The IT market in Vietnam is quite new, however, it has seen a rapid development. Even though the country connected to the internet in 1997, by the end of 2001, the subscriber numbers were assessed at approximately 165,000. One year later, after a price reduction, the user numbers increased to more than one million.
In this article, our company formation agents in Vietnam present a few details related to starting an IT company in Vietnam.
Opening a company in Vietnam
In order to set up an IT company in Vietnam, a business vehicle has to be chosen first. The most popular type of legal entity is the limited liability company (LLC).
An LLC in Vietnam can be opened with only one shareholder who can be of any citizenship and who does not have to reside in the country.
The company has to name one director as the legal representative of the business, who can be a foreign citizen.
To effectuate the incorporation of such company, LLCs which are owned by foreign citizens in Vietnam have to:
• Open a corporate bank account in the country;
• Obtain the approval for a foreign investment certificate. This certificate is requested by the local government to enable foreigners to invest here. Our Vietnam company formation advisors can provide more information on this certificate. We can also assist entrepreneursopen such company in Vietnam.
All local LLCs also have to provide the local authorities with:
• A registered address in the country;
• A bank certificate of deposit.
We can also assist you in buying a virtual office in Vietnam.
Advantages of opening an IT company in Vietnam
Setting up an IT company in Vietnam has certain advantages. One of the most important of these benefits is the cheap labor costs. Our Vietnam company registration consultants can offer further details on the other advantages of IT businesses in this country.
Even though they have similar qualifications, the employees in the IT sector in this country earn lower wages than their peers in other Asian jurisdictions, as declared by Mr. Nguyen Thu Giang, the general secretary of the Vietnam Software and IT Service Association.
If you have more queries about the IT sector in Vietnam, or for help to set up a company in Vietnam, please contact us. In addition to offering you assistance regarding incorporating an IT company in Vietnam, our specialists can also help you with accounting. You are welcome to contact our company incorporation specialists if you require accounting services. Each firm needs accounting, tax, and legal professionals to ensure that it effectively and completely fulfills its obligations to report and pay taxes on time and under the law. So, if you are looking for a CPA in Vietnam to handle your company’s tasks, our agents can help.