Open a Business in Vietnam
Open a Business in VietnamUpdated on Friday 06th May 2022
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Vietnam is open for business and for foreign investors who are interested in generating profits in this country through varied operations. If you have decided for the industry you wish to activate, the type of structure, and the necessary licenses for the business, the only thing left to do is to have an idea about the Vietnamese investment legislation, and particularly the Law on Investment 2005 that controls this sector. Legal support in this matter can be offered by our team of lawyers in Vietnam.
Our law firm also offer assistance if you decide to immigrate to Vietnam.
What types of companies can I open in Vietnam?
Entrepreneurs from abroad can easily set up different business entities like:
- • Single Member Limited Liability Company with only one shareholder;
- • Multiple Member LLC which can be established with a maximum of 50 shareholders;
- • joint stock companies which can be registered by at least 3 members;
- • partnerships that can be established by a minimum of two stockholders.
Each type of entity has different conditions imposed for incorporation, in respect with the Corporate Law in Vietnam, and more than that, the LLCs are among the preferred business entities by foreigners. You can also rely on us if you want to apply for citizenship in Vietnam.
How can I open a Single Member LLC in Vietnam?
A Single Member LLC can be incorporated, as the name says, by one individual (who can also be the director of the firm) with full liability in the firm and complete control on the operations. This type of company can be 100% foreign-owned, it can be incorporated fast and it is directed mostly to entrepreneurs who want to act as sole traders on the market. Our Vietnamese lawyers can manage the business incorporation for this type of structure in Vietnam.
How can I open a Multiple Member LLC in Vietnam?
The Multiple Member LLC in Vietnam is the type of structure that addresses mostly to several investors who want to establish small or medium companies. This entity can be controlled by a board of managers, it has distributed shares and profits in compliance with the capital contribution of each member. It is good to know that a Control Committee is necessary if the Multiple Member LLC in Vietnam is incorporated by less than 11 individuals.
Licenses for your business in Vietnam
Running a business in Vietnam means, first of all, applying for the necessary licenses and bearing in mind that there are some restrictions in different industries. The Vietnamese law that oversees the licenses and permits for activities in this country can be explained by our attorneys in Vietnam.
Our law firm can also advise foreign investors who have lived here long enough to qualify for citizenship in Vietnam.
Joint stock companies in Vietnam
Joint stock companies in Vietnam can be established by at least 3 members without having a limitation in this sense. Likewise, JSCs in Vietnam can issues securities for fundraising and can sell shares on the stock exchange. This structure suits mostly for large corporations from abroad.
Investing in Vietnam
If you want to open a business in Vietnam, you can direct the attention to some of the attractive sectors like the agriculture, construction, real estate, tourism, manufacturing, logistics, automotive, clothing, food, and beverages. The highly centralized economy of Vietnam has been observed as the fastest-growing for the recent years and by the end of 2050, it will represent the 20th largest in the world, according to statistics.
We invite you to contact our law firm in Vietnam for legal support when registering a business in Vietnam and for information about the investment legislation. Feel free to discuss with us if you want to immigrate to Vietnam.