A single-member LLC is a popular choice for individual founders thanks to its lean structure and limited liability. This article summarises the most important steps to get your application approved the first time.
1. Choose a compliant company name
A company name consists of two elements: the entity type and the proper name. The proper name must not be identical or confusingly similar to that of a registered enterprise, nor use words that offend cultural traditions or morals.
Before filing, you should check the name on the National Business Registration Portal and prepare 2 – 3 alternatives.
2. Determine the charter capital
The law sets no minimum capital for most business lines, but the amount affects the business licence fee, credibility with partners and access to loans. Some points to note:
- The owner must fully contribute the capital within the statutory period from the date the certificate is issued.
- Conditional business lines may require legal capital.
- Capital that is too low can make it difficult to bid for tenders or apply for sub-licences.
3. Register business lines
Business lines are recorded according to Vietnam's standard industry classification codes. Enterprises may freely engage in any business not prohibited by law, but conditional business lines must meet all requirements throughout their operations.
Registering the business lines you plan to expand into over the next 1 – 2 years helps you avoid supplementary filings later.
4. Documents to prepare
| Document | Notes |
|---|---|
| Enterprise registration application form | Standard form, prepared by YTVN |
| Company charter | Signed by the owner on every page |
| Copies of personal legal documents | Valid citizen ID card |
| Power of attorney (if applicable) | When YTVN files on your behalf |
5. What to do after receiving your licence
- Make the company seal and put up a signboard at the head office.
- Open a bank account and notify the tax authority.
- Register a digital signature and issue e-invoices.
- File the business licence fee declaration and payment, and make periodic tax declarations.
If you need end-to-end support, take a look at YTVN's company formation service.
Author
Lawyer Nguyen Minh Khang
Managing lawyer at YTVN with over 15 years of experience advising on corporate and investment law.
