11 essential tasks to do after setting up a company in Vietnam

Every newly established enterprise carries with it hopes and meticulous plans. However, the establishment is only the beginning of a long and complex journey. Once established, there will be a series of legal tasks that need to be done to ensure smooth operations and compliance with the law.

Let’s explore together the following 11 tasks that cannot be missed after completing the process of establishing an enterprise:

1. Seal engraving

Enterprises contact to make seals at the seal engraving facility. The management and storage of seals is carried out in accordance with the provisions of the company charter or regulations issued by the enterprise with the seal.

2. Tax registration

Within 10 working days from the date of issuance of the Enterprise Registration Certificate (hereinafter referred to as ERC) or Investment Registration Certificate, the enterprise must contact the Tax Authority for tax registration.

3. Register digital signature (E-token)

E-token is an important tool to help enterprises in Vietnam improve operational efficiency and reduce risks. Enterprises can use E-tokens to use electronic invoices, declare and pay taxes, declare electronic social insurance, make transactions, sign contracts, etc.

4. Register a bank account

Registering a bank account helps enterprises easily perform electronic transactions, pay bills, pay taxes, and show professionalism in enterprise operations.

5. Register for electronic invoices

Currently, 100% of enterprises nationwide must use electronic invoices instead of paper invoices as before.

6. Attach enterprise name

Enterprises must attach their enterprise name at the headquarters and at branches and representative offices (if any). In case of failure to comply, enterprises will be fined from VND 30,000,000 to VND 50,000,000 and forced to attach the enterprise name according to Decree 122/2021/ND-CP.

7. Sublicense

For enterprise lines that are required by law to have a trading license, certificate of business eligibility, service operation license, etc. collectively referred to as sublicense, enterprise license must apply for permission and can only operate after being licensed by a competent authority.

8. Make capital contributions 

• For limited liability companies (LLC): The company owner/member must contribute capital to the company in full and with the right type of assets as committed when registering to establish the enterprise within 90 days from the date of issuance of the ERC, excluding time for transporting and importing capital contribution assets, and carrying out administrative procedures to transfer asset ownership.
• For joint stock companies (JSC): Shareholders must pay in full for the number of shares registered to buy within 90 days from the date of issuance of the ERC unless the company charter or share purchase registration contract stipulates a shorter period.

9. Issue capital contribution certificates

• LLCs with two or more members must issue capital contribution certificates to members at the time of capital contribution. 
• In case of failure to issue, the enterprise will be fined from VND 10,000,000 to VND 15,000,000.

10. Prepare and keep member registration book and shareholder registration book

• Enterprises must prepare and keep a member registration book (for LLCs with two or more members) or a shareholder registration book (for JSC).
•  Enterprises that do not comply will be fined from VND 30,000,000 to VND 50,000,000 and forced to prepare a member registration book and shareholder registration book according to regulations.

11. Establish the Supervisory Board

• For one-member LLCs whose owner is a state-owned enterprise; for two-member LLCs that are state-owned enterprises and subsidiaries of state enterprises; JSC are organized, managed, and operated according to the model of the General Meeting of Shareholders, Board of Directors, Board of Supervisors and Director or General Director with 11 or more shareholders or shareholders who are organizations own 50% or more of the total shares of the company, must have a Supervisory Board. 
• In case an enterprise does not establish a Supervisory Board, it may be fined from VND 60,000,000 to VND 100,000,000 and force the establishment of a Supervisory Board according to regulations.

In conclusion, we can easily notice that legal work after completing the establishment process plays an important role in ensuring stability and sustainable development for the enterprise. Even the smallest steps can make a big difference in shaping the future of your enterprise. Therefore, compliance with legal regulations will be the key to a solid and successful future.