Nowadays, the economy of Vietnam growing strongly, and the need to establish businesses increase day by day. Many people want to start a company to do business, but because they do not have a degree, they feel self-conscious. So, is it possible to set up a company without a degree? In this article, LSX legal firm will inform you of relevant information.
Legal ground
- Law on Enterprise 2020
The right to establish a company
Establishing a company allows individuals/organizations to have status in transactional relationships, or simply perform an apparatus for their business operations. As long as businesses satisfy the conditions, organizations and individuals can have the right to establish and contribute capital to establish a company.
According to Clause 1, Article 17 of the Law on Enterprise 2020: “Organizations and individuals have the right to establish and manage enterprises in Vietnam in accordance with this Law”.
However, there are subjects with special powers in state agencies or people with criminal records who do not have the moral qualities or conditions to run the company. The law restricts these people on the right to establish, contribute capital and manage the 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.
Do I need a degree to start a company?
Under the law, there are two groups of business lines in Vietnam. Conditional business lines and non-conditional business lines.
For business lines without conditions:
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.
For business lines with conditions:
The process and requirements in these cases are somewhat more complicated. Legal capital requirements (such as real estate business, debt collection, etc.), university degrees and diplomas (such as law offices, etc.), professions that require margin,…
So, whether establishing a company requires a degree or not will depend on the field in which the founder does business and the requirements of that business line.
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
Conditions for establishing specialized libraries in Vietnam
Dossiers to establish limited company in Vietnam
Can Officers establish company in Vietnam?
Related questions
This type of company has many advantages such as:
Firstly, the biggest advantage of a Single-member LLC is that the owner has the right to decide on all issues related to the company’s operations. So, decisions are made quickly.
Secondly, the owner of a single-member limited liability company is only responsible for the company’s operations to the extent of the capital contributed to the company. As a result, the owner takes little risk.
Thirdly, a Single-member LLC has legal status from the date of issuance of the Certificate of Business Registration.
Fourthly, single-member limited liability companies may raise capital through borrowing and crediting from individuals and organizations. The limited company also has the right to issue bonds. However, the company needs to meet the conditions to do so.
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.
Contact LSX
Finally, hope this article is useful for you to answer the question about “Do I need a degree to start 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 Do I need a degree to start 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
