Fast business set up solutions in Vietnam in 2024
Because Vietnam is a developing emerging market country, registering a new business is both challenging and time consuming.
Using their preferred corporate structure, our multi-national Clients should expect to legally conduct business in Vietnam within 6 months (click link).
As a work around solution (click link), Healy Consultants Group provides our multi-national Clients two fast business set up options:
- Acquiring a dormant clean ready-made Vietnam company with an already approved dormant corporate bank account (known as a turnkey solution); or
- Incorporating a new company using Healy Consultants Group professional, passive nominee shareholders and directors and bank signatory (known as a Fast Nominee Solution (click link).
With these two fast business set up solutions, our multi-national Clients can expect to legally conduct business in Vietnam within 4 to 6 weeks. Refer to more detailed information below:
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Comparing business set up strategies
Question Fast Nominee Solution Turnkey solution Register a new business Our recommended solution in order of preference? 1 2 3 How soon can our Client legally issue sales invoices to customers? 6 weeks 4 weeks 5 months How soon can our Client legally sign sales contracts with local customers? 6 weeks 4 weeks 5 months How soon can our Client lease permanent office premises and warehouse? 6 weeks 4 weeks 5 months How soon can our Client recruit local and expatriate staff? 6 weeks 4 weeks 5 months Estimated total cost of this engagement? US$38,550 US$40,275 US$25,745 Estimated paid up share capital to be injected during the engagement? US$ 50,000 US$ 50,000 US$ 50,000 How soon can we supply our Client a bank account number? 4 weeks 2 weeks 5 months Physical office required to be leased during company registration? Yes Yes Yes Must apply for tax numbers? Yes No Yes Must apply for an import\export license before trading? Yes Yes Yes Must apply for a regulatory license? Yes Yes Yes Foreign investment Government approval required before legally conducting business? No Yes Yes How long to appoint our Client’s preferred corporate structure? 4 months 4 months 4 months Total engagement period; to finish the engagement? 8 months 8 months 8 months Draft sales invoice – press button View invoice PDF View invoice PDF View invoice PDF -
Advantages and disadvantages of a fast business set up solution
No. Advantages Nominee company Shelf Company 1. Within a month, our multi-national Clients can legally conduct business in Vietnam; Yes Yes 2. Our Client does not have to travel to Vietnam for company registration and multi-currency corporate bank account opening; Yes Yes 3. Our Client can immediately recruit staff to help complete business set up; No Yes 4. The entity is already registered for tax, including payroll, corporation tax, sales taxes; No Yes 5. Government administrative tasks\delays are tackled after business set up, rather than before company registration; Yes Yes No. Disadvantages Nominee company Shelf Company 6. It is an expensive solution; Yes Yes 7. It is necessary to spend 2 weeks changing the business activity and change company name; No Yes 8. It is necessary to spend 8 weeks appointing our Clients’ preferred shareholders and directors; Yes Yes 9. It is necessary to spend 4 weeks appointing our Clients' preferred bank signatory; Yes Yes 10. It is necessary to spend 1 week to ensure the entity is clean and dormant; No Yes 11. Government foreign investment approval is still required? Yes Yes 12. The company might have had business operations in the past, which makes the handover process more complicated. No Yes -
Steps to register a fast nominee Solution
No. Steps Week 1. Healy Consultants Compliance Team receives the required corporate and personal due diligence (click link) information from our Client; 1 2. Our Client signs Healy Consultants Group 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; 2 4. For our Client, Healy Consultants Group prepares a tailored detailed project plan (click link); 2 5. Healy Consultants Group supplies our Client due diligence re our temporary professional, passive nominee shareholders and directors and bank signatory; 3 6. Healy Consultants Group registers a national LLC with our temporary professional, passive nominee shareholders and directors and injects the paid-up share capital to a temporary multi-currency corporate bank account; 3 7. Healy Consultants Group registers our Client company for tax; 4 8. The Vietnam bank supplies corporate bank account numbers to Healy Consultants Group, while we act as temporary bank signatory; 4 9. If required, Healy Consultants Group will apply for i) a specific regulatory license and ii) an import export license; 5 10. Healy Consultants Group emails our Client a template customer sales invoice complying with local commercial laws and includes i) a company name and number ii) a company office address and iii) a corporate bank account number and iv) a tax number. Our Client can legally conduct business in Vietnam; 6 11. Healy Consultants Group prepares and emails our Client the required documents to appoint them as directors and shareholders and bank signatory 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); 7 12. Our Client reviews and signs the documents in front of the Vietnam Embassy Consular at our Client’s country of residence and courier return the same; 8 13. Healy Consultants’ Group PLC 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.
