VNBG - Vietnam Business Gateway

17/02/2025

Did you know missing compliance reporting deadlines in Vietnam can lead to significant fines? 😱 Don't let compliance slip through the cracks! Our 2025 reporting guide has everything you need to know.

Let VNBG's accounting experts handle your reporting, so you can focus on growing your business.

18/12/2024

🌟 𝐁𝐈𝐆 𝐔𝐏𝐃𝐀𝐓𝐄: 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐧𝐞𝐞𝐝 𝐭𝐨 𝐫𝐞𝐠𝐢𝐬𝐭𝐞𝐫 𝐭𝐡𝐞 𝐁𝐢𝐨𝐦𝐞𝐭𝐫𝐢𝐜 𝐟𝐨𝐫 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐁𝐚𝐧𝐤 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐬 𝐢𝐧 𝐕𝐢𝐞𝐭𝐧𝐚𝐦 🌟

Big changes are coming! Vietnam is tightening its KYC (Know Your Customer) requirements for corporate bank accounts at local banks. Historically, these processes have been quite lenient, allowing business owners and investors to open accounts remotely. However, with the upcoming changes, the physical presence of account holders or their representatives will likely become mandatory. This shift could reshape how foreign investors approach business operations in the country.

🔍 What's New? According to Circulars 17/2024/TT-NHNN and 18/2024/TT-NHNN issued by the State Bank of Vietnam:

Starting from January 1, 2025, corporate clients must have their legal identification and biometric information of the authorized representative verified.

This regulation aims to prevent the misuse of payment accounts for illegal purposes.

📅 How to Update? The company's legal representatives need to follow these steps for biometric registration

STEP 1: Prepare your identification documents (Citizen ID for Vietnamese nationals, valid passport for foreigners) and a Vietnamese phone number for OTP.

STEP 2: Visit the nearest bank branch and inform the staff you wish to register or verify your biometric information.

STEP 3: Follow the bank staff's instructions to complete the process.

❗️ What Happens If You Miss the Deadline? Failing to complete biometric verification by January 1, 2025, will result in the suspension of all electronic transactions on the corporate account.

Stay ahead and ensure your business operations run smoothly! For detailed information, check out our comprehensive blog post here.

Starting January 1, 2025, Vietnam will require biometric verification for corporate bank accounts, tightening KYC rules to combat fraud and ensure compliance.

25/07/2024

✔ Understanding the differences between Capital and Current bank accounts in Vietnam is crucial for foreign-owned companies starting a business.

💥 The Capital Account is for capital-related transactions, while the Current Account handles everyday financial operations.

💼 Avoid common mistakes like late capital injections or sending funds to the wrong account. Learn more to ensure smooth business operations in Vietnam!

After setting up your business in Vietnam, you need to open essential bank accounts: capital account for capital and current accounts for daily expenses.

24/07/2024

🌏 Considering a business venture in Vietnam? Choosing the right bank is crucial!

🏦 Local banks offer quick setup and seamless local transactions, while international banks provide top-notch customer service and global connections.

🤔 Which one suits your business needs better?

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Choosing bank to open accounts is crucial for business. Local banks offer quick transactions, while international banks provide efficient global transactions.

23/07/2024

🌏 What you need to do after setting up your foreign-owned company in Vietnam?

The next step is crucial: capital contribution.

📈 Learn about the process, deadlines, and the importance of transferring the exact amount.
💼 Our experts at VNBG can guide you through every step to ensure a smooth business operation in Vietnam. Contact us today to get started!

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Capital contribution after establishing foreign-owned company in Vietnam is the next crucial steps. You have 90 days to complete the capital contribution to the company capital bank account. And it must be made through the investors personal bank account in another country.

08/06/2024

Before you take the plunge, make sure you're fully prepared by checking these crucial documents:

✔ Business Registration Certificate (BRC) - Verify the company's current status and tax code.

✔ Investment Registration Certificate (IRC) - Understand the business scope and associated business codes.

✔ Sub-license Expiry Date and Validity - Ensure all necessary licenses are valid and up-to-date.

✔ Last Fiscal Year Performance/Audited Financial Statements - Review financial health and liabilities.

✔ Proof of Tax Compliance and Social Security Completion Certificates - Confirm all compliance requirements are met.

