VINASC: Setup limited liability company in Vietnam
Setup limited liability company in Vietnam
Setup limited liability company in Vietnam (LLC) can be setup with only 1 shareholder. Who can be of any nationality and does not need to be resident in Vietnam. Our Clients will also need to appoint 1 director as the company’s legal representative. Who can be a foreigner but will then be require to
- Travel to Vietnam;
- Obtain a work permit and;
- Show evidence of 12 months of experience on a managing position.
Vinasc highly recommends to appoint to such role a staff member residing or often travelling to Vietnam. If needed, Vinasc may also provide our Clients with
- Nominee resident director services and/or
- Assistance to apply for a work permit in Vietnam
The Vietnam limited liability company
In order to complete incorporation, foreign-owned LLCs will be require to
- open a capital account with a local bank, required for share capital injection and transfers of future earnings abroad; and
- obtain approval for a foreign investment certificates (FIC), required by the Vietnam government to allow foreigners to invest in Vietnam.
Approval of the FIC requires a minimum investment, commonly set at US$10,000 but which may be higher in some industries;
All Vietnamese LLCs are also require at incorporation to provide the authorities with
- a registered address in Vietnam, which may be provided by Vinasc if needed and
- a bank certificate of deposite for the amount of share capital, which will need to be transferred no later than 12 months after incorporation is complete;
Post incorporation, all foreign-owned LLCs must i) provide the authorities with an annual return and ii) submit annual audited financial statements, which are a prerequisite for any remittance of earnings to their parent company. If needed, Vinasc may also provide auditing service;
A limited liability company is fit for more uses. The company can both trade with Vietnam and foreign customers, have local manufacturing operations and/or render services.