Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
The process of forming a new business in Can Tho, Vietnam, is governed by Vietnamese laws and local regulations. The Law on Enterprises and the Law on Investment are the main legislative texts that outline the requirements and procedures for setting up a business in Vietnam including in Can Tho, which is one of the major cities in the Mekong Delta region. The types of business entities available include limited liability companies, joint-stock companies, partnerships, and sole proprietorships. Moreover, the government encourages entrepreneurship by providing various incentives, particularly for foreign investors and businesses participating in certain economic zones or industries.
While starting a business can be an exciting venture, it often comes with complex legal requirements that can be daunting for first-time entrepreneurs and foreign investors. Common situations where legal help is necessary include drafting and reviewing the articles of incorporation, ensuring compliance with local and national laws, handling license and permit applications, and providing counsel on tax obligations and employment laws. Lawyers can also assist in the negotiation and drafting of contracts, protect intellectual property, and provide guidance on legal structures that best suit the business’s goals.
In Can Tho, as in the rest of Vietnam, the Enterprise Law defines the legal framework for business entities, prescribing the formation process, management structure, and operational regulations. The Investment Law provides the legal basis for business investments, both domestic and foreign. This includes regulations on capital requirements, incentives, and restrictions in certain sectors. It's essential to also consider local legislation and regulations, dealing with business registration, tax, labor, and environmental standards, which are enforced by local authorities in Can Tho.
The first step is to choose a business structure and register your business with the Can Tho Department of Planning and Investment. This involves submitting a business registration application along with necessary documents.
Yes, foreign investors may qualify for certain incentives such as tax breaks or land use rights depending on the industry and location of the investment within Can Tho or broader Vietnam.
Business registration typically takes several working days to process after submission of all required documents. However, the total time frame can vary depending on the complexity of the business structure and the completeness of the application.
Not necessarily. Foreigners can own 100% of the equity in many sectors. However, there are restricted sectors where a local partnership may be required or beneficial.
The minimum capital requirement depends on the type of business and industry. Some lines of business do not have a statutory minimum capital, but others, particularly those that might impact national security or public health, do require a minimum investment amount.
Typically, you'll need a business registration application, copies of identification documents for owners/shareholders, the company charter, and documentation for the legal capital requirement if applicable.
Foreigners cannot own land in Vietnam, but they can obtain land use rights for a specified period through lease or as part of an investment project.
Businesses in Can Tho are subject to various taxes, including corporate income tax, value-added tax, special consumption tax, if applicable, and personal income tax for employees.
While it is not strictly necessary to be physically present to start a business, certain steps may require a notarized signature or the submission of original documents. In such cases, an individual with power of attorney can act on behalf of the investor.
Vietnam has laws to protect intellectual property rights. Registering your IP, such as trademarks or patents, with the National Office of Intellectual Property of Vietnam is highly recommended to protect it legally.
The Can Tho Department of Planning and Investment is the primary governmental body responsible for business registration and investment in the region. The Vietnam Chamber of Commerce and Industry (VCCI) also provides support and information to local and foreign businesses. Additionally, the Ministry of Finance and the Ministry of Industry and Trade are other essential resources for regulatory information and business support services.
If you need legal assistance with new business formation in Can Tho, you should first identify a reputable law firm with experience in advising both local and foreign clients on Vietnamese business law. This firm can help navigate the legal framework, advise on the most suitable business type, assist with drafting necessary documents, and guide you through the registration and setup process. It's also beneficial to engage in preliminary consultations to fully understand the legal and regulatory obligations of starting and operating a business in Can Tho.
