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Clients' Question:
I'm a Mongolian citizen interested in establishing an agriculture-related trading company in Vietnam. My initial investment plan is around $1,000. Could you please outline the specific procedures for setting up this company? Additionally, I'd like this company to be able to send workers to Mongolia for my construction and greenhouse businesses there. At present, I don't plan to reside in Vietnam. What are the legal and practical considerations for this business model?
Van Pham LLC Response:
Dear Our Valued Customers,
Thank you for your time in the meeting. We would like to send the meeting recap to ensure our alignment as below:
Company Set Up:
The company is wholly owned by you, nationality: Mongolian
Capital contribution: TBC (estimated around 1000$ in initial stage)
Company name: not yet decided, TBC
Company address: not yet decided, TBC
Business scope:
Trading, i.e exporting products from Vietnam to Mongolia
Labor force:
1 Operation Manager will be hired
Vietnam company will send workers to Mongolia to work for your construction company, greenhouse company.
At this stage, You has not had plan to reside in Vietnam
Solution:
Upon your longer term, company registration is a must. Since you are a foreigner, the company registration procedure will go through 2 steps with at least 3-5 weeks in process. Hopefully everything will be ready at the end of this month to go into operation
Business scope is suggested to register as many as possible to the extent permitted by laws, so that you do not have to amend later when business expansion demand arises
Capital: no minimum required. Your balance in the bank account must be equal to the contribution capital. You can increase the capital later whenever you want. Please note that the capital must be completed within 90 days of the company establishment
To prepare for the registration, we wish to list out the action plan:
From your side:
Notarized passport (better to proceed in advance when you are in Vietnam so that the passport does not have to be gone through legalization process which can take time and costs)
Bank balance confirmation: must be in hard copy with confirmation from the bank (signature and/or seal).
Please feel free to add anything that I have missed. Kindly confirm on this thread so that we can proceed from our side. The draft of the service contract will be sent in a separate email shortly for your consideration.
Thank you!
Sincerely,
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Q&A section was introduced here to help you. Do you have more questions about setting up a business in Vietnam? We're here to help! Whether you're curious about legal requirements, investment strategies, labor laws, or any other aspect of establishing and operating a company in Vietnam, don't hesitate to ask. Our team of experts is ready to provide you with accurate, up-to-date information tailored to your specific situation. Submit your questions via email info@vanphamllc.com, and let us guide you through the intricacies of the Vietnamese business landscape.
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