Hanoi is located at the center of the northern part of Vietnam, thus having a close proximity to other important regions. Businessmen who want to invest in Hanoi can easily start a business in the services sector, which represents the largest industry of the region and the largest employer.
Some of the most attractive business sectors when opening a company in Hanoi are the tourism industry, agriculture or food. The second largest city in Vietnam consists of 12 urban districts, one district-leveled town and 17 rural districts. Located within the Red River Delta, Hanoi is the cultural and political centre of Vietnam.
Why open a LLC in Hanoi, Vietnam?
The LLC is one of the most common ways to open a business in Vietnam, Hanoi included. The reason why the LLC is selected for incorporation is given by the liability stipulations applicable to the company’s founders. Thus, entities which have the quality of shareholders will have limited liability for any company debts, which is limited to their participation at the company’s capital.
Another advantage of this structure refers to the low incorporation costs; besides the general fees associated with the incorporation procedure, investors also need to deposit the company’s capital which, in this case, is of only VND 3,000,000,000 (to be eligible for the Investment Visa).
What are the main taxes in Hanoi?
Companies situated in Hanoi, Vietnam are required to register for taxation purposes. All commercial companies are taxed on their profits and capital. However, companies can benefit from a tax relief of up to ten years, in specific conditions. Companies can apply for a tax refund with the Tax Office in Hanoi.
In the case of holding companies, additional tax reliefs can be obtained and we invite investors to contact our team of specialists in company formation in Vietnam for an extensive presentation on the main taxes businesses are liable to when investing in Hanoi.
What documents are required for Business Registration in Hanoi?
When registering a business in Hanoi, you need to prepare an assortment of documents and submit them to the registry. These documents are:
1. A copy of the identify card or passport, for individual investors; a copy of the establishment decision or an equivalent document certifying the legal status, for institutional investors;
2. A copy of one of the following documents: the investor’s financial statement of the last 2 years; financial support commitment of the parent company and of a financial institution; guarantee for the investor’s financial capacity; and document explaining the investor’s financial capacity;
3. A copy of the site lease agreement or another document certifying that the investor has the rights to use the site used for project implementation;
4. A duly filled company registration form that includes the following details:
- The name of your company.
- The company’s registered address.
- A description of the company’s activities.
- Details of the company’s directors, shareholders, and the at-law representative(s).
- The share capital.
If the documents are provided in a different language other than Vietnamese, you need to provide a translated document in Vietnamese.
Where is the Registrar in Hanoi?
DEPARTMENT OF PLANNING AND INVESTMENT OF HA NAM
Address: 258 Vo Chi Cong Road, Tay Ho District, Hanoi City
Website: http://hapi.gov.vn/
Contact Pinklaw to get tips on investing and doing business in Hanoi, Vietnam.