Bonsai is a suitable hobby for many classes in society, so it attracts a large number of players and grows stronger. Therefore, opening a bonsai trading company is a reasonable choice for bonsai enthusiasts. In this article, LSX legal firm would like to inform you: “Procedures to establish company trading Bonsai in Vietnam”
Legal grounds
- Law on Enterprise 2020
- Decree 01/2021/ND-CP
Bonsai trees
The word “Bonsai” (often misspelled as bonzai or banzai) – a Japanese term that, literally translated, means “planted in a container”. This art form is derived from an ancient Chinese horticultural practice, part of which was then redeveloped under the influence of Japanese Zen Buddhism.
What is so special about a Bonsai tree?
Bonsai has long been respected in the ancient art of Feng Shui for their ability to draw life energies into a room, sharing them gladly with all who pass through. As a focus of sight, conversation, and living forces, a Bonsai can quickly spread joy and contentment to all who see it.
You might wonder; “what makes a bonsai tree expensive?” – the price of a Bonsai depends on its age and aesthetic qualities, like a thick trunk with a natural taper and fine ramification. Bonsai trees over 100 years old can sell for millions of dollars. An 800-year-old pine bonsai sold for $1.3 million at the Bonsai Convention in Takamatsu, Japan.
Things to know before the procedures to establish a bonsai trading company
To conduct a pet care business in the form of a company establishment, you need to note the following factors:
Charter capital
Charter capital does not have a maximum limit, so you can freely choose the amount of capital of your desired business regardless of the type of business you choose. Besides, you should note that for some conditional business lines, the government has a minimum charter capital requirement (legal capital).
However, the bonsai trading is not a conditional industry that requires a minimum charter capital. So, you can optionally choose the amount of charter capital for your company.
Head office
The head office of the enterprise means the place of communication and transaction of the enterprise, locates in the territory of Vietnam. Also, have a defined address including house number, street name or name of commune, ward, township, district, town, provincial city, province, or central city; phone number, fax number, and email (if any).
Note: the business must not located in an apartment building or a dormitory.
Type of company
You can choose one of the following business types that suit your company:
- Single-member limited liability company established by an individual or an organization.
- Multi-member limited liability company established by a minimum of 2 members and a maximum of 50 members.
- Joint-stock company established by at least 3 founding shareholders.
- Sole proprietorship established by an individual.
- Partnership company established by at least 2 general partners.
Business name
Check if the business name already exists or not.
The name of an enterprise must not coincide or cause confusion with another enterprise registered in the same province or city and satisfy the conditions prescribed by the Law on Enterprise 2020. To check whether the enterprise name already exists or not, you can search it at the National Business Registration Portal.
Subjects prohibited to establish businesses
One of the factors to keep in mind when setting up a business is that you need to consider whether you are prohibited from establishing and managing a business in Vietnam or not. According to Article 17 of the Law on Enterprise 2020:
“2. The following organizations and individuals do not have the right to establish and manage enterprises in Vietnam:
a) State authorities, People’s armed forces using state-owned assets to establish enterprises to serve their own interests;
b) Officials and public employees defined by the Law on Officials and the Law on Public Employees;
c) Commissioned officers, non-commissioned officers, career military personnel, military workers, and public employees in agencies and units of the Vietnam People’s Army; commissioned officers, non-commissioned officers, and police workers in police authorities and units, except for those designated and authorized representatives to manage state-owned stakes in enterprises or to manage state-owned enterprises;
d) Executive officers and managers of state-owned enterprises prescribed in Point a Clause 1 Article 88 of this Law, except those who are designated as authorized representatives to manage state-owned stakes in other enterprises;
dd) Minors; people with limited legal capacity; incapacitated people; people having difficulties controlling their behaviors; organizations that are not juridical persons;
e) People who are facing criminal prosecution, kept in temporary detention, serving an imprisonment sentence, serving an administrative penalty in a correctional institution or rehabilitation center, has the limited legal capacity or is incapacitated, are not able to control his/her own behaviors, are banned by the court from holding certain positions or doing certain works; other cases prescribed by the Law on Bankruptcy and the Anti-corruption Law.”
Procedures to establish a company trading Bonsai
Step 1: Prepare dossiers
- The application form submits to the business registration office requesting the certificate to establish a company trading Bonsai.
- Draft of company charter.
- List of founders as well as members.
- Authenticated legal papers of members.
- Valid identification papers of the authorized representative and the legal representative.
- Legal capital confirmation document.
- Certificate of business registration (for organizations).
- Investment registration certificate for foreign investors.
Step 2: Submit dossiers
Submit the application at the Business Registration Office of the Department of Planning and Investment at the province level where you plan to locate the head office of your Company.
Currently, there are two forms to submit an application:
- Register directly: apply at the “one-stop” department of the Business Registration Office. However, in Hanoi, this method is no longer applied.
- Besides, online business registration: submit your application on the National Business Registration Portal (Address: https://dangkykinhdoanh.gov.vn). After the online application is valid, you will have to go directly to the “one-stop” department to return the scanned copy (hard copy) when submitting it online. However, this method is relatively complicated, requiring you to have skills and knowledge about registering a business account.
Once you have submitted your application, you will receive a receipt for your application. Then, usual processing time for applications will be 3 working days.
Step 3: Receive result
According to the schedule on the appointment, you return to the “one-stop” department of the Business Registration Office to receive the results. There are two possible scenarios:
- Dossiers valid: You will receive a Certificate of Business Registration as a result and a notification to the tax authorities.
- In contrast, dossiers invalid: The Business Registration Office will have a document instructing you to amend the dossiers in accordance with the provisions of the law. After the amendments and supplements to your application according to this guide, then resubmit your application as in Step 2.
Step 4: Post-establishment procedures.
Receiving a Business Registration Certificate is just the first step in putting your company into operation. After that, you have to do the following series of procedures:
- Notice the use of the company’s seal sample.
- Bank account notice (if your company registers a bank account).
- Tax procedures such as license declaration and payment of license fees, Tax on corporate headquarters inspection,…
- Trademark protection (if you need it).
- …
After carrying out these procedures, your Company can go into operation.
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.
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Related questions
Under the Vietnamese law on accounting, the financial statement in Vietnam must include the following:
– Balance sheet
– Profit and loss
– Cash flow
– Note of financial statement
Companies that are unable to meet the deadline and submit their declaration late will face a fine. The fine for non-timely financial statements in Vietnam starts from VND 700,000 (~US$30) and can go up to VND 25,000,000 (~US$1,100).
Contact LSX
Finally, hope this article is useful for you to answer the question about “Procedures to establish company trading Bonsai in Vietnam”. If you need any further information, please contact LSX Law firm: +84846175333 or Email: [email protected]
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