When leaving their homeland and achieving certain successes, many overseas Vietnamese want to return to Vietnam to do business and trade by setting up a company. However, can an overseas Vietnamese without the nationality of Vietnam establish a company? This article of LSX legal firm will provide you information about this question.
Legal grounds
- Law on Investment 2020
- Law on Enterprise 2020
Can overseas Vietnamese establish a company?
In fact, there are many cases of overseas Vietnamese brothers and sisters; who have lost their Vietnamese nationality during their living but really want to return to their homeland to set up a business. On the other hand, the right to establish businesses and do business in Vietnam today not restricted by nationality; but also facilitate the economic development. This means, not only people with Vietnamese nationality but also people of Vietnamese origin can set up companies in Vietnam.
Is overseas Vietnamese establishing a business different from ordinary Vietnamese citizens?
Overseas Vietnamese means a person of Vietnamese nationality origin (possibly with a confirmation of Vietnamese origin issued by the consulate) but has lost or has renounced the Vietnamese nationality. The right to establish a company will have some different in these cases.
According to the latest Law on Investment 2020:
“Article 3. Interpretation of terms
In this Law, the terms below are construed as follows:
19. Foreign investor means an individual holding a foreign nationality or an organization established under foreign laws an making business investment in Vietnam.
20. Vietnamese investor means an individual holding Vietnamese nationality or a business organization whose members or shareholders are not foreign investors.”
It can be seen that the Investment Law 2020 not focus on whether or not “of Vietnamese origin” but only defines that if you do not have Vietnamese nationality, you will be a foreign investor.
Thus, it can be understood that overseas Vietnamese without Vietnamese nationality will not be able to apply the policies of domestic investors.
The advantages of domestic investors: those who have Vietnamese nationality, will not be restricted in terms of business lines, percentage of share ownership, simpler in investment procedures and business registration.
Procedures to establish a company of overseas Vietnamese
Based on our practice experience, we recommend overseas Vietnamese brothers and sisters with 02 options as follows:
Option 1: In order to apply the same regimes, policies, and business restrictions as for ordinary Vietnamese citizens, you can request to re-enter Vietnamese nationality. Then, the law will considered you as domestic investors to establish a company. However, this method have some limitations such as some countries will require you to renounce your nationality after re-enter the nationality of Vietnam, which many overseas Vietnamese will not want.
Option 2: Carry out business establishment with procedures for foreigners. For this option, the procedure will be more complicated, limited and more costly than the first method.
- Step 1: Prepare valid documents to apply for approval of investment project policy in Vietnam – investment certificate;
- Step 2: Apply for a sub-license for conditional business lines such as: Environmental license, fire prevention license, security and order…;
- Lastly, step 3: establish a company.
After all, your business can operate businesses in Vietnam.
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
Overseas Vietnamese buy houses in Vietnam
Recognizing overseas marriage registration in Vietnam
Can overseas Vietnamese buy houses in Vietnam permanently?
Related questions
Firstly, it will take you one to two days to prepare basic information and dossiers to set up a company.
Then, you will spend two to three days preparing the necessary documents for the application to submit to the Business Registration Office.
The application can be submitted directly at the one-stop department of the Department of Planning and Investment of the province or city. On the other hand, you can submit online at: dangkykinhdoanh.gov.vn.
Lastly, the time to receive the application for business establishment is a working day. The processing phase takes 3 working days. Accordingly, the total time as prescribed-the fastest for you to get the company registration certificate is 5-7 working days. Besides, there will be cases where the time is extended due to the supplement of the profile.
Application for business registration.
Company charter.
List of company members/shareholders (Depends on the type of the company).
A valid copy of the ID card/Passport of the legal representative, company owner, members of the company.
Authorization letter for the authorized person to carry out business registration procedures
A copy of the ID card of the person authorized to carry out the procedures.
Contact LSX
Finally, hope this article is useful for you to answer the question about “Can overseas Vietnamese establish a company in Vietnam?”. If you need any further information, please contact LSX Law firm: +84846175333 or Email: [email protected]
Conclusion: So the above is Can overseas Vietnamese establish a company in Vietnam?. Hopefully with this article can help you in life, please always follow and read our good articles on the website: lsxlawfirm.com
