Information about Chinese toys carrying many harmful substances harmful to children increases appearing on the market. So, consumers tend to buy Vietnamese toy products for their kids. Therefore, the toy manufacturing market in Vietnam is currently developing stably, setting up a toy manufacturing company is a very attractive investment. When it comes to business, the issue of establishing a company may confuse people with the complicated procedures. So, what are the specific conditions to establish a toy manufacturing company and its establishment procedure? In this article, LSX legal firm provides you: “Procedures to establish toy manufacturing company in Vietnam”
- Law on Enterprise 2020
- Decree 47/2021/ND-CP
Conditions to establish toy manufacturing company
The State allows individuals and organizations that own enterprises to freely choose business lines in accordance with their own aspirations and capabilities that not prohibited by law. This is specified in Article 7 of the Law on Enterprise 2020 as follows:
“Article 7. Rights of enterprises
Every enterprise has the right to:
1. Freely engage in any business line that is not banned by law.
2. Freely run the business and choose a type of business organization; choose business lines, area of operation, and type of operation; change the scale of business and business lines.”
In addition, for a number of conditional business lines prescribed by the Law, an enterprise wishing to conduct such business must fully satisfy the conditions required by the law. For example, to establish a security company, the company must meet the conditions prescribed by law such as having a confirmation of a bank deposit of at least 2 billion VND and maintaining throughout the operation.
On the other hand, toy manufacturing is not on the list of conditional business lines. However, toy manufacturing enterprises must ensure the safety of their product. Also, toys must not cause harm to children’s personality and health education as well as to social security, and order.
Therefore, if a toy manufacturing company has products for children, it must ensure the standards and technical regulations on children’s toys as prescribed by law.
Procedures to establish toy manufacturing company
Step 1: Prepare dossiers
At this step, for each type of company, the requirements for the profile that you need to prepare differs. However, in general, no matter what type of company, you need to prepare the following basic documents:
- The application form submits to the business registration office requesting the certificate to establish a company manufacturing toys.
- Draft of company charter.
- List of founders.
- 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.
- 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. The 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.
– There are least 02 partners that are joint owners of the company and do business under the same name (hereinafter referred to as “general partner”). A general partner shall be an individual whose liability for the company’s obligations is equal to all of his/her assets;
– Also, there can be limited partners in addition to general partners. A limited partner can be an organization or an individual whose liability for the company’s debts is equal to the promised capital contribution.
– General partners have unlimited liability. They must take responsibility for all their assets for the business operations of the company. This liability cannot be limited to any member.
– Limited partners have limited liability for the business debts of the company.
– General partners must not transfer part or all of their contributed capital in the company to another person without the consent of the remaining general partners.
– Limited partners have the right to transfer their contributed capital in the company to another person.
– A partnership may not issue any type of securities. Thus, the partnership’s ability to raise capital is very limited.
– A partnership company has legal status from the date of issuance of the Certificate of Business Registration.
Papers and documents in the enterprise registration dossier are made in Vietnamese.
In case the enterprise registration dossier contains documents in a foreign language, the dossier must have a notarized Vietnamese translation enclosed with the foreign language documents.
In case the papers and documents in the enterprise registration dossier are made in Vietnamese and foreign languages, the Vietnamese version shall be used to carry out the business registration procedures.
Finally, hope this article is useful for you to answer the question about “Procedures to establish toy manufacturing company in Vietnam”. If you need any further information, please contact LSX Law firm: +84846175333 or Email: email@example.com