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Q&A regarding open IT business in Ho Chi Minh City

Q: How's the procedure or process to apply as a register I.T company, computer or apps company? What type of document do I need to prepare? Do Ho Chi Minh have different between license or register company?
A: According to Vietnam Law on Investment and Vietnam WTO’s Commitments, it is possible to setup wholly foreign invested company operating the above mentioned field.
 
Furthermore, Vietnam Government encourages foreign investor to invest in the field of information technology (“IT”) so that we do believe we can support well your business.

-> Regarding required documents, you shall have to prepare and submit an application dossier to licensing authority, mainly including:
- Application files;
- Explanation on satisfaction of investment conditions and requirements;
- Explanation/report on financial capacity of Investor;
- Document related to intended location of head office of the VNCompany in Ho Chi Minh City;
- Legal documents related to the Investors.
Upon your approval on retaining our Legal Consultancy Services, we shall deliver to you a Checklist of required Information and Documents for your preparation.

-> Ho Chi Minh City also provide licensing procedures similar to Vietnam nationwide, no difference.

Q: What is the terms and conditions for a foreigner to apply as register company?

A: Foreign Investors are required to meet investment conditions such as nationality of Investor must belong to one of member countries of WTO; experience of Investor in field of project, location for head office of the VNCompany, financial capacity to fund the project ...etc

Q: Do I need to deposit or fix deposit in Ho Chi Minh bank? If needed, what is the minimum?
A: Investors are not required to deposit any amount as long as your project is in field of IT.
However, in actual practice of licensing, investment projects having total invested capital equal or higher than 100,000 US$ shall be more favorable and easier to obtain Investment Certificate.

Q: How long will it's take to apply for register company?

A: In actual practice, it will take Investor 30-45 (thirty to forty five) working days from duly submission, regardless the law on investment of Vietnam provide term of 30 working days.

Q: How much is the yearly tax?

A: In case the Vietnam Company operates in fields of software producing, it will be entitled to tax incentives: exempted for 04 first years from establishment, decreased 50% for next 9 years, and after that will be treated as companies in other fields (25% of income)

Q: Roughly how much is the rental for a shop or place?

A: There is no requirement on minimum space of company office.

Q: Please advise me the rough cost for apply register company?
 
A: From initial information provided by you, in this case of establishment of an IT services company in Ho Chi Minh City, our consultancy services fee shall be 4,500 US$ (four thousand and five hundred United States Dollars), excluding 10% VAT.

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