✔ Credit Information of the Company - Check for any outstanding debts with banks.

Find out more about these factors and how VNBG can assist you with your business acquisition process.

👉 Contact us for personalized advice on business acquisitions!

Due Diligence is an important process to make sure the company is suitable for buying. This process is critical for acquiring a company in Vietnam.

08/06/2024

Thinking about buying an existing business? Here are key factors to consider before making your move:

Reasons for Sale 📉
Understand why the current owner is selling. Different reasons can impact your decision.

Shareholders & Ownership 👥
Know the shareholders and the type of ownership. This information is crucial to smooth transitions.

Assess Resources 📊
Evaluate human resources, assets, and properties to understand the company's value.

Location & Leasing Terms 📍
Check the business location, lease terms, and rental fees. These factors affect long-term success.

Visit the Office 🏢
Whenever possible, visit the office to ensure everything meets your standards.

Price Structure 💰
Understand the price structure to make informed financial decisions.

Urgency to Sell ⏳
Gauge the urgency of the sale. This can influence negotiations and pricing.

Find out more about essential considerations and how VNBG can assist you in making the right choice.

👉 Contact us for personalized advice on business acquisitions.

When buying a company in Vietnam, it's important to make a full scale assessment to make sure you understand the business inside out and make inform decisions.

07/06/2024

Thinking about buying an operational company in Vietnam? Exciting times ahead! 🚀 Here are the 5 major steps you need to know!

Step 1: Due Diligence
Verify the company's information, check financial statements, and conduct background checks on key personnel. This is crucial for confirming accuracy and integrity.

Step 2: Approval for Capital Contribution
Get this certificate to confirm your qualification for the acquisition. It involves verifying your legal status, financial capacity, and other requirements.

Step 3: Update Business Certificate
Adjust the company's Business Registration Certificate (BRC) and, if necessary, the Investment Registration Certificate (IRC) to reflect the new ownership.

Step 4: Settle Price and Capital Contribution
Make the payment via the Direct Investment Capital Account (DICA). Ensure the agreed purchase price and capital contribution are correctly deposited.

Step 5: Notify Tax Department and Bank
Update the owner information with the Tax Department and bank to complete the process.

Ready to make your move? 📞 Contact us for personalized advice on business acquisitions.

Buy a company in Vietnamto fast-track your success. Leverage established operations, customer base, and local expertise. Learn the steps and benefits here!

07/06/2024

Curious about the difference between a shelf company and an operating company? 🧐

A shelf company is basically a business that’s been created and left to “age” without any activity. It’s great for businesses that need to meet certain industry standards quickly.

An operating company, on the other hand, is a business that’s up and running with a history of transactions, revenue streams, and resources. Buying an operating company can be more complex but offers many benefits like established revenue and resources.

Want to know why buying an operating company could be the better choice for you? 🤔

👉 Learn more about the benefits and differences!

Contact us today for personalized advice on your business acquisition. 📩

Discover the differences between buying a shelf company and an operating company in Vietnam. Learn about market entry, corporate credit building, and business acquisitions.

21/03/2024

🔒 Interested in Vietnam's booming tech scene? Discover how the country has become a hotspot for tech startups and multinational corporations!

🌟 Learn about the demand for civil cryptographic products and the intricate process of obtaining a Civil Cryptographic Product Trading License. 💼

A civil cryptographic product trading license enables companies to deal with cryptographic products. Use IOR Service to streamline operations and avoid burdens.

02/02/2024

Looking for unique, premium products? Look no further than Vietnam!

Vietnam has emerged as a hidden gem for companies seeking exceptional craftsmanship and sophisticated designs. From luxe textiles and meticulously carved woodcrafts to cutting-edge tech and sustainable apparel, Vietnam offers a diverse range of high-end options.

20/01/2024

🔒 Unlocking Cybersecurity Imports in Vietnam!

❤ Dive into our guide on licenses, permits, and the essential steps for importing cybersecurity products.

👉 Discover how VNBG's IOR service can be your key to a hassle-free certification process, saving time and costs.

In a digital age, safeguarding data is vital. Importing cybersecurity products in Vietnam ensures data protection. This guide explains the licenses.