There are several steps to be completed when setting up a company in Vietnam. One of the primary steps implies selecting a trading name under which the business will operate. There are several criteria that need to be respected when choosing a company name in Vietnam, however, the owner can also decide to change the name of the company after a while.
Changing a Vietnamese company’s name is not a complicated procedure, however, there are several legal requirements that need to be observed.
Below, our company formation agents in Vietnam explain how the legal procedure of changing the business name takes place. We can help foreign investors with companies in Vietnam change their companies’ names.
Regulations on business names in Vietnam
Both local and foreign entrepreneurs and companies seeking to establish operations in Vietnam need to comply with the provisions of the Company Law. However, it is important to know that for foreign investors, additional requirements apply.
When selecting and reserving a company name in Vietnam, one must:
- choose a Vietnamese name for the business and reserve it with the Trade Register;
- choose a foreign name which must also be registered with the Vietnam Companies Register;
- submit the abbreviated name of the company with the Companies Registry is also mandatory;
- the trade name must comprise the business form under which the company will operate;
- also, a company must be unique which is why prior verification before reservation is required.
Once the trade name of the Vietnamese company has been approved by the Companies House and the business was incorporated, the owner can use any of the names submitted.
Considering the abbreviations and the requirement of submitting a Vietnamese trade name for approval, foreign investors can rely on our support for choosing an appropriate business name. We can also help you open a company in Vietnam.
When can a Vietnamese company change its name?
The change of the business name of a company in Vietnam can occur under various circumstances. Among these, the most common ones are:
- the company has changed its object of activity and the old name no longer represents the services or goods provided by the business;
- the company is in the process of a merger or acquisition and takes the name of the business taking it over;
- the business owner can also change his/her company’s name if it is too generic and creates confusion;
- rebranding is one of the most frequent reasons why companies change their trading names.
No matter the reason why a company name change is required, certain legal steps need to be completed in order for the new of the company to be recognized.
Our Vietnamese company formation specialists can help you with the procedure of changing your company’s name.
Steps to change the company name in Vietnam
The main steps related to changing a Vietnamese company’s trade name are:
- convening a meeting in which the shareholders vote for the change of the trade name;
- filing a notification and a request with the Trade Register for changing the company’s name;
- amending the company’s Memorandum and Articles of Association with the new name;
- notifying all the relevant authorities (tax and licensing institutions) on the alteration of the name;
- changing the name of the Vietnam company on all official documents and on the company seal.
The change of a Vietnamese company’s name is not complicated, however, there are situations in which various changes need to be brought to the business. In this case, the procedure can take longer.
Should you need any information about the documents you need to prepare for changing your Vietnamese company’s name, our local representatives are at your disposal. We can help you prepare the documents or, you can grant us a power of attorney and complete the procedure on your behalf. We are at your service if you want to register your business as a limited liability company in Vietnam.
We remind business owners that the new trading name of the company must respect the criteria mentioned above. You can also use a virtual office in Vietnam to set up a business.
We are at your service if you want to register a trademark in Vietnam.
Why start a business in Vietnam?
Vietnam is one of the most prolific Asian economies, relying mostly on agricultural activities, however, in the last few years, manufacturing and tourism have contributed significantly to the country’s economies.
According to the World Bank’s report:
- in 2018, Vietnam’s Gross Domestic Product increased by 7.1%;
- by the end of 2019, Vietnam is expected to register a moderate economic growth of 6.6%;
- 70% of the country’s population is below the age of 35, which provides for a young workforce;
- Vietnam ranks 48 out of 157 countries in terms of the human capital index (HCI).
If you need help in starting a business or changing your company’s trading name, please contact our specialists in company registration in Vietnam. In addition to this, if you are interested to get help if a Vietnamese accountant regarding your firm’s tasks, you are welcome to consult with our lawyers. To assist start-up enterprises who are having trouble with accounting operations, do not understand tax requirements to generate reports, and review operational strategies, our attorneys offer a simple accounting model as well as services for them. Get in touch with our lawyers for their services.