Unlike the previous generations, the young generation in Vietnam today has more and more independent will to establish a company. Currently, with an open mechanism, setting up a company to start a business is no longer as difficult as before. But many of you, when starting a business, wonder if setting up a company requires a degree? To answer this question, LSX legal firm gives you this article: “Do I need a degree to establish a company in Vietnam?”
Legal ground
- Law on Enterprise 2020
Do you need a degree to start a company?
In Vietnam, business lines are divided into 2 groups (i) business lines without conditions (ii) business lines with conditions.
Conditional business lines include Lines of business requiring legal capital, practice certificates, university diploma, deposit…etc.
So, based on each conditional industry, we will advise customers on proving that they are qualified to meet the requirements of the law.
For example, the real estate business requires businesses to have at least 2 people with real estate brokerage practice certificates. On the other hand, accounting and auditing professions require the director to have an accounting training certificate…
Most of the time, setting up a company does not require a degree. The need to provide additional qualifications will depend on the line in which the customer does business and requires the customer to meet the requirements to be able to proceed with the establishment of a company in that business line.
The right to establish a company: Clause 2, 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 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 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 are incapacitated, are not able to control/her 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.
If requested by the business registration authority, the applicant shall submit the judicial records;
g) Juridical persons that are banned from a business operation or banned from certain fields as prescribed by the Criminal Code.”
Allow subjects such as Cadres, civil servants, and public employees,… to establish businesses will create opportunities for acts of corruption, and abuse of power.
Therefore, if required, business registration agencies will require founders to submit their criminal records during business registration.
Procedures to establish a company
Step 1: Prepare dossiers
- The application form submits to the business registration office requesting the certificate to establish a company.
- 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
Degrees are valuable papers that confirm a certain issue of the user’s expertise and can be used for a long time and serve many different jobs later. This sheet of paper is issued by a certain authority and has a full word mark
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 all, your Company can go into operation.
The procedure for setting up a company simply means a procedure with the business registration agency (Business registration office) with the following documents according to general regulations such as Minutes of meeting, establishment decision, personal profile, etc., together with the obligation of fees and charges. Thus, the establishment of a company in this condition is very simple.
Contact LSX
Finally, hope this article is useful for you to answer the question about “Do I need a degree to establish a company in Vietnam?”. If you need any further information, please contact LSX Law firm: +84846175333 or Email: [email protected]
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