When setting up a company in Vietnam; the question around the Limited Liability Company (LLC) registration procedure under Vietnamese Law may sound confusing. Therefore, LSX will show you every essential step in the process in this article.
- 2020 Enterprise Law
- 2014 Investment Law
What is a LLC?
Hence the definition of 2020 Enterprise Law, LLC is a company in which its owners are responsible for the company’s debts and other property obligations to the extent of the company’s charter capital. There are two types of LLC in Vietnam:
- Single-member LLC
- Multiple-member LLC.
Single-member LLC is an enterprise owned by an organization or individual; while multiple-member LLC has its member to be from 02 to 50. Depend on each type of LLC, the regulation might vary; yet they still have a similar registration procedure.
LLC registration procedure
Basically, the procedure will involve the following steps:
Step 1: Preparation of a dossier
Firstly, you will need to prepare a dossier for LLC registration, which includes:
- Business registration application form
- Company rules
- Members list
- Identity papers such as citizen identification cards, people’s identity cards, passports or other lawful personal identification of individual members
- The establishment decision, the enterprise registration certificate or other equivalent documents of the organization and the power of attorney (consular legalization)
- Citizen’s identity card, people’s identity card, passport or other lawful personal identification of the authorized representative of an organization member; identification papers of the authorized representative of the organization founding shareholders and shareholders for foreign investors being organizations
- Investment registration certificate for foreign investors thus the Law on Investment
Step 2: Submit the dossier
Thereafter done preparing the dossier, the applicant may apply directly at the business registration office, the Department of Planning and Investment of the province, the city where the enterprise is headquartered, or apply online.
Within 3 days from the date the application is valid, based on the receipt, the enterprise will receive the results at the place of application.
Step 3: Publication of business registration contents
Unlike before, right after applying to the establishment of a limited company, the applicant must also pay the fee for disclosure of business registration information; along with the application for company establishment.
Therefore, as soon as a company is granted an enterprise registration certificate, it will also publish its business information on the National Business Registration Portal.
Step 4: Make the company seal
Following the enterprise registration certificate and tax identification number; the company will engrave the enterprise’s seal at the establishments eligible for seal engraving business. This process will be complete in under 1 day.
Step 5: Announcement of business registration information
Subsequently, the company needs to submit an application for information disclosure on business registration on the National Business Registration Portal following the law. The content includes the Certificate of Business Registration and the lines of business.
At last, hope this article “Limited Liability Company registration procedure under Vietnamese Law” could help you solve your problem. If you have any questions, please contact Lawyer X for quick and best legal services: 0833102102.
The two most common types of enterprises are limited liability companies and joint-stock companies.
Within 30 days from the date of issuance of the Enterprise Registration Certificate; they must complete the announcement of business registration.
Thus the provisions of the 2020 Enterprise Law and WTO Law, enterprises have the right to freely conduct business in industries, as long as the regulation does not prohibit