Starting a business in Vietnam as a foreigner

I just wanted to check, I would like to register a small company (basically just me, a foreigner doing some IT consulting work for clients). But I prefer to work as a company rather than a sole-trader/contractor for a couple of reasons including some clients' requirements. Now, I would like to ask if someone on this forum has some information on how things work there:
1- Is this a DIY job (like it is in some countries) or rather involved process that requires a lawyer or accountant (if so, any suggestions/recommendations of lawyers/accountants)
2 - Does anyone know how much the process would cost, more or less - including lawyer's fees estimates?
3 - Are professional fees negotiable in VN once quoted?
4 - Do I have to be there during the duration of the process?
5 - What documents do I need to bring with me? Do I have to have copies certified/notarized at the Vietnamese embassy here?
6- In case you are familiar with the Vietnam tax regime, what would be the tax rate for this type of business (simple one man IT consulting- no shareholders, no partners, no employees, very simple)?
7 - How easy will it be to take money out of Vietnam, if needed?

I would prefer someone in Ho Chi Minh.

Thanks

Beed

All this has been covered before so take the time to read other threads here for the information. Use the search facility top right hand corner of this page.

And further to stumpy's comment :

Good luck with that!

E(x)scuse Moi!!    I'm in charge of cynicism here...     :idontagree:

..besides, I'm still trying to recover from No. 7........   (gaakkk, choke, etc)

But then, wotif he knows sumfingk we might have messed..?    (Nah)

I'll go with stumpy. 

I thought that horse had been flogged too much before.      :huh:

.

Just so, Bazza. Just so.

***

Moderated by Bhavna last week
Reason : Free advertising is not allowed on the forum. Thank you
We invite you to read the forum code of conduct
Beed :

I just wanted to check, I would like to register a small company (basically just me, a foreigner doing some IT consulting work for clients). But I prefer to work as a company rather than a sole-trader/contractor for a couple of reasons including some clients' requirements. Now, I would like to ask if someone on this forum has some information on how things work there:
1- Is this a DIY job (like it is in some countries) or rather involved process that requires a lawyer or accountant (if so, any suggestions/recommendations of lawyers/accountants)
2 - Does anyone know how much the process would cost, more or less - including lawyer's fees estimates?
3 - Are professional fees negotiable in VN once quoted?
4 - Do I have to be there during the duration of the process?
5 - What documents do I need to bring with me? Do I have to have copies certified/notarized at the Vietnamese embassy here?
6- In case you are familiar with the Vietnam tax regime, what would be the tax rate for this type of business (simple one man IT consulting- no shareholders, no partners, no employees, very simple)?
7 - How easy will it be to take money out of Vietnam, if needed?

I would prefer someone in Ho Chi Minh.

Thanks

Beed

Better to you register a company in New Zealand and work in Vietnam if you want.

Beed :

I just wanted to check, I would like to register a small company (basically just me, a foreigner doing some IT consulting work for clients). But I prefer to work as a company rather than a sole-trader/contractor for a couple of reasons including some clients' requirements. Now, I would like to ask if someone on this forum has some information on how things work there:
1- Is this a DIY job (like it is in some countries) or rather involved process that requires a lawyer or accountant (if so, any suggestions/recommendations of lawyers/accountants)
2 - Does anyone know how much the process would cost, more or less - including lawyer's fees estimates?
3 - Are professional fees negotiable in VN once quoted?
4 - Do I have to be there during the duration of the process?
5 - What documents do I need to bring with me? Do I have to have copies certified/notarized at the Vietnamese embassy here?
6- In case you are familiar with the Vietnam tax regime, what would be the tax rate for this type of business (simple one man IT consulting- no shareholders, no partners, no employees, very simple)?
7 - How easy will it be to take money out of Vietnam, if needed?

I would prefer someone in Ho Chi Minh.

Thanks

Beed

Sorry Beed, I think you have Vietnam confused with someplace else,.
Having said that, I'll sum up the situation for you: you can do all of the above, you will make many people around you very happy and make them much money, you will then have to pay them more to get what money you have left out of the country.
By my careful calculations, after 3 years of work, you should be able to leave with 89,000 vnd.

I hope this helps.

I'll do a follow up when I'm not busy. but Wxx3 is wrong, it's not nearly that bad. If you choose the correct bank, and do as much of the process as you can by yourself, it will still cost more than a local doing it, but it's really not that awful, and you can take your money out whenever you please if you choose a decent bank.

I'll write an actual response later tonight or tomorrow with some helpful details and tricks.

Took a few days longer than anticipated... but anyways here's some additional information.

If you want the process to be a million times either do one of the following.
1. Have a Vietnamese friend that you trust to name the business under.
2. Partner with a Vietnamese person.


If you are unable to do either each step will either take substantially longer or be more expensive. You can hire a law firm to do everything for you for about $600-1.2k for an English speaking firm probably. Depending on what you value your time at this may be a viable option.

For banks I'm a HUGE fan of SHB. I've had issues with Vietcom and HSBC in the past. Remember when sending money or doing anything at the bank that middle names are heavily regarded as part of your full name here in Vietnam. You can get around 7% with savings accounts (monthly expiry) here which is pretty nice for money that I don't keep in my brokerage and it's pretty flexible.

When law firms quote you I'm not certain how flexible they will be.... I wouldn't get your hopes up. As far as taking your money out of Vietnam you can either wire it or take it out as cash and maybe convert to gold or dollar.

My apologies!!  I'd forgotten this and it won't happen again!!!

Thank you,
Maria

New topic