Foreigners who want to start a business in Vietnam can use this below checklist to make sure you do not miss any step of the process. For a developing nation, the rules are often quite unclear, apart from the fact that they are constantly changing. This is a comprehensive list of legal requirements for setting up your company in Vietnam.

The guide shall cover these attention points

• Brief overview of Vietnam’s economy

• Types of business entities to choose

• Major legal requirements for company establishment

• Tax reporting and compliance obligations

• Human Resources, recruitment and payroll obligations

 

Conduct Post-incorporation Procedures:

• Opening a company bank account

• Registering tax information and paying business license tax

• Registering e-invoice

• Injecting investment capital

• Installing a company sign at the business location

• Obtaining other necessary permits and licenses depending on your business activities

• Applying for work permits and residence cards (if you plan to stay in Vietnam)

 

Tax advisory:

* Tax efficient structuring for transactions and investments.

* Advice and planning on tax incentives and tax concessions.

* Tax authority representation (investigations, negotiations. Claims or application for double tax treaty relief and settlements).

* Review and drafting contractual documents to optimize the tax and compliant position.

 

Tax compliance:

* Tax code regulation and related registration.

VAT invoice customization and registration/notification.

* Monthly filling for Personal Income Tax, Corporate income tax, and Value added tax.

* Finalization of personal income tax and corporate income tax.

* Registration, declaration, and finalization for Foreign Contractor Tax Withholding Tax.

 

Basic Acconting Service:

* Work with client to understand the business operation.

* Set up a suitable chart of account and Client’s database account in accounting system.

* Reconciliation of cash, bank, and other balance sheet accounts.

* Closing financial reports required by local authorities.

General journal

General ledger

Trial balance

Balance sheet

Profit and loss account

Cash flow statement

* Prepare all tax reports required by local tax Department.

* Prepare tax finanlization reports yearly.

Work with auditor for auditing purpose yearly.