To set up a Labor Supply Company in Vietnam, foreign investors must seek “special approvals” from the relevant Ministries of Vietnam, i.e. 1/ Ministry of Labor, Invalids and Social Affairs, 2/ Ministry of Planning and 3/ Investment, and Ministry of Industry and Trade.
PROCESS OF FORMING A Labor Supply COMPANY IN VIETNAM
A. Pre-company formation consulting services:
Advising clients on how to select a type of legal entity they want to incorporate in Vietnam; what conditions and/or requirements they need to meet; what documents they need to provide; the timeline, etc.
- In Vietnam, there are 3 main types of companies, i.e. limited liability company, joint-stock company, and partnership company. As a matter of practice, foreigners are only allowed to set up either limited liability companies or joint-stock companies.
- Unlike limited liability companies which can have from one (1) to fifty (50) shareholders (members), joint-stock companies must have at least three (3) shareholders during its existence.
- A foreigner wants to run a business in Vietnam must have a Vietnam company duly incorporated and existing under Vietnamese laws
Preparing an Information Sheet for clients’ completion. Based on the information provided in the Information Sheet, we will prepare the necessary application documents.
(ii) Preparing and gathering documents:
Preparing the application form for the Investment Registration Certificate (IRC) and Enterprise Registration Certificate (ERC);
Preparing the draft Charter (Company Constitution);
Preparing Proposal for Investment Project, and any other necessary documents;
Collecting all the necessary documents from clients to establish application dossiers.
B. Filing and following up application dossiers for an IRC & ERC:
Assembling and reviewing all the necessary documents before filing for an Investment Registration Certificate and Enterprise Registration Certificate;
Representing clients to file application dossiers for an Investment Registration Certificate and an Enterprise Registration Certificate; and
Acting for clients to follow up with an evaluation of application dossiers by the competent state agencies and obtaining an Investment Registration Certificate and an Enterprise Registration Certificate.
Please note that to apply for an Investment Registration Certificate, the local licensing authority will grant foreign investors an Investment Registration Certificate upon receiving the “special approvals” from the Ministries. Actually, there are no conditions for granting special approvals. However, foreign investors must try to convince the relevant Ministries to grant such special approvals.
C. Post-company formation services:
1. Opening a direct investment bank account for injecting the registered capital and other transaction accounts and filing a notice of such accounts to the licensing authority.
2. Initial tax registration
3. Registration of electronic VAT invoice form
4. Payment of annual business tax
5. Booking e-signature service
6. Making a company sign
D. Applying for a Labor Supply Service License to the local labor authority
1. Conditions to obtain the Labor Supply Service License:
- The company has a notarized office lease contract with a term of at least 3 years.
- The company has deposited VND 300,000,000 in its bank account at a licensed bank in Vietnam.
2. Application documents to be submitted:
- An application form for the Labor Supply Service License;
- A copy of the Confirmation Letter of a deposit payment of VND 300,000,000 at a licensed bank in Vietnam;
- Documentary evidence of the head office address.
3. Applicable laws:
- Decree No. 52/2014/ND-CP dated May 23, 2014 providing conditions and procedures for granting employment service provision licenses to employment service enterprises.
- Circular No. 07/2015/TT-BLDTBXH dated February 25, 2015 providing specific regulations on implementation of several articles of the Government’s Decree no. 196/2013/ND-CPdated November 21, 2013 on stipulating the establishment and operation of employment service centers and the government’s decree No. 52/2014/ND-CP dated May 23, 2014 on stipulating requirements and procedures for licensing employment service operations of employment service enterprises.
- Decree 140/2018/ND-CP dated October 08, 2018 on amendments to decrees related to business conditions and administrative procedures under the management of the Ministry of Labor, War Invalids and Social Affairs.
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