Post-Licensing Procedure
GENERAL
Once obtaining the licenses i.e. Investment Registration Certificate (“IRC”) and Enterprise Registration Certificate (“ERC”) for the official legal base of Vietnam-based presence, there are several compulsory procedures that are required to be undertaken by the Company in order to put it in ready-to-operate status. They are named “Post-Licensing” procedure., in particulars:
Company’s stamp is used to chop on the document along with physical signature, perform the official legal execution in terms of paperwork.
Vietnam-based enterprises are required to open bank accounts for daily operation. Foreign Direct Investment firm (FDIs) are required to open Direct Investment Capital Account (DICA) in order to receive capital injection and/ or to disburse and settle overseas loan.
Being considered as annual registration fee and paid in commencing of the year, Business License Fee (BLF) is required to be declared and paid when the company is completely set-up.
BLF level is determined based upon company’s registered charter capital.
Initial tax registration with the tax administrative department is treated as sending “greetings” from new-born company to the competent authority.
This procedure is involving with paperwork and purchasing tax token for further tax submission.