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Query about registering a business in Vietnam

Hello Everyone,

I want to start a service related business in Binh Dinh province. I am looking at proceeding with registering my company in the next few days. Could anyone tell me if it's better (in terms of time for registration completion, red tapism, complexities with regards to stake and control, etc.) to go for a JV with a Vietnamese partner, wholly Vietnamese-owned company or could I register a 100% foreign owned business smoothly? Furthermore, I wanted to inquire if any of you know of any Vietnamese agent (an individual, not an agency) who could help me understand the entire process, the documents required to get a business running and also help with the registration. I have heard that agencies and lawyers charge a bomb to their clients and am not keen on visiting them. Also, in case of a 100% Vietnamese-owned company, how can one protect their ownership and benefits?

Thanks & Regards

What kind of service?  Most indians/ foreigners live in my building here.

U r very likely to get screwed

What amount do you consider "charge a bomb" for the services that you require?

Hello,

As normal, subject to the business activity that the foreigner intends to do, they select the option that they will facilitate and fund a reliable Vietnamese person (the “Trustee”) to set up a local company wholly by such Trustee and thereafter the expat will acquire the partial or wholly capital of the local company from the Trustee to become the owner of the local company.

Under this way, it is cheapest, easier and saves time to get all licenses/permits to run your business in Vietnam. At the later stage, the procedure for capital acquisition seems to be quite straightforward under the laws of Vietnam.

Moreover, to eliminate the risk from the Trustee, you can enter into some agreements with the Trustee, namely: (i) the loan agreement, under which, you finance the amount to the Trustee to subscribe the capital into the local company; and (ii) the call & put option agreement, under which, the Trustee unconditionally and irrevocably grants you the exclusive right to acquire partially or wholly the Capital of the local company from the Trustee at any time after its establishment.

I hope this helps. ***

Lawyer Cong

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