Start-ups booming in Vietnam

The best good news about Vietnam is that last Monday, President Obama, lifted the decades-long U.S. arms embargo against Vietnam. But there is much more to know about Vietnam, and a lot good news about this Country. IT-powered start-ups are booming in Vietnam, and some worldwide tech giants have also gained success in Vietnam, such as Uber. Recently, start-ups have received attention from the Government, and the Prime Minister approved a project to develop the national ecosystem for start-ups by 2025, in an effort to encourage a start-up boom. A start-up needs an idea, a business plan, consultancies, understanding of legal procedures, knowledge about how to raise capital and a plan for how to operate. The following are the steps for incorporating a company in Vietnam:

1) Check the proposed company name; obtain a business registration certificate as well as a tax registration certificate from the local business registration office under the Department of Planning and Investment;

2) Make a company seal;

3) Registration of the seal-sample at the Police Department;

4) Open a bank account;

5) Buy pre-printed VAT invoices from the Municipal Taxation Department or obtain and print self-printed VAT invoices;

6) Register for trade union with Vietnam General Confederation of Labor;

7) Publish the registration contents on the National Business Registration Portal (NBRP);

8) Pay business license tax;

9) Register with the local labor office to declare use of labor (Municipal Department for Labor, Invalids and Social Affairs);

10) Register employees with the Social Insurance Fund for the payment of health insurance and social insurance.

Steps 6) to 10) may take places simultaneously with another procedure. Should you be interested in the Vietnam market and desire to have a business presence in Vietnam, contact us by email: info@dandreapartners.com