Need your advises: Steps For Foreigner Own Company In Vietnam....

Dear guys,

First of all, i hope all of you enjoy great Sunday.
Second, i hope can get your advises about :

Step by step for  the foreigner can own the company in Vietnam? (  In case the foreigners own company in their country and just open the representative office & In case if  dont own company in their country) . & How long time does  it take for papers work ?

+ Types of Business: 100%  foreigners-owned
+ Sector of Company: Investment Advisory

I  tried to search info on google & i know  Foreigners can own the company in Vietnam. But i think it will be great  if i can hear from your  ideas here cause i guess in this site, maybe have a lot of you opened the companies already. So real experience is better than info on google i think.

Many thanks.
Yuli

I don't know how come you couldn't find it cause it's everywhere in Vietnamese.
This is general information. You can pm me for any further advise or assistance.
http://moj.gov.vn/hoidappl/Lists/DanhSa … emID=33440

Dear Scarletvn,

Tks for your prompt reply . I would like to explain a little bit . I didnt mean i cant  find info on internet. What is mean: i would like to know about  real experience if someone who are foreigners here opened the company. Cause from the  theory to practice it may very different and difficult. And the company in this case is a little bit special about Sector: Its not open the factory and hire worker. This company wil be Investment Advisory company.

I will sms you . ^_^.

Best Regards

Agree with all you said.
I am assisting to set up business here. And yes, like you say, it varies from situations, even when you set up the same business but it will be different from each companies.

Regarding to your type of business, the most important thing you should consider is human resource: your partner, your staffs,... and the business network. It's more about doing business than setting it up.

I worked with 2 companies 100% foreign invested (investment consulting companies as well) and I found no difficulty in setting up phase. I think it's better to open a representative office here in the first time if the investor has company back in their country already. After a while, when you need to expand business or escalate the size & level of your company in order to work in special sectors.
If not, simply start from the beginning here.

By the way, it would be easier for people to answer your question if it's more specific cause I misunderstood it.

Best,
Vi

I could imagine an Investment Advisory company would require the national Bank to authorise its activities in the financial sector.

You must have
- Your staffs or partners of companies (must be member) who have special certificate in this field.
- Certain amount of money in your bank account as assurance for risky situations (if any), e.g Consultant company for studying aboard must have at least 500mio VND in bank account.
- Certain address and real infrastructure for your office to run business. You can't use virtual office in this case.

And other requirements for normal paperwork process to register business & set up company like any other else here.

Hope it may help.

I have started a company in Vietnam, although instead of going the foreign-owned route I opted to put the business under my father-in-law's name to make the initial paperwork easier, although I would have felt comfortable doing it with a good friend because the money is all in my name. I trust my father-in-law with the business money, but even if he tried to steal money from the business, he would not be able to get very much because the bulk of it is in a non-business account.

I also had the local tax official help with the paperwork to make sure everything went smooth. I think it took a little over a week to get the license, and then another couple of days to get the official stamp (this is VERY important). After that, you will want to make sure you get a good accountant and understand the basics of the VAT system in Vietnam. If you are interested, there have been a couple expat entrepreneur meetings that were very helpful for these kinds of questions. If you would like to meet some other people in similar situations, let me know and I will try to dig up the old thread and see if there is any more interest in having another meeting.

If you are going to be doing more consulting work, you might be able to get by with starting a company out of Singapore and not open an official company in Vietnam, but if you do that, your advertising options will be limited because newspapers and other similar companies will not let you advertise unless you are an official company.