9 14. 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; 11 15. 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; 12 16. 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; 13 17. If required, Healy Consultants Group will apply for a Foreign Investment Certificate from the Ministry of Planning and Investment (click link); 14 18. Following a review of the foreign investment license application, Ministry of Planning and Investment may revert to Healy Consultants for additional information. Healy Consultants Group and our Client provides the same in a timely manner; 18 19. The Ministry of Planning and Investment approves the foreign shareholder to purchase shares in the local company. Immediately after, Healy Consultants Group submits an application to the Ministry of Planning and Investment to amend the Business Registration Certificate; 24 20. The Ministry of Planning and Investment issues the amended Business Registration Certificate, showing the new shareholder and charter capital; 28 21. Immediately after, Healy Consultants Group 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; 29 22. Healy Consultants Group will courier the following to our Client:
- Company kit containing original Vietnam corporate documents;
- The banking kit;
- Healy Consultants Customer Satisfaction Survey;
30 23. Healy Consultants Group successfully completes our Client’s engagement. 31 -
Steps to purchase a fast turnkey solution
No. Steps Week 1. Healy Consultants Compliance Team receives the required corporate and personal due diligence (click link) information from our Client; 1 2. Our Client signs Healy Consultants Group 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; 2 4. For our Client, Healy Consultants Group prepares a tailored detailed project plan (click link); 2 5. Healy Consultants Group 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; 3 6. Healy Consultants Group emails our Client a template customer sales invoice complying with local commercial laws and includes i) a company name and number ii) a company office address and iii) a corporate bank account number and iv) a tax number; 3 7. Our Client can inform customers and suppliers; issue invoices for selected products and services, sign legal contracts and hire local staffs in Vietnam. Healy Consultants Group will inform our Client if some business activities require additional approval and licenses from the Government; 4 8. If required, Healy Consultants Group will apply for i) a specific regulatory license and ii) an import export license. There can be additional Government requirements to secure the same including higher paid-up capital requirements; 5 9. Healy Consultants Group prepares and emails our Client the required documents to appoint them as directors and shareholders and bank signatory 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 10. Our Client reviews and signs the documents in front of the Vietnam Embassy Consular at our Client’s country of residence and courier return the same; 7 11. Healy Consultants Group 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.
8 12. 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; 10 13. 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; 11 14. 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; 12 15. If required, Healy Consultants Group will apply for a Foreign Investment Certificate from the Ministry of Planning and Investment (click link); 13 16. Following a review of the foreign investment license application, Ministry of Planning and Investment may revert to Healy Consultants for additional information. Healy Consultants Group and our Client provides the same in a timely manner; 17 17. The Ministry of Planning and Investment approves the foreign shareholder to purchase shares in the local company. Immediately after, Healy Consultants Group submits an application to the Ministry of Planning and Investment to amend the Business Registration Certificate; 23 18. The Ministry of Planning and Investment issues the amended Business Registration Certificate, showing the new shareholder and charter capital; 27 19. Immediately after, Healy Consultants Group 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; 28 20. Healy Consultants Group will courier the following to our Client:
- Company kit containing original Vietnam corporate documents;
- The banking kit;
- Healy Consultants Customer Satisfaction Survey;
29 21. Healy Consultants Group successfully completes our Client’s engagement. 30 -
Conclusion
- If our multi-national Clients’ wish to legally conduct business as soon as practical, then I recommend one of the above fast business set up solutions;
- If our multi-national Clients’ wish to minimize business set up costs, I recommend registering a new LLC with your preferred corporate structure and bank signatory.