{"id":5803,"date":"2023-05-19T12:53:02","date_gmt":"2023-05-19T05:53:02","guid":{"rendered":"https:\/\/cdlaf.az9s.group\/?p=5803"},"modified":"2024-05-29T08:14:47","modified_gmt":"2024-05-29T01:14:47","slug":"conditions-and-procedures-for-foreign-investor-to-operate-financial-management-consulting-services-in-vietnam","status":"publish","type":"post","link":"https:\/\/cdlaf.vn\/en\/conditions-and-procedures-for-foreign-investor-to-operate-financial-management-consulting-services-in-vietnam\/","title":{"rendered":"Conditions and procedures for foreign investor to operate financial management consulting services in Vietnam"},"content":{"rendered":"<p>Vietnam is becoming an attractive destination for foreign investors to invest in various business sectors. Among them, financial management consulting services are garnering special attention from investors. Initially, the name of the industry might raise concerns among investors due to specific conditions regulated by Vietnamese laws. However, financial management consulting is a sector that Vietnam has committed to opening under the WTO commitments for foreign investor. Therefore, in practice, there are not many difficulties for investor to operate in this field in Vietnam. This article will provide you with all the necessary information and procedures to establish a foreign company engaging in financial management consulting services in Vietnam.<\/p>\n<figure id=\"attachment_2572\" aria-describedby=\"caption-attachment-2572\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2572 size-full\" src=\"http:\/\/cdlaf.vn\/wp-content\/uploads\/2022\/10\/recruitment.jpg\" alt=\"\" width=\"1000\" height=\"620\" srcset=\"https:\/\/cdlaf.vn\/wp-content\/uploads\/2022\/10\/recruitment.jpg 1000w, https:\/\/cdlaf.vn\/wp-content\/uploads\/2022\/10\/recruitment-645x400.jpg 645w, https:\/\/cdlaf.vn\/wp-content\/uploads\/2022\/10\/recruitment-768x476.jpg 768w, https:\/\/cdlaf.vn\/wp-content\/uploads\/2022\/10\/recruitment-600x372.jpg 600w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-2572\" class=\"wp-caption-text\">Conditions and Procedures for Foreign Investor to Operate Financial Management Consulting Services in Vietnam<\/figcaption><\/figure>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of contents:<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #a32411;color:#a32411\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #a32411;color:#a32411\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/cdlaf.vn\/en\/conditions-and-procedures-for-foreign-investor-to-operate-financial-management-consulting-services-in-vietnam\/#1_Conditions_for_operating_financial_management_consulting_services_in_Vietnam\" >1. Conditions for operating financial management consulting services in Vietnam<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/cdlaf.vn\/en\/conditions-and-procedures-for-foreign-investor-to-operate-financial-management-consulting-services-in-vietnam\/#2_The_sequence_of_steps_to_operate_in_the_financial_management_consulting_industry_in_Vietnam\" >2. The sequence of steps to operate in the financial management consulting industry in Vietnam<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/cdlaf.vn\/en\/conditions-and-procedures-for-foreign-investor-to-operate-financial-management-consulting-services-in-vietnam\/#SEND_CONSULTATION_REQUEST\" >SEND CONSULTATION REQUEST<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"1_Conditions_for_operating_financial_management_consulting_services_in_Vietnam\"><\/span>1. Conditions for operating financial management consulting services in Vietnam<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Vietnam&#8217;s commitments within the framework of the WTO do not impose specific conditions or market access restrictions on foreign investor operating in the financial management consulting industry in Vietnam. According to Vietnamese law, financial management consulting services do not fall under regulated business sectors, allowing foreign investor to establish companies engaging in financial management consulting without encountering any barriers or limitations.<\/p>\n<table id=\"tablepress-1\" class=\"tablepress tablepress-id-1\" style=\"height: 489px;\" width=\"513\">\n<thead>\n<tr class=\"row-1 odd\">\n<th class=\"column-1\">No.<\/th>\n<th class=\"column-2\">Profession<\/th>\n<th class=\"column-3\">VSIC<\/th>\n<th class=\"column-4\">CPC<\/th>\n<th class=\"column-5\">Restrictions on market access<\/th>\n<th class=\"column-6\">License<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 odd\">\n<td class=\"column-1\">1.<\/td>\n<td class=\"column-2\" style=\"text-align: justify;\">\n<p>Management consulting activities<\/p>\n<p>Detailed: Financial management consulting services<\/p>\n<\/td>\n<td class=\"column-3\">720<\/td>\n<td class=\"column-4\">865<\/td>\n<td class=\"column-5\" style=\"text-align: center;\">\/<\/td>\n<td class=\"column-6\" style=\"text-align: center;\">\/<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"2_The_sequence_of_steps_to_operate_in_the_financial_management_consulting_industry_in_Vietnam\"><\/span>2. The sequence of steps to operate in the financial management consulting industry in Vietnam<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>To operate a financial management consulting business in Vietnam, investors can choose to invest directly (establishing a 100% foreign-owned enterprise) or acquire a portion or the entire shares\/capital of an existing enterprise in Vietnam. In this article, we will focus on the process of direct investment, which is a common approach for the mentioned industry in Vietnam. The following are the steps to be followed:<\/p>\n<p><strong>Step 1: Registering for<\/strong><strong> the <\/strong><strong>Investment<\/strong> <strong>\u00a0Registration<\/strong><strong> Certificate (IRC)<\/strong><\/p>\n<p>The documents shall be submitted to the Investment Registration Office of the Department of Planning and Investment. Usually, the processing time is about 15 working days. However, if the intended business industry is not committed by Vietnam, the investment registration agency shall consult with the specialized management agency.