Procedure for registration of business establishment

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Procedure for registration of business establishment

To register a business in Vietnam, business owners need to understand the steps that need to be taken in the business registration procedure. So, what are the procedure for registration of business establishment?

Submit an application for a business registration certificate

After preparing all documents and ensuring that all necessary documents have been checked, the business owner needs to submit an application for a Certificate of Business Registration through the National Business Registration Portal.

After that, the business owner pays the fee for the disclosure of information for business registration in Vietnam.

The registration fee can be paid directly at the Business Registration Office or into the account of the Business Registration Office.

If the fee has been paid in full and the documents after inspection meet the standards and have no errors, the business owner will be granted a Certificate of Business Registration and published business information on the National Portal.

Normally, it will take 3-5 working days to complete this stage.

After obtaining the Certificate of Business Registration, the enterprise needs to engrave its legal entity seal.

A seal includes a seal made at a seal engraving establishment or a seal in the form of a digital signature in accordance with the law on electronic transactions.

According to the provisions of the Enterprise Law 2020, which takes effect from January 1, 2021, enterprises have the full right to decide on the type, quantity, form and content of their seals, branches and representatives offices and other entities. Enterprises engrave their own seals and manage their own seals, and are responsible for their own seals.

Post the business information

According to the provisions of the Enterprise Law, within 30 days from the date the enterprise is granted the business registration certificate, the enterprise must post information on the enterprise portal of the business registration authority.

This is mandatory by law. The business owner will pay a fee to post the business information.

The contents of the report include: the name of the enterprise; the address of the head office; business lines; for limited liability companies, joint stock companies or partnerships, it is necessary to have information about charter capital, initial investment capital for private enterprises; legal capital, for enterprises conducting business in lines or trades requiring legal capital; place of business registration.

In addition, business owners should also note that in some of the following cases, businesses will not be required to post the business information, including:

• Enterprises only update and supplement information according to current regulations in the latest Circular 01/2021/TT-BKHDT.

• Update information on industry codes, business lines and main business lines and codes.

• Change Business Registration Certificate and tax registration but do not change business registration contents.

• Carry out tax registration according to current regulations in Circular 01/2021/TT-BKHDT.

Procedures after establishing a business in Vietnam

After completing all the procedures for setting up a business in Vietnam, businesses need to regularly monitor information from the authorities and respond to requests on time. In addition, businesses should also pay attention to the following tasks:

• Hang the business sign at the registered office address.

• Register for the initial tax return with the tax authority within the prescribed time limit.

• Register for tax declaration online via digital signature service.

• Submit the license tax return and pay the license fee.

• Submit notice of application of VAT calculation method.

• Make purchase procedures, order printing, self-print invoices.

• Prepare to meet business conditions necessary for conditional business lines.

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