October of 2022 has become a successful month for Offshore Company Corporation (OCC) as we have partnered with SAP - world’s leading business management software producer - to streamline operations and improve our services.
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As part of establishing a 100 percent foreign-owned enterprise (100% FOE) or a joint venture (JV) in Vietnam, a foreign investor must go through a series of licensing procedures before being entitled to conduct business in Vietnam.
An investor must first engage in an investment project and prepare an application dossier (file) to apply for an Investment Certificate (IC), which is also considered to be the business registration for the enterprise. The IC is the official license allowing foreign investors to carry out business activities in Vietnam.
For projects that require registration, the issuance of an IC takes about 15 working days. For projects subject to evaluation, the time it takes to obtain an IC is likely to vary. Projects not requiring the Prime Minister’s approval take 20 to 25 working days, while projects that do need such approval take approximately 37 working days.
Special projects will be evaluated and approved by the Prime Minister. The application-receiving body, approving agency and licensing agency differs according to the location and sector of the project.
Once the IC has been issued, the following additional steps have to be taken to complete the procedure and start business operations.
In order to carve a seal, companies need a seal-making license from the Administrative Department for Social Order (ADSO) under the Municipal Police Department. The documents required for the seal application include:
Tax code registration must be undertaken with the tax department within 10 working days from the issuance date of the IC. The documents required for tax code registration include:
After obtaining the seal and tax code, companies need to open a bank account. The application documents for opening a bank account are:
Newly set-up enterprises need to register employees at the local labor office. They also need to register employees with the Social Insurance Agency for the payment of social, health and unemployment insurance.
To finalize the procedure, a newspaper announcement should be published announcing the establishment of the company. The announcement should include the following information:
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