SBLAW understands that foreign investor intends to setup a MLM Company in Vietnam for distribution of cosmetic and nutrition products, we would like to provide some legal information as follows:
In order to set up and run a MLM Company in Vietnam, you must (i) Obtain License for setting up Company which shall be lasted in about 6 months. Then, you shall register your products with Vietnam Competent Authority and obtain sub-license for MLM activities which shall be lasted in about 4 months.
Recently, Vietnam Government issued a new legal instrument on MLM and it require for an amount of 10,000,000,000 VND (Ten billion Vietnam Dong) as minimum capital for setting up MLM Company.
You shall be required to deposit at least 5% of your charter capital into a blocked bank account. However, such deposited amount must not lower than 5,000,000,000VND (Five billion Vietnam Dong).
We shall need following information for preparation of legal service proposal for setting up MLM Company in Vietnam:
(i) Full name of your Company.
(ii) List of products to be distributed: We need HS Code of products to be distributed.
