first Year Expenses for the all registrations & license ?
Same to Item 6.
8. What Approval from Bank of Vietnam is required ?
After establishment of company, you shall be required to open bank account in Vietnam Bank.
9. Any license or certificate required from Ministry of Industry ?
For inbound tourism, you do not need to obtain special license from Ministry of Industry.
10.What is procedure of visa of work permit in the Proprietorship firm and others.
Foreign Employee shall be required to obtain work permit. It shall take you about 1,5 months to obtain work permit from provincial authority.
11. Applicability of employment Act and tax ?
We shall provide you detailed information of employment Act and tax in a separate advice. Our fee for this shall be 450USD. The fee is exclusive of 10% VAT.
12. If other applicable..
For tourism service, you shall be required to joint venture with a local partner who was licensed to conduct international tourism services. Your onwership in Joint Venture Company is not limited.