<\/p>\n<p><strong>Step 2: Registering<\/strong><strong> for the Business Registration Certificate (BRC)<\/strong><\/p>\n<p>After completing the investment registration and receiving the Investment Registration Certificate, the Investor submits the dossier for Business Registration. The processing time shall be 03 working days and the result that the Investor shall receive is the Business Registration Certificate. This document records the legal entity status of the investment project management organization according to the Investment Registration Certificate that has been issued.<\/p>\n<p>Immediately after receiving the Business Registration Certificate, the Investor proceeds to complete the procedure to make the company\u2019s seal and announce the seal sample.<\/p>\n<p><strong>Step 3: Opening<\/strong> <strong>Bank Account <\/strong><\/p>\n<p>After completing Step 3, the Enterprise has the right to establish contracts and agreements. However, to contribute the capital shares and make the payments \u00a0in order to contribute capital and make payments, the Investor shall open a bank account at any commercial bank. It shall be noted that the Investor shall open 02 separate accounts for the two purposes of capital contribution and payment transactions.<\/p>\n<p><strong>Step 4: Performing Tax Registration Procedure\u00a0<\/strong><\/p>\n<p>The law sets a specific time limit for newly established enterprises to complete the initial tax declaration procedures. At this step, the enterprise shall fulfill its obligations of paying the business license tax, registering for digital signatures, and electronic invoices. These are the conditions for the enterprise to issue invoices to the Client and perform other tax-related activities.<\/p>\n<p>With the necessary information and steps in hand, the investor can now determine the estimated costs, timeframes for each step, and the roles of service providers involved in the process.<\/p>\n<p>Completing these steps ensures that the investor has fulfilled all the legal requirements to conduct business activities in Vietnam, including capital contribution, issuing invoices, and other obligations when providing financial management consulting services to the client. However, the investor shall note that Vietnamese law imposes reporting obligations for management purposes. Therefore, it is important to be aware of the reporting deadlines throughout the year to ensure compliance. For further information, please refer to the article: <a href=\"http:\/\/To operate a financial management consulting business in Vietnam, investors can choose to invest directly (establishing a 100% foreign-owned enterprise) or acquire a portion or the entire shares\/capital of an existing enterprise in Vietnam. In this article, we will focus on the process of direct investment, which is a common approach for the mentioned industry in Vietnam. The following are the steps to be followed: Step 1: Performing the survey of the conditions for doing business in Vietnam We consider this as an essential first step because it assists Investor gather the necessary information about the industry, location, difficulty level of procedures, expected time to obtain permits, etc. By analyzing this information, the Investor can acquire a comprehensive overview of the conditions for doing business in Vietnam, precisely estimate the necessary time and costs for completing establishment procedures, and modify his\/her plans accordingly if they discover that his\/her original plans are unsuitable.  Step 2:  Preparing the documents  Based on the survey results, the Investor prepares the necessary documents for establishing a company. The documents usually include: -\tLegal information of the Investor, If the Investor is an individual, a passport is required, and if the Investor is an organization, legal documents of the Investor are necessary, such as a document recording the legal status of the investor (Business license, Business Charter, or any other equivalent documents), documents proving the financial capacity of the Investor, and a Passport of the investor's representative in Vietnam.  -\tLegal documents about the intended location of the head office and a document recording the lease status of the Investor. For Investment registration procedures, submitting documents about the intended head office is mandatory. Therefore, at the time when the company is not yet established, the Holding company (if the investor is an organization) or one of the members (if the investor is an individual) establishes a document leasing the head office with the lessor.   Step 3: Registering for the Investment  Registration Certificate (IRC) The documents shall be submitted to the Investment Registration Office of the Department of Planning and Investment. Usually, the processing time is about 15 working days. However, if the intended business industry is not committed by Vietnam, the investment registration agency shall consult with the specialized management agency.  