What is record keeping and seals?
Our records keeping and seals services notably include:
How to proceed?
Registering a 100% foreign-owned company in Vietnam is possible. However, foreign investment is subject to regulatory limitations applied on each specific business sector.
In most cases, investors shall implement the following steps to establish a company:
Step 1: Obtaining an Investment Registration Certificate, abbreviated IRC (if any non-Vietnamese investors).
Step 2: Obtaining an Enterprise Registration Certificate, abbreviated ERC or BRC for Business Registration Certificate.
The company is established but the following steps are required for regulatory compliance:
Step 3: Post establishment procedures.
Step 4: Obtaining sub-licenses (if any).
IRC stands for Investment Registration Certificate which shall be obtained (in most cases) when a foreign investor wants to set up a project (such as establishing a company) in Vietnam at the beginning.
ERC stands for the Enterprise Registration Certificate which every company in Vietnam must have. In other jurisdiction it is sometimes referred to as the “Incorporation Certificate” or “Company Certificate”.
Joint Stock Company (“JSC”) and Limited Liability Company (“LLC”) are the most common types of company in Vietnam since they offer the following advantages:
In general, there is no minimum capital required by law when registering a company in Vietnam. Only some conditional business sectors such as real estate trading, banking or education have specific capital requirements.
However, the capital shall be sufficient in light of the intended business sectors and scale of operation.
For non-conditional business sectors, we usually need from 6 to 8 weeks to setup a foreign-invested company and 1 week for a Vietnamese-invested one.
However, especially for foreign-owned companies, the time can be extended due to various reasons such as additional requirements from the licensing authorities.
It is mandatory for all companies to have at least one of its legal representatives in Vietnam at all time; however, the legal representative does not need to be a permanent resident in Vietnam.
Yes they can. By following, the seal, original and other company’s documents can be kept out of headquarters or through an agent providing service of storing seal and dossier.
An approach to manage and use the seal shall be regulated and implemented under company charter without giving it to any legal representatives of the company. The company need to promulgate a standard procedure for managing the seal.
Yes, they are. There are some kind of documents relating to tax, employment or company which are required to be archived. By randomly or periodically, competent authorities shall require the company to provide those mentioned documents for inspection. Some documents related to business operations won’t be subject to compulsory retention. However, these retentions are necessary to protect the rights of the company in disputes.
The retention duration shall be in accordance with the provisions of the law, equivalent to each document, documents shall have different retention periods. for instance, accounting vouchers, taxes shall be required to be stored from 5 up to 10 years.
Some company’s documents are required to be stored over a certain period of time, so when the company loses or damages those documents, the company might be fined for violations.
Methods applied for a violation will be determined depending on the number and type of lost documents.