How to Establish Travel Services Business in Vietnam?

 How to Establish Travel Services Business in Vietnam?

Because passenger transportation is one of the investment areas subject to restrictions for foreign investors in Vietnam, a foreign investor can only form a joint venture with a travel agency in Vietnam to establish a travel services business there.

It is impossible to deny the significant impact that information technology has had on the travel services industry. The utilization of booking reservation framework application on cell phone and web are inescapable that make travel has never been more straightforward. The travel services market would be interesting for a foreign investor to explore. Nonetheless, 100 % foreign owned company is not allowed  to set-up travel services business in Vietnam. Due to the conditionality of this investment area, a Vietnam-based law firm should be consulted to ensure compliance with local regulations.

The application process and documents requirements to establish travel business in Vietnam are briefly

1.Required documents to establish travel business in Vietnam

-Application for the International Travel Business License (form);

-Certificate of business registration (copy – certified)

-Business plan for the international travel agency;

-Tour schedule

-Proof of at least 4 years of experience in international travel business operations

-Certified copies of the tourist guides’ cards whereby at least 3 international tourist guides are required

-Confirmation of bank deposit (as per regulations);

-Proof of offi

2. Business License Application Procedure to establish business in Vietnam

-Submitting the required documents to the appropriate authority (the province or city's Department of Culture, Sports, and Tourism).

-Within 10 working days of receiving a valid application, the province or city's Department of Tourism completes the appraisal records and sends a written request along with the agency's records to Vietnam's Ministry of Culture, Sports, and Tourism. At the point when cases are not qualified for the proposed grant to the state organizations, the commonplace the travel industry office will refer to the particular purposes behind refusal.

Within ten working days of receiving the file and written request from the state agency of tourism in the province, the international travel business must be reviewed and licensed by the state management agency of tourism (VNAT – Ministry of Culture, Sports, and Tourism). In the event of refusal, the service will express the particular motivations to the state and commonplace the travel industry specialists.

3. Number of records

-Submission to the Department of Culture, Sports and Tourism: 01

– Tourism Authority Filed in: 01

ANT Lawyers – a law firm in Vietnam will always follow up with authorities for legal update on matters relevant to investment registration or business registering in Vietnam.

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Company Formation in Vietnam?

 Company Formation in Vietnam?

Foreign investors may put resources into the type of 100 % funding to set up company  in Vietnam, being joint stock company, limited liability company, partnership company. In recent years, the openness policy of the Vietnamese government has made company formation in Vietnam easier.

To receive investment registration certificates, first-time foreign investors in Vietnam must have investment projects and complete investment registration or examination procedures at state investment agencies.

Business registration certificates shall concurrently be investment certificates. Company with 100% foreign capital has established and operated from the date of issuance of the business registration certificates

Vietnam company formation dossiers

-Registration/Request for issuance of Investment Certificate;

-A report on financial capability of the investor;

-Draft of the company’s charter;

-List of members of company;

-Copy of the people’s identity card, passport or other lawful personal certification, for individual members;

-Copy of the business registration certificate or establishment decision, or other equivalent document, for member organizations;

-Copies of the people’s identity card, passport, the authorization document, or other lawful personal certification, for authorized representatives.

-Within three months of the date of submission of the business registration dossier, copies of the foreign member organizations' business registration certificates must be authenticated by the organizations' registered agencies;

-Written authorization of the investor in case investor is organization and valid copy of  the legitimate individual affirmation of the approved delegate. Documents in foreign languages must be converted into Vietnamese, authenticated and legalized;

-The Business Cooperation Contract (BCC) or the joint-venture contract

-Other documents required by Vietnam law

Vietnam company formation would take anywhere from 30 days. If the investment area is conditional or the State government must examine the investment project, additional time may be required.

Special licenses, minimum capital or other conditions might be required in certain investment projects.

How a law firm in Vietnam would help with company formation in Vietnam?

While the process of company formation in Vietnam is straight forward more often than not, there are numerous circumstances which it would be better that the client draws in a law firm in Vietnam to help with record planning, legitimate interpretation, legally approbation, and verification of utilization dossiers.

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8 Important Steps Guide to Establish Company in Vietnam

8 Important Steps Guide to Establish Company in Vietnam

It is possible for foreign investors to establish company in Vietnam. Foreign investors have the right to choose the appropriate forms of enterprise such as a limited liability company, joint stock company... with particular steps including:

Step 1: Register the investment project to establish company in Vietnam

Investors submit a registration file for an investment project to the business registration office of the province, city, or management board of an industrial, export processing, or high-tech zone for approval within 15 days (without additional time for clarification).

Step 2: Apply for Certificate of investment registration

Investors can apply for a business registration certificate in Vietnam by submitting a valid record to the Department of Planning and Investment within ten days of the investment project's approval.

Step 3: Apply for the certificate of business registration

After obtaining the business registration certificate, the investor shall submit the application for enterprise registration certificate to the enterprise registration office within 3 days.

Step 4: Publish the content of the business registration

Within 30 days of receiving the certificate of enterprise registration, the investor is required to disclose the following information about the company on the national enterprise registration portal:

i, Business lines;

ii, List of founding shareholders and shareholders being foreign investors for joint-stock companies.

Step 5: Registered business stamp

The form, quantity, and contents of the company's stamp are entirely up to the business. The following information must be displayed in the stamp's content:

-Company’s name;

-Business code.

After receiving the legal entity stamp and before using the business stamp, the enterprise must send a notice on the stamp of the enterprise to the business registration office for publication in the National Information Portal on the business registration.

Step 6: Notice of use of stamp

Investors send notices on use of stamp forms to the Investment registration agency after getting a stamp. The Investment registration agency stamps samples of businesses, branches, and representative offices for businesses, publishes the business's notice on the National Business Information Portal, and issues a receipt for the business following receipt of the record.

Step 7: Open bank account

Financial backers need to open two sorts of ledgers, to be specific the speculation capital record to get the venture sum and the exchange represent going through with everyday exchange in Vietnam.

Step 8: The post licensing procedures

For the conditional business lines:

Investors investing in conditional business lines as defined in Appendix 4 of the Investment Law 2014 are required to have professional liability insurance, a certificate of business qualification, practicing certificates, and other documentation… prior to directing business in Vietnam. 

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