THE ATTENTION THINGS BEFORE ESTABLISHING A BUSINESS

15:00:0603/11/2023

THE ATTENTION THINGS BEFORE ESTABLISHING A BUSINESS

Establishing a business is an important step in starting a business. However, before getting started, investors need to pay attention to the following issues to ensure the establishment process goes smoothly and the business operates effectively.

  1. IDENTIFYING MARKET NEEDS

Before starting a business, the most important thing is to determine market demand. You need to research whether your product/service fits your customer's needs and what problems they can meet. If the market demand is large and the development potential is high, the business's likelihood of success will also be higher.

  1. CHOOSE TYPE OF BUSINESS

Currently, Vietnamese law stipulates that there are 5 types of businesses including: one-member limited liability company, limited liability company with two or more members, joint stock company, private enterprise and public enterprise, partnership company. Each type of business has its own advantages and disadvantages, suitable for each investor's specific goals and conditions. Therefore, you need to consider carefully before choosing your type of business.

 

  1. NAMED THE BUSINESS

A business name is an important factoc, helping customers easily recongnize and remember. The business name needs to be short, easy to remember, suitable for the business field and not identical to the name of another business.

  1. SELECT HEAD OFFICE ADDRESS

    Head office address is where the business is headquartered. The head office address needs to be realistic, clear and not located in a prohibited business area.

    1. REGISTER YOUR BUSINESS LINE

    Enterprises need to register a business line appropriate to their field of operation. The list of bussiness lines is specified in Appendix IV of the Enterprise Law.

    1. AUTHORIZED CAPITAL

    Authorized capital is the amount of capital that members/shareholders contribute to the enterprise. Authorized capital is an important factor, affecting the ability to mobilize capital, borrow money from banks and operate a business.

    1. CHOOSE A LEGAL REPRESENTATIVE

    The legal representative is the person who represents the enterprise to perfom the rights and obligations of the enterprise before the law. The legal representative must be an individual with full civil capacity and not prohibited from establishing a business according to the law.

    1. PREPARE DOCUMENTS FOR ESTABLISHING A BUSINESS

    Business establishment documents need to be prepared fully and accurately according to the provisions of law. Business establishment documents include:

    • Application for business registration;
    • Company rules;
    • List of founding members/shareholders;
    • Valid copy of personal identification documents of founding members/shareholders;
    • Documents proving ownership or the right to use the location of the enterprise's headquarters;
    Valid copy of investment registration certificate for enterprises with foreign investment capital.
    1. SUBMIT DOCUMENTS TO ESTABLISH A BUSINESS

    Business establishment documents are submitted directly to the business registration office of the department of planning and investment of the province/city where the business is headquartered.

    1.  COMPLETE BUSINESS ESTABLISHMENT PROCEDURES

    After submitting the application to establish a business, the business will be issued a business registration certificate. Business registration certificate is a document certifying the legal entity of an enterprise.

    In addition to the above issues, investors also need to pay attention to a number of issues after establishing a business:

    • Learn about legal regulations related to business activities of enterprise.
    • Create a detailed business plan, including factors such as: market, products/services, marketing, finance, human resources,...
    • Prepare adequate financial and human resources to ensure the smooth operation of the business.

    Establishing a business is a process that requires careful and serious preparation. Understanding what to keep in mind before establishing a business will help investors minimize risks and increase the likelihood of success.

    CPA HCM always commits and ensures expertise and professionalism in services. Currently we are having a promotion package "REGISTER TO ESTABLISH A BUSINESS" for only 1.990.000 VND! what are you waiting for? Sign up now!!!

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    CPA HCM AUDIT & ADVISORY COMPANY LIMITED

    HOTLINE: 1900 0380

    WEBSITE: www.cpahcm.com.vn

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