5 Steps to Complete Business Establishment Procedures
Are you starting your entrepreneurial journey? The first step in this journey is that you must have a business legal entity to be officially recognized on the Vietnam business map. Currently, business establishment procedures have been simplified by state agencies to best support businesses. Join VietPhone Building to review 5 steps to complete a new business!
Step 1: Choose the type of business that matches your orientation
This is considered the first step that will shape your business model. The photo covers the entire future process, so you need to study carefully and have clear directions. Based on the number of members participating in establishing the business, we can choose the appropriate type. If the company has one person (meaning only you contribute capital), you should choose: Private enterprise or 1-member LLC. One-member LLC is the most chosen of the two types above. + If there are two or more members, you can choose the following types of businesses: Two-member LLC Joint stock company Partnerships Among these three types, you should consider establishing a joint stock company, which will have more advantages.
Step 2: Choose company address and company name
Once you have chosen the type of business, the next step is to unify the business name in both English and Vietnamese. There are some business naming rules that you need to keep in mind: Regulations on naming businesses 1. The Vietnamese name of an enterprise includes two elements in the following order: a) Type of enterprise. The name of the business type is written as “limited liability company” or “limited liability company” for limited liability companies; written as “joint stock company” or “joint stock company” for joint stock companies; written as “partnership company” or “HD company” for a partnership company; written as “private enterprise”, “DNTN” or “TN enterprise” for private enterprises; b) Personal name. Personal names are written with letters in the Vietnamese alphabet, the letters F, J, Z, W, numbers and symbols. 2. The enterprise name must be attached to the head office, branches, representative offices, and business locations of the enterprise. The business name must be printed or written on transaction papers, documents and publications issued by the business. 3. Based on the provisions of this Article and Articles 39, 40 and 42 of this Law, the Business Registration Authority has the right to refuse to approve the proposed registered name of the enterprise. (Regulated in Article 38 of the Enterprise Law) See more about business naming regulations at the national information portal on business registration Choose a business address for your business The head office of the enterprise is located in the territory of Vietnam, is the contact address of the enterprise and is determined according to the administrative unit boundaries; include phone number, fax number and email (if any). That means you can use your home address as the address for your business. But if your house is in a high-rise apartment building, that’s not possible. Because the apartments have not been licensed with the function of opening a business address. Unless the apartment management registers the function to allow opening a company office for certain floors, then that’s fine. You must ask the management carefully about this. If you need a professional, stable address for your business, there are two popular options you should consider today. Full office rental This is the right service for you if you want an office to work. In the office rental package, you can use the office address as your business address. And your business name will be listed on the building’s company board. You can refer to more complete office space at VietPhone Building Rent a virtual office If you don’t need an office to come to work but just need an address for your company’s headquarters, a virtual office is the solution for you. The advantage of a virtual office is that it is very cheap and fully meets the legal factors in establishing a business. Check out the details of the virtual office at VietPhone Building!
Step 3: Prepare documents to establish a business
Once you have prepared your business address and name, you can begin preparing documents to complete the business establishment procedures. At this step you have 2 options: Hire a unit specializing in business procedures and they will help you prepare the relevant documents, and you just need to fill in the information according to the forms and send them. The service will help you submit documents to establish a business at the Department of Planning and Investment. Engrave the seal, announce the seal sample,… In general, you don’t need to do anything but wait for time. In return you have to pay a little more. Option 2 is to complete the application and submit it yourself. If you have experience, you can do this to limit costs. For 1-member limited liability company The company has only 01 capital contributing member (this 01 member can be an individual or an organization contributing capital to establish). Profile includes: Application for registration of a one-member limited liability company;. Company rules. Copies of the following documents: Legal documents of the individual for the legal representative of the enterprise; Legal documents of individual to the company owner is an individual; Legal documents of the organization for the company owner being an organization (except in cases where the company owner is the State); Legal documents of the individual for the authorized representative and document appointing the authorized representative. For LLCs with 2 or more members Membership limit from 02 to 50 members. Profile includes: Application for registration of a limited liability company with two or more members; Charter of the company; List of company members; Copies of the following documents: a) Legal documents of the individual for the legal representative of the enterprise; b) Legal documents of individuals for company members; Legal documents of the organization for members who are organizations; Legal documents of the individual for the authorized representative of the member who is the organization and the document appointing the authorized representative. For members that are foreign organizations, copies of the organization’s legal documents must be consularly legalized; c) Investment registration certificate in case the enterprise is established or participates in the establishment by foreign investors or economic organizations with foreign investment capital according to the provisions of the Investment Law and other documents. implementation guide. 3. Joint stock company Minimum 03 shareholders and unlimited maximum number of shareholders, can become a public company, participating in the stock market. Profile includes: Application for registration of joint stock company; Company rules; List of company shareholders; Copies of the following documents: a) Legal documents of the individual for the legal representative of the enterprise; b) Personal legal documents for company members, founding shareholders, and shareholders who are foreign investors who are individuals; Legal documents of the organization for members, founding shareholders, shareholders who are foreign investors being organizations; Legal documents of individuals for authorized representatives of members, founding shareholders, shareholders who are foreign investors who are organizations and documents appointing authorized representatives. For members and shareholders who are foreign organizations, copies of the organization’s legal documents must be consularly legalized; c) Investment registration certificate in case the enterprise is established or participates in the establishment by foreign investors or economic organizations with foreign investment capital according to the provisions of the Investment Law and other documents. implementation guide.
Step 4: Engrave the seal, announce the seal sample and announce the business on the business information portal
When the documents are approved and a business registration certificate with a business tax code is provided, the company will engrave the company seal at a facility that meets the conditions for the business of seal engraving. Once the seal is completed. For the seal to be effective and used, the company needs to carry out procedures to publish the seal sample on the National Business Registration Portal. After 03 days from the date of publication, the seal sample will be displayed in the business information on the National Business Registration Portal. Within 30 days from the date of issuance of the business registration certificate, the company needs to submit documents to disclose business establishment information on the National Business Registration Portal according to the provisions of law. . The published content includes: – Business; – List of founding shareholders and shareholders who are foreign investors for joint stock companies.
Step 5: Make your first tax declaration
After obtaining a certificate of business establishment with a tax code, you must proceed with tax-related procedures. Includes initial tax declaration, digital signature, and electronic invoice. For this step, you should hire a company specializing in tax, they will do the procedures for you. If you have a relative who works in corporate tax, you can ask them to declare. Usually, which district your business is located in will be managed by that local tax. After completing the tax steps, you have officially completed business procedures. Hopefully the above steps will help you get an overview of the process of establishing a business. Wishing you success, if you have any problems with the office or business procedures, please contact VietPhone Building immediately!
