Nominee company/ turnkey solutions for Vietnam

Fast business set up solutions in Vietnam

Setting up a new company in Vietnam is a time-consuming process and usually takes a minimum of four months in industries where the Government is looking to attract foreign investment, and often 6 months to 1 year in industries restricted to foreigners. As a work around solution, Healy Consultants Group PLC provides our multi-national Clients two fast solutions:

  1. Acquiring a ready-made Vietnamese company with an already approved corporate bank account; or
  2. Incorporating a new company using Healy Consultants Group PLC professional, passive nominee shareholders and directors and bank signatory;

With these two fast solutions, our Clients can expect to begin trading in Vietnam within 3 to 5 weeks. Refer to the summary table below:

  • Comparing each corporate solution

     New nominee companyShelf companyNew company
    Our recommended order of preference123
    Estimated total cost of this engagementUS$37,050US$41,605US$18,740
    How soon can the company issue invoices and sign legal contracts?5 weeks3 weeks4 months
    How soon can the company hire local staff?5 weeks3 weeks4 months
    How soon can we provide our Client a bank account number and tax number?5 weeks3 months3 months
    Estimated time frame to change the corporate structure?8 months8 monthsNot applicable
    Paid-up share capital required?US$50,000US$50,000US$50,000
    Foreign Investment Certificate approval requiredYesYesYes
    Physical office required to be leased?YesYesYes
    Draft InvoiceVietnam nominee company draft invoiceVietnam shelf company draft invoiceVietnam LLC draft invoice

  • Advantages and disadvantages of a fast-corporate solution

    No.AdvantagesNominee companyShelf company
    1.Your Firm will be able to i) invoice customers faster and collect receivables ii) minimize red tape and bureaucracy iii) hire local staff faster iv) sign legal contracts as soon as practical;YesYes
    2.Our Client does not have to travel to Vietnam for company registration and multi-currency corporate bank account opening;YesYes
    3.It is not always necessary to apply for additional required business sub-license;NoYes
    4.It is not necessary to register with local tax authority and the Ministry of Labor for staff recruitment;NoYes
    No.DisadvantagesNominee companyShelf company
    1.It is an expensive solution;YesYes
    2.It may be necessary to amend the business activity and change company name;NoYes
    3.The company might have had business operations in the past, which makes the handover process more complicated.NoYes

  • Steps to purchase a fast nominee corporate solution

    No.StepsWeek
    1.Healy Consultants Group PLC Compliance Team receives the required corporate and personal due diligence information from our Client;1
    2.Our Client signs Healy Consultants engagement letter and returns the original to our Singapore Head office. Our Client settles our fees;1
    3.Our Client confirms by email the planned corporate structure and e-mails the required due diligence;1
    4.Healy Consultants registers our Client’s LLC and opens a corporate bank account using our temporary professional, passive nominee shareholders and directors and bank signatory.2
    5.Healy Consultants provides our Client i) a company name and number ii) a company office address and iii) a corporate bank account number and iv) a tax number. In the meantime, Healy Consultants will act as the company’s nominee local shareholder and director;5
    6.Our Client can inform customers and suppliers; issue invoices, sign legal contracts and hire local staffs in Vietnam;5
    7.Healy Consultants Group PLC prepares and emails our Client the required documents to appoint them as directors and shareholders including i) the legal share allotment and legal share transfer ii) the change of company address and iii) the lease agreement in Vietnam (if required);6
    8.Our Client reviews and signs the documents in front of the Vietnamese Embassy Consular at our Client’s country of residence and courier return the same;7
    9.Upon receiving the legalized documents, Healy Consultants Company Secretary Team submits the documents together with an application to purchase shares to the DPI;8
    10.The Vietnam DPI approves the foreign shareholder to purchase shares in the local company. Immediately after, Healy Consultants Group PLC submits an application to the DPI to amend the company business registration certificate (BRC);11
    11.The Vietnam DPI issues the amended BRC, showing the new shareholder, company name, business activity and charter capital;14
    12.Healy Consultants’ Banking Team opens a corporate capital account for our Client to transfer funds in Vietnam;15
    13.Healy Consultants Company Secretary Team submits an application to the DPI for the Foreign Investment Certificate (FIC), which is required for foreigners doing business in Vietnam;16
    14.Following a review of the foreign investment license application, DPI may revert to Healy Consultants for additional information. Healy Consultants Group PLC and our Client provides the same in a timely manner;16-24
    15.The Vietnam DPI approves and issues a Foreign Investment Certificate;24
    16.Immediately after, Healy Consultants Group PLC emails our Client i) Foreign Investment Certificate ii) Amended Business Registration Certificate and iii) new M&AA showing the appointment of the new foreign shareholders and directors;25
    17.Healy Consultants’ Banking Team and our Client attends a meeting with the Vietnam bank to appoint our Client as the new bank signatory and submit the corporate bank package containing:

    • Signed appointment of bank signatory forms;
    • Client’s passport copy and proof of address;
    • Vietnam company kit;
    • Other Client due diligence.

