Open a Limited Liability Company in Vietnam

Updated on Friday 13th October 2017

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The limited liability company is the most popular business form in countries all over the world and so it is Vietnam. Foreign enterprisers can benefit from many advantages when creating a limited liability company in Vietnam, especially if considering the legislation in this country provides for two types of forms of this structure. Another advantage of the limited liability company is that it does not require a minimum share capital.
The Vietnam limited liability company can be a one-shareholder or single-member structure or a multi-member structure. Our company formation consultants in Vietnam can offer information on the requirements related to registering a company in this country.
 

Requirements to open a limited liability company in Vietnam

When it comes to the single-member limited liability company, it is one of the simplest forms of setting up a business in Vietnam and can be explained by our local specialists.
With respect with the multi-member limited liability company in Vietnam, which is also the most popular type of structure, the following requirements apply for its incorporation:
-          the company must have a Members’ Council, a General Director or a Director;
-          the company must have at least two founding members;
-          the company’s maximum number of shareholders is limited to 50;
-          in the case of limited liability companies with more than 11 shareholders, an Inspection Committee who will supervise the activities of the Members’ Council.

The Vietnam limited liability company can take the following forms:
-          fully-foreign owned enterprise;
-          a joint venture enterprise, if the foreign companies has at least one local partner.
Another requirement related to opening a Vietnam limited liability company refers to the director who can be a foreign citizen, but he or she must have a work permit or a minimum experience of 3 years in a management position.

Our Vietnam company registration agents can offer full information on the requirements related to starting a limited liability company.


Limited liability company formation steps in Vietnam

The first steps to set up a limited liability company in Vietnam are to reserve a trade name, have the Articles of Association drafted and the company seal made. This information must be filed with the Business Registration Office.
Following that, the business owner must open the bank account and pay the business license tax. The last steps for forming a Vietnam limited liability company are registering for taxation, social security and employment purposes.

For assistance in opening a limited liability company, please contact our company formation advisors in Vietnam.

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