LATEST NEWS

MY BUSINESS IN ASIA

Registration of a Limited Liability Company in Vietnam (Wholly Foreign-Owned)

Foreign investors can incorporate a Limited Liability Company (LLC) with 100% foreign capital (wholly foreign-owned) as an investment vehicle in Vietnam.    

A wholly foreign-owned LLC can be set up with only one member (sole individual or sole foreign corporate member) and up to 50 members.  The management structure of an LLC consists of a Members' Council, with a director or general director.  An LLC cannot issue company shares to the public or otherwise. The members are responsible for the debts and other liabilities of the LLC to the extent of their capital contributions to the LLC.
 
In addition, an LLC is required to have at least one legal representative who is the primary representative of the company. The Legal Representative must serve as either the General Director or the Chairman of the Members' Council and must be resident in Vietnam whether a foreign national or Vietnamese.  
 
A wholly foreign-owned LLC is generally not allowed to engage in restricted industries such as  i) transportation ii) real estate business iii) mining iv) telecommunication network (establishment, transmission and provision services)   v) publishing and media   vi) education and training and vii) the production of cigarettes. At Rosemont we advise and assist our clients to complete a pre-check on their intended business activities before taking any final decision on setting up their LLC Company to ensure that any potential problems are addressed at an early stage thus saving time and cost.

Should you require any further information or have any inquiries, please do not hesitate to contact us.