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What Essential Services Will I Need to Set Up a Business in Vietnam?

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What Essential Services Will I Need to Set Up a Business in Vietnam?

Vietnam is regarded as one Asia’s tiger economies and if you are thinking about expanding your business empire to include Vietnam, this article was written with you in mind. In this article, we outline the various business services that you might require when you formulate a business in Vietnam.

Business Registration

The only way to do this is with the help of one of the trusted accounting firms in Vietnam, who would be able to explain the various ways that you can register your business in Vietnam and offer the best advice regarding business formation.  Once all the necessary paperwork is complete and you have opened the required bank accounts, the business registration usually takes 4-6 weeks, after which you can get things moving. One option is to open a Representative Office (RO) in Vietnam, which allows you to conduct market research, with restrictions on trading, the RO can be 100% foreign owned and requires a Chief Representative. Another option is a limited liability company, which can be a joint venture or 100% foreign owned and has full trading abilities, which is a very popular choice for the business owner who is ready to start trading. The other alternative is a joint stock company, which requires you to set up a management board and this can be either a joint venture or foreign owned, with a minimum of three investors.

Bookkeeping & Accounting Services

They also offer full bookkeeping & accounting services and can connect you with local professionals to ensure your new business has everything it needs and most importantly, ensuring that you are always compliant with local laws. They also have a wide range of secretarial services on offer, should you ever require them, which are very affordable, using local rates. There are obvious language problems in Vietnam, which is another good reason to use the services of the company that handles your business registration.

Marketing

Ideally, you would make contact with a local digital marketing agency, a leading company with an impressive list of clients and let’s face it, without extensive knowledge of the local market, you would find it hard to create a successful promotion. Launching a new business demands many live events and a national advertising campaign, something the local SEO agency can handle, along with an aggressive digital marketing plan that will put your business on the map. Click here for more marketing tips to get your message out to the right people.

Banking

When you make contact with a local company regarding setting up your new business in Vietnam, you will be required to open business bank accounts and the provider would request this at the same time as they are preparing the paperwork to submit the business registration.

Complying with Local Laws & Regulations

This is always a worry for a foreign business owner, who does not have the knowledge about local laws and rather than risk breaking the law, enlist the services of a leading accounting company that handles foreign business registration in Vietnam.

Prior to planning any travel to Vietnam, check out their current Covid-19 updates, which will also tell you about entry requirements.