Establishing One-Member LLC in Vietnam: 2023 Guide

The one-member limited liability company (LLC) has become a popular choice for entrepreneurs in Vietnam due to its flexibility and relative ease of establishment. This guide from NT International Law Firm provides a comprehensive overview of the latest procedures and requirements for setting up your one-member LLC in 2023, empowering you to navigate the process with confidence.

Establishing One-Member LLC in Vietnam: 2023 Guide

Pre-Registration Procedures:

1. Prepare Information: Gather essential documents like company name, chosen business lines, owner details, address, and desired charter capital.
2. Draft Company Charter: This document outlines the company’s structure, governance, and operations. Legal assistance is recommended for drafting this crucial document.
3. Meet Eligibility Requirements: Ensure your organization or individual meets the legal requirements for establishing a company in Vietnam, as outlined in Article 17 of the 2020 Enterprise Law.

Registration Procedures

Registration Procedures:

Option 1: Direct Submission:

• Visit the one-stop department of the Business Registration Office (BRO) where your company headquarters will be located.
• Submit the application form, company charter, and all required documents (varies depending on ownership structure: individual vs. organization).
• Pay applicable fees, including the business registration fee (50,000 VND) and publication fee (100,000 VND).

Option 2: Online Registration:

• Register on the National Information Portal for business registration using a digital signature or business registration account.
• Follow the online instructions and submit all required documents digitally.
• Pay fees electronically through the portal.

Post-Registration Steps

Post-Registration Steps:

1. Receive Business Registration Certificate (BRC): The BRO issues the BRC within 3 working days of successful registration.
2. Publish Business Registration Information: Announce the company’s BRC and business lines on the National Information Portal.
3. Obtain Business Seal: Self-engrave the company seal without notifying the BRO (as per the 2020 Enterprise Law).
4. Tax Declaration and Registration:
   • File the license tax declaration and pay license tax.
   • Register for and use electronic invoices.

Additional Considerations

Additional Considerations:

• Capital Contribution: The owner must contribute the agreed-upon capital amount within 90 days of BRC issuance.
• Business Line Restrictions: Certain business lines require specific licenses and may have minimum capital requirements. Consult the Investment Law 2020 for details.
• Headquarter Location: Ensure the chosen address complies with legal requirements and serves as a valid contact point.

FAQs

FAQs about one-member LLC:

• What documents are required for registration? The required documents vary depending on whether the owner is an individual or an organization. Refer to the document list provided earlier for details.
• How much does it cost to establish a one-member LLC? The total cost includes registration fees, publication fees, and any additional expenses for licenses or legal services.
• What are some common mistakes to avoid? Omitting necessary documents, choosing an unsuitable business line, or failing to meet capital contribution requirements can cause delays and complications.

Conclusion

Conclusion:

Establishing a one-member LLC in Vietnam can be a smooth process with adequate preparation and knowledge. By following the outlined steps and seeking professional guidance where needed, you can navigate the legal and administrative procedures efficiently and launch your business venture successfully.

NT International Law Firm is Here to Help

NT International Law Firm is Here to Help

NT International Law Firm has addressed the question of how you can kickstart your own one-member LLC. If you have any further questions or concerns regarding corporate law, please contact our law firm immediately for expert legal advice.

If you require any legal assistance, please feel free to reach out to us via phone at 090 252 4567 or through email: info@ntpartnerlawfirm.com. At NT INTERNATIONAL LAW FIRM, our team is committed to offering you prompt and personalized advice.

You also might be interested in:

• The 2015 Civil Code in English
• The 2020 Law On Enterprises in English