Business Formation Process in HCM

BUSINESS FORMATION PROCESS IN HO CHI MINH CITY

The process of establishing a business in Ho Chi Minh City is divided into the following 3 stages:

STAGE 1: PLANNING AND PREPARATION

• Step 1: Choose the type of business to start. The common types of businesses in Vietnam include: Sole Proprietorship, Partnership, Limited Liability Company (LLC), and Joint Stock Company. The experts at TGS VietNam will advise and analyze the advantages and disadvantages of each business type for you.

• Step 2: Prepare a notarized copy of the ID card or passport of the members (shareholders). The number of members and shareholders will determine the business type. For example, a Joint Stock Company requires at least 3 shareholders. Note: The notarized copy of the ID card should not be older than 3 months.

• Step 3: Choose the company name. It is recommended to choose a short, memorable, and easy-to-pronounce name that is not identical to existing registered businesses. To check if your company name is available, the experts at TGS VietNam can assist you, or you can access the "National Business Registration Information System" for verification.

• Step 4: Determine the company's registered office address. If your business does not involve foreign investment, you do not need a rental contract before establishment. You can contact us for support in finding an office address if you do not have one for registration.

• Step 5: Decide on the registered capital commitment, which must be stated in the company's charter. The experts at TGS VietNam will guide you on the registered capital you need. If you have a clear business and financial plan, this step is straightforward; if not, our experts can help you create a business plan.

• Step 6: Determine the legal representative position of the company.

• Step 7: Choose the business sectors according to legal requirements for business registration.

STAGE 2: DRAFTING AND SUBMITTING DOCUMENTS

• Step 1: Draft the company’s documents according to the guidelines from the Ho Chi Minh City Department of Planning and Investment.

• Step 2: Submit the documents to the Business Registration Division of the Ho Chi Minh City Department of Planning and Investment. Note: The legal representative of the company is not required to submit the documents personally. They can authorize someone else to submit on their behalf.

Currently, you can also register the company seal and bank account when submitting the documents. The staff receiving your documents will ask if you would like to register a seal.

After 3 working days from receiving the documents, if everything is in order, you will be issued a Business Registration Certificate.

STAGE 3: POST-REGISTRATION PROCEDURES

Once the business registration and seal are obtained, businesses in non-regulated industries can start their operations according to the law.

However, according to legal regulations, after obtaining the business registration, the business must carry out the following steps:

• Step 1: Register for initial tax declaration with the tax authority at the business registration location within the required time.

• Step 2: Register for e-tax declaration via digital signature to file tax declarations online.

• Step 3: Submit tax declarations and pay the business license tax (according to Form 01/MBAI issued with Circular No. 156/2013/TT-BTC dated November 6, 2013, from the Ministry of Finance).

• Step 4: Open a bank account and register for e-tax payment through the bank. Pay the business license tax (if applicable).

• Step 5: Complete procedures for registering for electronic invoices with tax codes.

• Step 6: Prepare all necessary conditions for businesses with regulated industries (if any) through industry-specific licenses.

• Step 7: Install a signboard in accordance with the legal requirements, including the company name, tax code, and address.

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