Question: We are foreign investor and would like to set up pure local company in the field of rental service, is it possible in Vietnam Enterprise Law?
Anwser: Establishment of a pure local company in Vietnam is rather simple. For this option, Client shall have to appoint at least one local partner to act as owner of the pure local company.
Within 10 working days from submission of application dossier to licensing authority, we can obtain the Certificate of Business Registration for the Local Company.
We also would like to note that Vietnam Law does not restrict pure local company to provide rental services in Vietnam.
However, with this option, Client is not recognized as Owner of the pure local company. Thus, it is impossible for Client to earn profit from such Pure Local Company.
Furthermore, Client shall be at high risk of losing its control right against the Pure Local Company.
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