My Vietnamese girlfriend and I want to open a coffee shop here. We are very excited about the plan and really can’t wait to get started. However, I have little knowledge about the administrative procedures that we will need to go through. Can you give me some advice please?
GBS - Starting a new business in Vietnam is time-consuming and costly, said a recent report released by the International Finance Corporation and the World Bank. According to the report, it would take an investor only three days to complete two business procedures, costing about 0.9 percent of the annual income per capital in Canada and it is almost the same in Australia.
(i) Setting up foreign invested company: You shall be required to obtain an Investment Certificate from the competent authority. It shall take you about 15 working days from submission of application dossier to the competent authority for obtaining the Investment Certificate. For several special case, before obtaining Investment Certificate, you shall be required to obtain in-principal approval from authorities. After obtainment of Investment Certificate, you shall be required to obtain Certificate of Business Registration for Foreign Invested Company. This step shall take you about 5 working days to complete.
GBS - Foreign investors have been flocking to Vietnam in recent years. Close to global supply chains, the country is seen as an attractive alternative to manufacturing in China, where wages are on the rise. Other benefits include its relative political stability and inclusion in the Trans-Pacific Partnership.
Every company in Vietnam is required to have at least one Legal Representative. The Legal Representative engages in transactions that bind the company, acts as the company’s representative in legal proceedings, and exercises all other rights and obligations under the law. Having the sole power to bind and represent the company, the Legal Representative is in many ways similar to the Director or Board of Directors in Western companies.
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