How to buy a ready-made company in Vietnam with account
Buying a ready-made company in Vietnam with a bank account offers many business advantages. The country boasts a fast-growing economy, political stability, and a skilled and inexpensive workforce. It welcomes investors, offers many tax incentives.
Advantages of Vietnam for buying a company
Unlike many Asian countries (Taiwan, Malaysia, South Korea), Vietnam was not only able to withstand the long trade war between China and the United States. The country has proven its economic and political stability, which has attracted the interest of large manufacturers, many of whom have moved their factories here from China.
Other advantages of Vietnam include:
- Transactions that take place outside the jurisdiction are not taxed (exports, lending, etc.).
- Import/export tax can range from 0 to 100%, depending on whether Vietnam has a trade agreement with the country in question.
- Companies can take advantage of an exemption from the сorporate income tax for up to 4 years, when it expires - apply for a preferential discount.
- In 2020 Vietnam was removed from the EU's gray list, making it easier to trade, money transfers. Also, the country has signed a free trade agreement with the European Union, has concluded agreements to avoid double taxation with many countries around the world.
What investors should know about Vietnam
- The country allows 100% business ownership in many industries. This includes trade, information technology, manufacturing, education. There are industries where a Vietnamese partner is needed. First of all, it is advertising, logistics and tourism.
- The company must have a local resident director who resides in the country.
- In Vietnam, there are no minimum capital requirements for many types of businesses. Exceptions are language centers, real estate companies, banking, finance and fintech, insurance. In any case, the account must have an amount that can cover costs until the business pays for itself. Usually $3,000 or more is required; check with the Investment Planning Department for more details.
- The legal office must be in the jurisdiction. This applies primarily to manufacturing, restaurants, and retail. In some cases ( for example, consulting companies), you can use a virtual address.
Advantages of buying a company in Vietnam
If you want to quickly start a business in Vietnam, we recommend buying a shelf company. This is the name of a company that has been registered but not in operation, so it can be easily adapted to your business.
A shelf company has a clean history, so you don't have to worry about black spots, credits, and liabilities. If you buy a company registered several years ago, get more credibility with clients and banks who prefer to work with a firm with a track record. Buying a ready-made company in Vietnam with a bank account allows you not to waste time, which can stretch for several days, on its opening.
Features of buying a company
To buy a ready-made business in Vietnam 2022, contact IT-OFFSHORE experts. We will find a suitable option, taking into account the type of activity, age of the company, whether there is a VAT payer number, whether there is a bank account.
You also need to prepare documents:
- List of shareholders, directors.
- Details of the share certificates.
- A copy of the "Declaration of Trust", signed by the nominee shareholder and the ultimate beneficiary owner (if necessary).
- A Good Standing certificate if the firm has been in business for at least 12 months.
- Each director, beneficiary, shareholder must provide a notarized copy of a valid passport, a utility bill and a letter of recommendation from the bank where the account is opened.
When you gather the papers, you need to sign the purchase agreement. Then you need to make changes to the corporate documents - the names of the new shareholders, directors, registered office, etc. If necessary, we will open a bank account in Vietnam. These changes will have to be indicated in the Registry of Enterprises in Vietnam.