Can a foreign co-founder be listed on my Vietnam company registration, and what documents are needed?

Dear Sir./Madam,

Thank you for interesting our services.

For setting up a company in Vietnam, you can register the company with the Vietnamese partner.
To provide you with the most effective guidance on establishing a company in Vietnam, we require some further information. Please provide details on the following:

1) Nationality: Please specify your nationality.
2) Business Lines: What are the intended business activities of your company in Vietnam? A description of your business plan or a link to a similar company's website would be helpful.
3) Investor Type: Will the investment come from an individual or an enterprise?
4) Investment Capital: What is the anticipated investment capital in USD? A breakdown of projected expenses for at least two years (including location, labor, equipment, utilities, and other operational costs) would be beneficial.
5) Location of the company in Vietnam:
6) Contact Information: Please share your full name and your Zalo and/or WhatsApp contact details.

We look forward to receiving this information so we can assist you further.

Best Regards,

Dear Sir,

Regarding your question, we have the following preliminary advice:

1. Regarding ownership and naming on the enterprise registration certificate
The answer is: YES.
It is advisable to establish a limited liability company.
The foreign partner can fully be named as a capital-contributing member or founding shareholder on the Enterprise Registration Certificate and the Investment Registration Certificate, even if they do not reside in Vietnam. The Law on Enterprises and the Law on Investment do not require the capital owner to reside in Vietnam.

2. Implementation procedures
Since there is foreign participation from the beginning, the company will follow the procedure for establishing a Foreign-Invested Enterprise:
Step 1: Apply for the Investment Registration Certificate (IRC)
Step 2: Apply for the Enterprise Registration Certificate (ERC)

3. Required documents for the foreign investor
1. Passport: Provide a certified true copy (notarized copy) of the valid Passport.
2. The bank balance confirmation (Proof of finance): To prove financial capacity for the committed capital contribution on the application for the IRC. The investor must obtain a Bank Balance Confirmation from a bank in their host country (the balance must be greater than or equal to the intended capital contribution). This document MUST be Consularly Legalized.
Note: The above documents need to be notarized and translated into Vietnamese.

4. Regarding the legal representative
Since the foreign partner does not reside in Vietnam, to facilitate operations and comply with the regulation requiring at least one legal representative to reside in Vietnam, we recommend:
- The Vietnamese founder should assume the role of Legal Representative (Director/General Director).
- The foreign national will hold the role of Capital Contributing Member/Shareholder.

Finally, to proceed, please request the foreign partner to prioritize obtaining the Bank Balance Confirmation and proceeding with its Consular Legalization as soon as possible, as this process abroad usually takes the most time.

If you need a lawyer to carry out the company establishment service in Vietnam, please do not hesitate to contact us.

Best Regards.

Dear Client Name,

Regarding your inquiry about setting up a company in Ho Chi Minh City, we would like to clarify as follows:
- Ownership: Yes, a foreign co-founder can be listed as an owner on the business registration without residing in Vietnam.
- Documentation: Typically, the foreigner's passport must be notarized and consularly legalized at a Vietnamese Embassy/Consulate abroad to be valid for use in Vietnam.
To provide a detailed consultation, please let us know:
- Your intended business activities.
- The nationality of the foreign co-founder.
- The planned charter capital.
For further discussion or urgent matters, please feel free to contact us via the phone numbers or messaging apps listed in my signature below.
We look forward to hearing from you.
Best regards,
LawPlus Team
Address: No. 47, Street No.10 (Sala), An Khanh Ward, HCMC, Vietnam