Starting a business in Vietnam is subject to various requirements when the investors is a foreign citizen or company. The types of companies available for opening a company are quite numerous in Vietnam compared to other jurisdictions around the world and many of them can be employed by foreign entrepreneurs who want to do business in this country. However, there are situations in which the business form needs to be changed or other amendments are required to the Vietnamese company.
Making changes in a Vietnamese company is not difficult, however, the legislation to comply with can be more complex. This is why professional advice from our company formation agents in Vietnam is recommended. You can rely on us if you want to make company changes or if you simply want to set up a company in Vietnam.
What are the changes to be made in a Vietnamese company?
According to the Enterprise Law in Vietnam, company owners or better said the shareholders in a company have the right to make various changes in their businesses. Among these are:
- the right of changing the business direction of the company, according to Article 7 on the rights of enterprises;
- the right to change business information, such as the legal address or secondary address, according to Article 8 in the Company Law;
- the right to make changes in the management structure of the company, in accordance with Article 12 in the law;
- the right to alter various articles in the company’s statutory documents, according to Article 29 in the Enterprise Law;
- changes in the company’s shareholding structures can also be made in a Vietnamese company, according to the same Article 29.
It is very important to note that the Vietnam Company Law does not provide for very strict regulations when it comes to the decision of making company changes in a local business, however, it is very strict about the deadline for reporting the amendments.
Our company registration specialists in Vietnam can offer more information on how to make changes in a business in this country. We can also help those who want to change the type of structure of their companies. Furthermore, if you need accounting services, you are welcome to get in touch with our lawyers. To guarantee that the business effectively and completely satisfies its duties to report and pay taxes on time and follow the law, each firm needs staff who are skilled in accounting, tax, and law. So, if you are seeking the services of a CPA in Vietnam to look after your company’s tasks, our lawyers can assist you.
Changing the details of a company in Vietnam
It is not uncommon for a company to change various details, one of the most important ones being related to the legal address of the company. Most of the time, these changes occur in branch offices established by foreign companies in Vietnam. However, local companies can also change their registered addresses.
It is important to note that the changes made in a Vietnam company with a foreign shareholding structure will trigger the modification of its investment certificate. Also, the company must submit documents that prove the business has made the required contributions in terms of investment.
Our Vietnam company formation consultants can assist foreign owners of local companies to make the desired changes in their businesses.
Changes brought to the management structure of a Vietnamese company
Vietnamese companies can make various changes in their management structures. It is important to know that no matter the type of structure chosen, a Vietnamese company must have at least one resident director. This requirement must be respected even when making changes in the company’s management structure.
Our company formation advisors in Vietnam can offer more information on the changes which can be made in the management of a local business.
Business owners can also open new bank accounts in Vietnam for their companies.
Procedures related to making company changes in Vietnam
Those who want to make changes in their companies in Vietnam must consider the following that these must be reported with the Trade Register and with the Investment Coordinating Board in the case of branch offices.
Where the changes imply the issuance of a new certificate of registration, the tax and labor authorities must also be notified. The same procedures apply when changing another business form into a Vietnamese limited liability company.
We have also mentioned that the timeline for notifying the authorities is of key importance in Vietnam and in this sense, the following aspects need to be considered:
- the changes in the management and shareholding structure, as well as the objective of the company, must be reported within 10 days;
- the changes brought to company details which need to be approved by an arbitration court in Vietnam must be announced within 10 days;
- the changes related to the names, address and other personal information of the directors, management and the supervisory board must be announced within 5 days;
- the application for a new business certificate (where required) must be filed with the National Business Register in 15 days;
- the approval of any of the changes mentioned will be made within 3 days from receiving the documents.
If you need assistance in making changes in your company, please contact our Vietnam company registration consultants.