Vietnam is known to be one of the most dynamic economies in the world. Therefore, there is always the opportunity to set up a business a business in Vietnam if you know how to get in on the right time. A startup may establish its presence in Vietnam as a limited liability company with one or more members, a joint-stock company, a partnership, a branch, a business cooperation contract or a representative office. This article shall provide an overview on how to set up a business in Vietnam.
FIRSTLY: KNOWLEDGE OF THE LAW
Answering the question of how to set up a business in Vietnam, you must pay attention to the laws of Vietnam, especially investment law and business law. Knowing the provisions of Vietnamese law on business investment will help you uphold the law and determine the right business path from the first steps.
SECONDLY: FORMS OF BUSINESS TO SET UP IN VIETNAM
Choose for yourself a form of business investment, which can be to set up a business in Vietnam, or to contribute capital to invest in an existing company. However, the most important thing is to understand the nature of each type of business to invest in the right purpose.
THIRDLY: THE CAPITAL CONTRIBUTION
To set up a business in Vietnam, you must prepare yourself for a certain amount of capital. It depends on the direction of business activities as well as the law on the minimum amount of capital for a line of business subject to mandatory conditions to prepare financial capacity.
FOURTHLY: FIELD OF ACTIVITY
Determine exactly the business sector that the startup will be involved in, be it: finance, agriculture, technology, commerce or construction. This depends on the ability and passion of each person in each field.
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FIFTHLY: THE LICENSES
Learn about all the licenses for the selected business lines when you set up a business in Vietnam. It would be risky and irresponsible to do a business without having a license issued by a state authority.
SIXTHLY: THE LOCATION
This will contribute significantly to your success; finding a good location with crowded passers-by is not easy. For example, normally if you want a more upmarket or nicer place at Ho Chi Minh city, you should consider district 1 or 3.
SEVENTHLY: THE CONTRACTS
Arm yourself with solid knowledge of the contract, including all knowledge of the process of drafting, evaluating, analysing, and implementing the contract. To be able to handle this phase most effectively, business start-up should hire a lawyer specialising in the contract, if you feel you cannot fully understand it.
EIGHTHLY: THE CO-FOUNDERS
Look for suitable co-founders; a co-founder is vital to increasing your chances of success
Choosing a co-founder is very important. As you will be sharing a lot together, you will need someone who is both trustworthy and possesses complementary skills. Many people have a co-founder from the get-go. This is someone they’ve sat around with for hours to talk business and shoot ideas back and forth. Sometimes, founders deliberately go out to find people to share the journey.
LAST BUT NOT LEAST: PEOPLE, OR LABOR FORCE
You will frequently face difficulty with recruitment, culture clashes, turnovers, weird labour laws, and all kinds of cheating if not experienced or well-prepared.
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If you are having difficulty in how to set up a business in Vietnam, please contact us: P & Associates is a professional law firm established in Vietnam and currently has nearly 100 members working at three offices in Ho Chi Minh City, Hanoi and Da Nang. P & Associates are also considered to be one of the leading law firms specialising in law on business in Vietnam, which has a number of notable practice fields in the legal market such as Labour and Employment, Banking Law, Taxes, Purchases, Selling and Merging, Litigation, and IPO advisory services. We are confident to provide clients with legal services optimally and effectively.
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