An issue to consider before opening a company for visa purpose

That sounds like a very expensive way around things.

Yes, so I think you guys should be aware of it.

VanKhanh Ho wrote:

Yes, so I think you guys should be aware of it.

No rent required if you have a digital service/company 😁

But handy to know for the future and other members

VanKhanh Ho wrote:

Lately some ex-pats contacted me about the idea of opening a company with 3 billion VND charter capital so that they can apply for an investor's TRC. This is, I think, possible if you have about 100 million VND in your account at this moment. However, please note that a company is a lifetime expense.  Unlike applying for a visa or work permit (pay one-off for the paper), the owner of a company after having the paper will still has to pay for the monthly rent of an office and the monthly service fee for an accounting company. If you are lucky enough to find cheap cheap service office and accounting company, the total minimum expense might be at least 2.5 - 5 million VND a month.

Any of you did successfully obtain a TRC this way and what is your actual expense?

I'm sure there are tons of cheaper ways.. 3 billion is a big chunk of change to have laying around gaining no interest. But let's say you do opt for that route... How do you ever get your money back??

Those services office prices.. super expensive, it's easy to find much cheaper.

Jlgarbutt wrote:

Those services office prices.. super expensive, it's easy to find much cheaper.

I hate to take sides but I would stake Ms Van's advice against most anyone on the forum.  Maybe you could find less expensive ways to set things up but that is work too.

I went through the steps to setup a LLC in Vietnam earlier this year. The amount of investment was $6000 USD. The LLC concerned a digital virtualization business which was my idea. I filed the LLC paperwork with a Vietnamese partner, transferred the funds to a Vietnamese bank per the requirements, secured partnerships with Vietnamese experts that would consult with me, but then it seemed highly unlikely I would be able to complete the steps and get the LLC setup because of changes in visa extensions. The entire thing collapsed and I left for the US in July. I had to withdraw the money in cash from the bank, have an American friend transfer it to my US bank and then I left. I had put some months into the process and I was very unhappy at the end that I could not see it through. As it turns out though, things worked out the best for me personally and perhaps with hindsight being 20/20 I am happy now to have it end the way it did. I am living in Merida Mexico. I'm very happy. Moral of my story was to be careful with these things, do the proper research, and have a plan to get the investment capital out of Vietnam if things go downhill.

mpmilestogo wrote:

I went through the steps to setup a LLC in Vietnam earlier this year. The amount of investment was $6000 USD. The LLC concerned a digital virtualization business which was my idea. I filed the LLC paperwork with a Vietnamese partner, transferred the funds to a Vietnamese bank per the requirements, secured partnerships with Vietnamese experts that would consult with me, but then it seemed highly unlikely I would be able to complete the steps and get the LLC setup because of changes in visa extensions. The entire thing collapsed and I left for the US in July. I had to withdraw the money in cash from the bank, have an American friend transfer it to my US bank and then I left. I had put some months into the process and I was very unhappy at the end that I could not see it through. As it turns out though, things worked out the best for me personally and perhaps with hindsight being 20/20 I am happy now to have it end the way it did. I am living in Merida Mexico. I'm very happy. Moral of my story was to be careful with these things, do the proper research, and have a plan to get the investment capital out of Vietnam if things go downhill.

great post & good luck with your new life in Mexico

mpmilestogo wrote:

I went through the steps to setup a LLC in Vietnam earlier this year. The amount of investment was $6000 USD. The LLC concerned a digital virtualization business which was my idea. I filed the LLC paperwork with a Vietnamese partner, transferred the funds to a Vietnamese bank per the requirements, secured partnerships with Vietnamese experts that would consult with me, but then it seemed highly unlikely I would be able to complete the steps and get the LLC setup because of changes in visa extensions. The entire thing collapsed and I left for the US in July. I had to withdraw the money in cash from the bank, have an American friend transfer it to my US bank and then I left. I had put some months into the process and I was very unhappy at the end that I could not see it through. As it turns out though, things worked out the best for me personally and perhaps with hindsight being 20/20 I am happy now to have it end the way it did. I am living in Merida Mexico. I'm very happy. Moral of my story was to be careful with these things, do the proper research, and have a plan to get the investment capital out of Vietnam if things go downhill.

That is a great story of "real world" experience with the up's and downs of trying to get a visa by way of a Biz, like many things here in VN things change daily, weekly, yearly and things people could do suddenly stop leaving people out of money or out of the country.
Thank you for your information.
By the way have you met OceanBeach he lives in Mexico 

It's possible to rent a virtual office for 350k/month, but there is still accounting (1-2 million/month), taxes... it's indeed expensive.

But with a capital less than 3 billion VND, it's possible to get a TRC if you get a work permit.