Investor: Just writing to enquire about costs of starting up a company in Vietnam. Primarily we are looking to import beauty products from USA. Will this required any licenses? Also what will be the significant difference of being a non citizen vs a vietnamese citizen setting up the company and applying of any licenses.
Attorney: We understand that you would like us to advise on possibility of setting up a foreign invested company (FIC) in Vietnam for importation of beauty products.
Under Vietnam Law, in order to run above said business, you shall need to:
(i) Obtaining Investment Certificate for setting up FIC;
(ii) FIC shall then register cosmetic products to be imported into Vietnam with Ministry of Health.
We can assist you to complete two above procedures. We can provide you our professional fee quotation upon receipt of following information:
(i) Will you or your company in USA own the FIC in Vietnam?
(ii) Where will you locate the FIC in Vietnam, i.e. Hanoi or Ho Chi Minh City or other province?
(iii) List of beauty products to be imported by FIC. We shall need HS Codes of each products to be imported.
Regarding to your question about if there is any significant difference of being a non citizen vs a Vietnamese citizen setting up the company and applying of any licenses, we would like to confirm that it is much easier for Vietnamese Citizen to setup company in Vietnam. Meanwhile, foreign investor may face several difficulties during the licensing process.
