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A limited liability company in Vietnam is one of the four kinds of business entities under which both local and foreign promoters have been allowed to conduct their business in accordance with the Vietnam’s Law on Enterprise[1].
An LLC is a legal entity which is formed by the capital contributions of each member to the company. Not more than 50 members can be members in a Limited Liability Company in Vietnam. The liability of a member of an LLC for the financial obligations of the company is restricted to the member’s capital contribution but does not extend to his/ her personal assets.
On the basis of the business sector, the promoter or investor can choose either of the following business structure of an LLC in Vietnam:
There are two broadly two types of limited liability companies in Vietnam under Law on Enterprise. These are one-member LLC and multi-member LLC.
Following is the step-by-step guide to set up a Limited Liability Company in Vietnam:
Another important aspect in the setting up of a Limited Liability Company in Vietnam is that the LLC has to make its capital contribution as mentioned in the company registration process within a period of 90 days after receiving the Enterprise Registration Certificate.
However, if an LLC wants to enter certain “conditional” business sectors, then the promoters have to wait for a longer duration to complete further licensing procedures and getting the necessary approval.
The best business structure for the foreign investors can be either a wholly foreign-owned company LLC or a partially owned Limited Liability Company in Vietnam. These structures best suit the needs of the investors in their quest of business expansion in the Vietnamese market.
Read Our Article: Process for Foreign Investment by Indian Resident: Compliance & Regulatory?
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