    Following a review of the corporate bank account signatory change application, the bank(s) may revert to Healy Consultants for additional information. Healy Consultants and our Client provides the same in a timely manner;

    There is a 50% chance that the bank will ask the new bank signatory to travel for a one-hour interview. As always, Healy Consultants will aggressively negotiate for a travel exemption, asking the bank to just perform a Skype or phone conversation with the bank signatory. Depending on Client nationality, sometimes we are successful and our Client does not have to travel to Vietnam;

    25
    18.The bank approves the appointment of the new bank signatory and will courier internet banking documents (login, password etc) to Healy Consultants office or to our Client directly. If sent to us, we will activate internet banking on our Client’s behalf;29
    18.Healy Consultants will courier the following to our Client:

    • Company kit containing original Vietnam corporate documents;
    • The banking kit;
    • Healy Consultants Customer Satisfaction Survey.
    31
    19.Healy Consultants successfully completes our Client’s engagement.32

  • Steps to purchase a fast turnkey solution

    No.StepsWeek
    1.Healy Consultants Compliance Team receives the required corporate and personal due diligence information from our Client;1
    2.Our Client signs Healy Consultants engagement letter and returns the original to our Singapore Head office. Our Client settles our fees;1
    3.Our Client confirms by email the planned corporate structure and e-mails the required due diligence;1
    4.Healy Consultants Group PLC provides our Client i) a company name and number ii) a company office address and iii) a corporate bank account number and iv) a tax number. In the meantime, Healy Consultants will act as the company’s nominee local shareholder and director;3
    5.Our Client can inform customers and suppliers; issue invoices, sign legal contracts and hire local staffs in Vietnam;3
    6.Healy Consultants Group PLC prepares and emails our Client the required documents to appoint them as directors and shareholders including i) the legal share allotment and legal share transfer ii) the change of company address and iii) the lease agreement in Vietnam (if required);4
    7.Our Client reviews and signs the documents in front of the Vietnamese Embassy Consular at our Client’s country of residence and courier return the same;5
    8.Upon receiving the legalized documents, Healy Consultants Company Secretary Team submits the documents together with an application to purchase shares to the DPI;6
    9.The Vietnam DPI approves the foreign shareholder to purchase shares in the local company. Immediately after, Healy Consultants Group PLC submits an application to the DPI to amend the company business registration certificate (BRC);9
    10.The Vietnam DPI issues the amended BRC, showing the new shareholder, company name, business activity and charter capital;12
    11.Healy Consultants’ Banking Team opens a corporate capital account for our Client to transfer funds in Vietnam;13
    12.Healy Consultants Company Secretary Team submits an application to the DPI for the Foreign Investment Certificate (FIC), which is required for foreigners doing business in Vietnam;14
    13.Following a review of the foreign investment license application, DPI may revert to Healy Consultants for additional information. Healy Consultants Group PLC and our Client provides the same in a timely manner;14-22
    14.The Vietnam DPI approves and issues a Foreign Investment Certificate;22
    15.Immediately after, Healy Consultants Group PLC emails our Client i) Foreign Investment Certificate ii) Amended Business Registration Certificate and iii) new M&AA showing the appointment of the new foreign shareholders and directors;23
    16.Healy Consultants’ Banking Team and our Client attends a meeting with the Vietnam bank to appoint our Client as the new bank signatory and submit the corporate bank package containing:

    • Signed appointment of bank signatory forms;
    • Client’s passport copy and proof of address;
    • Vietnam company kit;
    • Other Client due diligence.

    Following a review of the corporate bank account signatory change application, the bank(s) may revert to Healy Consultants for additional information. Healy Consultants and our Client provides the same in a timely manner;

    There is a 50% chance that the bank will ask the new bank signatory to travel for a one-hour interview. As always, Healy Consultants will aggressively negotiate for a travel exemption, asking the bank to just perform a Skype or phone conversation with the bank signatory. Depending on Client nationality, sometimes we are successful and our Client does not have to travel to Vietnam;

    23
    17.The bank approves the appointment of the new bank signatory and will courier internet banking documents (login, password etc) to Healy Consultants office or to our Client directly. If sent to us, we will activate internet banking on our Client’s behalf;27
    18.Healy Consultants Group PLC will courier the following to our Client:

    • Company kit containing original Vietnam corporate documents;
    • The banking kit;
    • Healy Consultants Customer Satisfaction Survey.
    29
    19.Healy Consultants Group PLC successfully completes our Client’s engagement.30

Contact us

For additional information on our company registration services in Vietnam, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Mr. Simon Guidecoq, directly:
client relationship officer - Simon