10 STEPS TO START A BUSINESS IN VIETNAM
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Starting a business involves planning, completing a series of legal activities, making key financial decisions. These 10 steps can help you plan, prepare and manage your business.
Step 1: Write a Business Plan
Use the tools and resources, combining with your experiences and understanding to create a business plan. This will help you map out how you will start and run your business successfully.
Step 2: Choose a Business Location
Get advice on how to select a customer - friendly location. Collect information on area infrastructure, office/workshop leasing price, and comply with legal regulations.
Step 3: Finance Plan for Your Business
Work out your Finance plan based on your business scale in considering fixed capital (long term payment, including: machinery, equipment, workshop/office furniture) and working capital (short term payment, including: workshop/ office leasing, payroll, materials, power supply, water, telephone, internet, etc.). Find government/bank backed loans, venture capital and research grants to help you get started.
Step 4: Determine the Legal Structure of Your Business
Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC) with one member, two members and above, Holding company.
Step 5: Register a Business license
Register or apply for Investment Certificate with State governmental authority to get the approval for the company setting up.
Step 6: Get a Tax Identification Number
Register with Tax body to get your Business’s tax code (tax identification).
Step 7: Opening Bank Accounts
Contact with a local bank to open your Business’s bank account.
Step 8: Announcement of the Business Foundation
Since this is required by the laws for all newly set up businesses in Vietnam, you contact with a newspapers to announce your business foundation on three numbers.
Step 9: Recruitment of Staff
Find the legal steps you need to take to hire employees. Apply for work permit in case of foreigners afterward.
Step 10: Registration of Tax Invoice
All your business incomes must be invoiced, so register with tax body to choose a printing company to get invoice books.