Establishing a Single-member limited liability company for the first time is not an easy task for organizations as well as individuals. Therefore, considering a legal consulting company, in this case, is very necessary. LSX law firm provides you with comprehensive and quick advice on the most effective ways and procedures for establishing a Single-member limited liability company. In this article, we would like to give you the answer to: “What are the procedures to set up a Single-member LLC in Vietnam?”
Legal ground
- Law on Enterprise 2020
- Decree 47/2021/ND-CP
Establishing a Single-member LLC
a Single-member limited liability company owned by an organization or individual (hereinafter referred to as the company owner), the owner of the company takes liability for debts and assets obligations of the company within the amount of charter capital of the company.
- Does a Single-member LLC have legal status?
Single-member Limited Liability Company has legal status from the date of issuance of the business registration certificate.
- Does a Single-member LLC have the right to issue shares?
Single-member Limited Liability Company is not entitled to issue shares.
Establishing a single-member limited liability company is an administrative procedure to legalize the business operations, including procedures prescribed by the Law on Enterprise and its guiding documents.
- Firstly, Prepare dossiers for the application to be granted a business registration certificate.
- Secondly, Submit the application.
- Thirdly, Receive the business registration certificate.
- Lastly, Engrave and publish the seal.
What you need to establish a Single-member LLC
The establishment of a single-member limited liability company requires the following information and documents:
- Basic information to establish a company such as company name, business lines, charter capital, company owner, company address,…
- Individual papers of the company owner (as an individual) including ID card or passport (notarized copy).
- Certificate of business registration, company charter, the decision on the establishment of a subsidiary, and decision on the appointment of the legal representative of the company (if the company owner is a legal entity).
- Tenancy contract with building permit.
The listed information above is extremely necessary to establish a single-member limited liability company under the current law on enterprises.
Dossiers to establish a Single-member LLC
Company’s owner directly submit the application
In case the company’s owner submits the application by himself/herself:
Firstly, Business registration form
Secondly, Company charter
Thirdly, Copies of:
- Legal papers of the legal representative of the enterprise;
- Legal papers of the company owner (as an individual and organization (except for State enterprises)); of the authorized representative and the document appointing the authorized representative.
For the owner of a Single-member LLC being a foreign organization, then the copies of the organization’s legal papers must be consular legalized:
- Investment registration certificate in case the enterprise is established by a foreign investor or a foreign-invested economic organization under the Law on Investment and its guiding documents.
- License or written approval of the State Bank of Vietnam in case the enterprise establishes as a credit institution.
Lastly, The original certificate of business household registration and a valid copy of the tax registration certificate in case the establishment based on the conversion from a business household.
Authorized person submits the application
In addition to the above dossiers, the authorized to apply shall submit the following dossiers:
- A valid copy of individual legal papers.
- A valid copy of the contract with the service organization carrying out procedures related to business registration and the letter of introduction of that organization for the authorized individual to carry out the procedures related to business registration, or written authorization for that individual to carry out procedures related to business registration.
LSX legal firm’s service on company establishment
When establishing a company, people must carry out the procedure following the law at the competent business registration authority (under the Law on Enterprise 2020). The process of establishing a business includes many different steps and phases. If you are not familiar with the law, this process may take a lot of time.
With a team of experienced, reputable, and professional consultants; The firm is always ready to support and work with clients to solve legal difficulties.
Furthermore, using our service, you do not need to do the paperwork yourself, We guarantee to help you prepare documents effectively and legally.
Also, you will not have to waste time preparing the application, submitting application, or receiving results. At those stages, we will help you do it smoothly.
After all, LSX provides the service with the desire that customers can experience it the best way. Additionally, we guarantee the cost to be the most suitable and economical for customers.
Related article
Dossiers to establish a Single-member LLC in Vietnam
Procedure to establish a Single-member LLC in Vietnam
What do you need to establish a single-member LLC in Vietnam?
Related questions
Step 1: Prepare application for business registration of the single-member LLC
Step 2: Submit the application
-At the Business Registration Authorities
-Through Post Office
-Submit online
Step 3: carry out procedure after the establishment
-Procedures for Tax, Social insurance, Labor registration.
-Registration of branches, representative offices, and business locations.
-Notify seal sample.
-Register for import and export codes.
-Assets valuation of contributed capital. Carrying out procedures for transferring registered property ownership; land use rights, unregistered ownership assets.
-Lastly, satisfy and commit to comply with the conditions of the business line.
Firstly, the members of a multi-member limited liability company are only responsible for the company’s operations to the extent of the capital contributed to the company. As a result, the members take little risk.
Secondly, the members are usually people who know and trust each other. Therefore, the management and operation of the company is not too complicated.
Thirdly, the mode of capital transfer is strictly regulated; so investors can easily control the change of members.
Fourthly, members who want to transfer capital will have to give priority to the remaining members of the company. This limit the penetration of outsiders into the company.
Contact LSX
Finally, hope this article is useful for you to answer the question about “What are the dossiers to set up a Single-member LLC in Vietnam?”. If you need any further information, please contact LSX Law firm: +84846175333 or Email: [email protected]
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