One of the most profitable type of business foreign investors can set up in Vietnam nowadays is a fintech company which is characterized by offering innovative financial solutions. Vietnam is one of the most advanced economies in Southeast Asia and investors who want to start fintech companies here will have various benefits.
Below, our company formation agents in Vietnam explain the requirements for registering a fintech business in this country.
How to register a fintech company in Vietnam
Both local and foreign investors are allowed to set up fintech companies in Vietnam as long as they respect a few requirements imposed by authorities. These requirements are:
- choosing a type of structure agreed by the Company Law and registering it;
- drafting all the documents supporting the creation of a fintech business (in certain cases, a prospectus could be necessary);
- applying for a financial license, if the company is set up as a financial institution;
- registering for taxation and VAT purposes with the tax authorities.
Our Vietnam company formation advisors can offer more information on the requirements related to opening a fintech company.
Types of fintech companies in Vietnam
Those who want to register fintech companies in Vietnam can choose one or more of the following activities:
- creating cryptocurrencies;
- ICOs or initial coin offering businesses;
- ATM payment businesses;
- e-payment businesses;
- consultancy businesses specialized in fintech solutions.
There are also other types of companies one can establish in the fintech sector in Vietnam.
Incentives for the Vietnam fintech industry
The fintech sector is not subject to specific laws in Vietnam, however the Central Bank has been working on a legal framework which can give a direction to those who wan to operate in this industry. The National Bank is also encouraging investments in the fintech sector through the following measures:
- the creation of a Steering Committee on Fintech which aims at helping foreign investors interested in this industry;
- the launch of a new competition for fintech startups in Vietnam, called the Fintech Challenge Scheme;
- various tax incentives granted in the financial and IT industries which can be expanded to the fintech sector;
- specialized assistance for those who want to open companies in the Vietnam fintech industry.
If you want to open a company in the fintech sector in Vietnam, please contact us. Besides helping you incorporate a fintech company, our lawyers can also assist you in other matters. Vietnam Accounting Standard (VAS) compliance is mandated by law for all domestic and foreign-owned businesses conducting business inside Vietnam. Our accountants can guide you in detail if you want to open a company and comply with the accounting requirements. With the assistance of our accountants in Vietnam, your business can run in a better way without facing any unnecessary troubles.