With Vietnam’s thriving economy and growing demand for business support services, foreign investors looking to set up a secretarial services venture in the country have a unique opportunity to tap into a rapidly expanding market. However, establishing a business in an unfamiliar country can be a daunting task. In this article, we’ll discuss some essential things that foreign investors need to know to set up a successful secretarial services business in Vietnam.
Conditions for set up business in Vietnam for providing secretarial services
To establish a secretarial service business in Vietnam, foreign entrepreneurs must reside in the country and hold citizenship from a World Trade Organization (WTO) member state.
In order to comply with regulations and successfully register a business, foreign entrepreneurs should be aware of the following requirements:
– Register the business in accordance with the established guidelines
– Obtain a license for the secretarial service enterprise
– Choose a suitable business type, such as a joint-stock company, single-member LLC, partnership, private company, or private enterprise.
Charter capital is not subject to a minimum level as determined by Vietnamese Enterprise Law, which allows enterprises to register their own capital. When selecting a company name, it must be written in Vietnamese capital letters and must not duplicate or be confused with existing names in the market. The name must be displayed at the head office, branch, representative office, and on documents, transaction records, and publications issued by the enterprise.
The steps and processes for establishing a secretarial service business in Vietnam
In order to establish a secretarial service business, it is necessary to prepare and submit various documents to the Business Registration Office, located where the head office will be based. These documents include:
– A completed enterprise registration application in the required format
– A copy of the company’s Articles of Association
– Copies of documents belonging to the owner or legal representative, such as an identity card or passport, along with the certificate of establishment or other relevant documents
– Foreign investors must also obtain an investment registration certificate as specified in investment laws, along with accompanying documents.
Once all necessary documents have been submitted, an enterprise becomes eligible to establish a secretarial service business by presenting the following documents:
– Personnel certificates or related certificates for secretarial service practice
– Copies of employment contracts between the enterprise and employees working in the secretarial service business
– A certificate of eligibility to establish the secretarial service business.
What should foreign investors pay attention to?
Firstly, it is essential to understand the legal framework for foreign investment in Vietnam. Foreign investors must comply with various regulations stipulated by the Vietnamese government to operate a business in the country. Therefore, it is imperative to research and understand the business laws and regulations to comply with all the requirements.
Secondly, foreign investors must identify the target market segment. This includes understanding the local industry as well as current demand and supply of secretarial services in Vietnam. A thorough market analysis will help foreign investors to identify potential customers and tailor their services accordingly.
Thirdly, locating the right office space is vital. Foreign investors must have a clear understanding of the location, the cost of rent, and the office’s layout. The office space must be conducive to the business’s operations and should be easily accessible by clients.
Fourthly, obtaining the necessary licenses and permits is crucial. These include the Business Registration Certificate, the Investment Registration Certificate, and the Tax Registration Certificate. A good understanding of the legal requirements and procedures is necessary to avoid any delays or penalties.
Finally, foreign investors will need to recruit the right staff to deliver high-quality secretarial services. A comprehensive recruitment process must be in place, including job descriptions, salary bands, and required qualifications.
Some notes for foreign employees
To work legally in Vietnam providing secretarial services as a foreign employee, it is necessary to fulfill the following requirements:
– Hold a labor contract with the enterprise and obtain a valid work permit issued by the relevant authority in accordance with regulations.
– Possess appropriate health and professional qualifications related to the field of secretarial services.
– Comply with Vietnamese labor laws, international treaties, and other provisions under labor regulations.
– Be eligible to participate in compulsory social insurance in accordance with state regulations.
Conclusion
In conclusion, foreign investors looking to set up a secretarial services business in Vietnam must conduct thorough research, understand the legal requirements, identify the target market, find the right office space, obtain the necessary permits and licenses and recruit the right staff. While establishing a secretarial service business may pose certain challenges for foreign investors in Vietnam, the process can be considerably smooth if they adhere to the legal requirements, obtain the necessary certificates and permits, and ensure compliance with relevant labor regulations. With a growing demand for professional and reliable secretarial services in the Vietnamese market, foreign investors can benefit significantly from this venture while contributing to the country’s economic growth and development.
HMLF is always available to offer assistance in understanding the procedures with authorities.
Harley Miller Law Firm “HMLF”
Head office: 14th floor, HM Town building, 412 Nguyen Thi Minh Khai, Ward 05, District 3, Ho Chi Minh City.
Phone number: +84 937215585
Website: hmlf.vn Email: miller@hmlf.vn