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Company Formation in Vietnam

Foreign investors have several company formation options to consider when expanding to the Vietnamese market. A Joint-Stock Company (JSC) and a Limited Liability Company (LLC) are the two most common business entities in Vietnam used by foreign companies but certain investors may also choose to operate through a Wholly Foreign-Owned Enterprise (WFOE) or a Joint Venture (JV). NNRoad will handle the formation of the company and satisfy the necessary requirements for its establishment.
Limited Liability Company (LLC) Joint-Stock Company (JSC)
Best for Small and medium-sized companies Medium and large-sized companies
Number of founders 1 to 50 At least 3
Liability Founder's liability is limited to the capital contributed to the company Founder's liability is limited to the capital contributed to the company
Issuance of shares Cannot issue shares nor be listed on the local stock exchange Cannot issue shares nor be listed on the local stock exchange
 

NNRoad's Company Formation Service Includes:

In order to take advantage of all the incentives from preferential investment laws, many foreign companies choose to set up legal entities in Vietnam.

However, the procedure and process of setting up a legal entity in Vietnam are very complicated because it is a long process to get a response from the authorities and requires many legal documents.

By understanding your company’s conditions, NNRoad with its local experts will design the best solution for you to shorten the processing time and simplify all legal procedures, which helps to set up your entity faster and in compliance with the law.

  • Confirm the selection of a business entity type and shareholder structure.
  • Advise with the initial capital amount, if applicable.
  • Assist with the selection of entity Vietnamese name.
  • Assist with translation of related documents ( for foreign language materials).
  • Assist with Business Registration Certificate / Enterprise Registration Certificate.
  • Apply for company seal.
  • Publish the registration contents on the National Business Registration Portal.
  • Assist with bank account opening.
  • Assist with the completion of business registration with the local tax authority (tax registration).
  • Assist with sub-licenses, if applicable.
  • Assist with product registration, if applicable.

PEO Service/Employer of Record in Vietnam

Hire Employees in Compliance with Local Vietnam Law. No local entity needed.

  NNRoad is a Professional Employer Organization (PEO) that provides Employer of Record (EOR) solutions in Vietnam, also known as “employment solutions” or “employee leasing”. Many companies opt to outsource their employment to minimize costs and legal risk when expanding their business operations in Vietnam. NNRoad is specified in helping foreign companies navigate through Vietnamese employment laws and requirements, saving you time so you can focus on core business activities.
  • Legally hire local and foreign employees without a legal entity established in Vietnam.
  • Our PEO service in Vietnam includes: monthly payroll management, employer statutory benefits administration, individual income tax compliance, medical insurance, expenses management, and visa application (if employees are foreigners).
  • NNRoad becomes your in-country employer of record for dispatched employees in Vietnam. You will still be responsible for the management of your employees.
NNRoad for employee outsourcing

NNRoad's Employer of Record Service in Vietnam Includes:

  • Engaging employees through local labor contracts including contract administration, engagement, extension termination and conversion to a permanent hire.
  • On-boarding and off-boarding employees according to local practice.
  • Registration of employees with the social security board and paying all legally required taxes and social contributions for employees.
  • Complete payroll solution and mandatory benefit administration.
  • Employee management according to local laws, including employee record, timekeeping, bonus and allowance management, expenses and claims, and leave employee database management.
  • Payment management, including invoicing customers/clients and salary payment.
 

   

Ready to hire employees in Vietnam? Learn about the requirements to hire employees in Vietnam here.

Payroll Service in Vietnam

Outsource Your Payroll in Vietnam Easily and Efficiently 

Most companies in Vietnam usually outsource their payroll because of two reasons. The first reason is to be cost-effective and second reason is because of complex local laws. Instead of having an HR department, NNRoad will act as the HR department of your company by offering customized solutions for your payroll needs. We will take care of all payroll and HR-related services. In this situation, you only need to collaborate with NNRoad instead of setting up the whole HR department. Second, we have local experts who have many years of experience working in this field to support your company to make sure your company follows Vietnamese labor laws and regulations to avoid costly penalties. 

 

NNRoad’s Payroll and Benefits Services in Vietnam Includes:  

  • Registering the necessary company and personnel information for payroll calculation in the payroll software and system.
  • Calculation of gross salary, salary deductions (e.g. statutory benefit deductions, unpaid leaves, etc.), and net salary based on information provided by the Company including irregular payments such as incentive/bonus, commission, allowance, severance, retirement payment, etc.
  • Providing a monthly payroll summary to the Company.
  • Expense claim validation and calculation.
  • Payroll disbursement – Issue payment notice to the Company for payroll distribution to employees and employee’s expense claim; release e-payslip to employees and disburse salary to employee’s account.
  • Prepare annual payroll related reconciliation report.
 

Tax & Accounting in Vietnam

The standards and policies of the Vietnamese accounting system have constantly changed. Without experience and high skilled accountants and CPA, it will be both time and cost consuming for your company to set up a qualified accounting workforce who can handle all accounting tasks that are following all updated standards and policies. NNRoad with its local experience and skilled accounts will provide a complete range of financial, accounting, reporting services.

  • Setting up a suitable chart of accounts and workflow systems.
  • Monthly accounts and reporting.
  • Year-end financial statements in compliance with Vietnamese Standards of Accounting.
  • Year-end financial statements in compliance with International Accounting Standards (IAS).
  • Withholding Tax returns.
  • Corporation Tax Compliance.