Establishment of Foreign Law Firm in Vietnam

Vietnam: A Destination for International Business

The Vietnam Government welcomes and supports overseas companies in establishing and investing in Vietnam. Vietnam is one of the largest recipients of foreign direct investment worldwide and the Government actively encourages foreign businesses to set up in Vietnam.
For foreigners who are looking to expand their investment horizons, Vietnam offers several untold investment opportunities. But as with any country, Vietnam has a legal and regulatory framework that governs foreign investment, which need to be taken into account.
It is legally stated in Vietnam Investment Law 2014 and Vietnam Enterprise Law 2015 that a foreign company can set up in one of the following legal entities: 1) A limited liability company(LLC) in the form of either one single member or up to maximum 50 members; 2) A shareholding or joint stock company (JSC) with at least three shareholders but no required maximum number of shareholders; 3) A general partnership or a limited liability partnership; 4) A private enterprise (akin to a sole proprietorship).
However, no matter which legal entity is selected, foreign investors (both corporate andindividual investors) all have to obtain IRC (Investment Registration Certificate) and ERC(Enterprise Registration Certificate) in order to be eligible for performing business in Vietnam. With various business sectors, further sub-licenses might be required. The overall basic legal procedure could be split into 5 stages as below, taking 3-4 months on average

Establishment of Foreign Law Firm in Vietnam