Step 4: Registering for the Business Registration Certificate (BRC) After completing the investment registration and receiving the Investment Registration Certificate, the Investor submits the dossier for Business Registration. The processing time shall be 03 working days and the result that the Investor shall receive is the Business Registration Certificate. This document records the legal entity status of the investment project management organization according to the Investment Registration Certificate that has been issued. Immediately after receiving the Business Registration Certificate, the Investor proceeds to complete the procedure to make the company\u2019s seal and announce the seal sample.   Step 5: : Opening  Bank Account  After completing Step 3, the Enterprise has the right to establish contracts and agreements. However, to contribute the capital shares and make the payments  in order to contribute capital and make payments, the Investor shall open a bank account at any commercial bank. It shall be noted that the Investor shall open 02 separate accounts for the two purposes of capital contribution and payment transactions.   Step 6: Performing Tax Registration Procedure  The law sets a specific time limit for newly established enterprises to complete the initial tax declaration procedures. At this step, the enterprise shall fulfill its obligations of paying the business license tax, registering for digital signatures, and electronic invoices. These are the conditions for the enterprise to issue invoices to the Client and perform other tax-related activities.   With the necessary information and steps in hand, the investor can now determine the estimated costs, timeframes for each step, and the roles of service providers involved in the process.  Completing these steps ensures that the investor has fulfilled all the legal requirements to conduct business activities in Vietnam, including capital contribution, issuing invoices, and other obligations when providing financial management consulting services to the client. However, the investor shall note that Vietnamese law imposes reporting obligations for management purposes. Therefore, it is important to be aware of the reporting deadlines throughout the year to ensure compliance. For further information, please refer to https:\/\/cdlaf.vn\/en\/reports-that-investor-shall-perform-in-2023\/.\" data-wplink-url-error=\"true\"><span style=\"text-decoration: underline;\"><em>Reports that Investors shall perform in 2023.<\/em><\/span><\/a><\/p>\n<p><strong><em>Time of writing:<\/em><\/strong> 15<em>\/05\/2023<\/em><\/p>\n<p><em>The article contains general information which is of reference value, in case you want to receive legal opinions on issues you need clarification on, please get in touch with our Lawyer at <a href=\"https:\/\/mail.google.com\/mail\" target=\"_blank\" rel=\"noopener\"><strong>info@cdlaf.vn<\/strong><\/a><\/em><\/p>\n<div class=\"content-post-nd\">\n<div style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-5519 size-full aligncenter\" src=\"http:\/\/cdlaf.vn\/wp-content\/uploads\/2023\/05\/CHUONG-TRINH-THANG.png\" alt=\"\" width=\"1080\" height=\"600\" srcset=\"https:\/\/cdlaf.vn\/wp-content\/uploads\/2023\/05\/CHUONG-TRINH-THANG.png 1080w, https:\/\/cdlaf.vn\/wp-content\/uploads\/2023\/05\/CHUONG-TRINH-THANG-720x400.png 720w, https:\/\/cdlaf.vn\/wp-content\/uploads\/2023\/05\/CHUONG-TRINH-THANG-768x427.png 768w\" sizes=\"auto, (max-width: 1080px) 100vw, 1080px\" \/><\/div>\n<\/div>\n<div class=\"content-post-nd\">\n<p><strong>Why choose CDLAF\u2019s service?<\/strong><\/p>\n<ul class=\"li-content\">\n<li>We provide effective and comprehensive legal solutions that help you save money and maintain compliance in your business;<\/li>\n<li>We continue to monitor your legal matters even after the service is completed and update you when there are any changes in the Vietnamese legal system;<\/li>\n<li>Our system of forms and processes related to labor and personnel is continuously built and updated and will be provided as soon as the customer requests it;<\/li>\n<li>As a Vietnamese law firm, we have a thorough understanding of Vietnam&#8217;s legal regulations, and grasp the psychology of employees, employers, and working methods at competent authorities;<\/li>\n<li>CDLAF&#8217;s team of lawyers has many years of experience in the field of labor and enterprises, as well as human resources and financial advisory.<\/li>\n<li>Strict information security procedures throughout the service performance and even after the service is completed.<\/li>\n<\/ul>\n<\/div>\n<p><strong style=\"color: #a32411;\">You can refer for more information:<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/cdlaf.vn\/en\/establishment-of-enterprise-in-vietnam-what-foreign-investors-need-to-consider-part-1\/\">Establishment of Enterprise in Vietnam, What Foreign Investors Need to Consider (Part 1)<\/a><\/li>\n<li><a href=\"https:\/\/cdlaf.vn\/en\/the-establishment-of-enterprises-in-vietnam-what-investors-need-to-consider-part-2\/\">Establishment of Enterprise in Vietnam, What Foreign Investors Need to Consider (Part 2)<\/a><\/li>\n<li><a href=\"https:\/\/cdlaf.vn\/en\/procedure-for-foreign-commercial-franchising-registration-in-vietnam\/\">Procedure for Foreign Investor to contribute capital, purchase shares in the enterprise in Vietnam.<\/a><\/li>\n<li><a href=\"https:\/\/cdlaf.vn\/en\/enterprises-with-the-opening-and-using-of-direct-investment-capital-account\/\">The enterprise with opening and using direct investment capital account<\/a><\/li>\n<li><a href=\"https:\/\/cdlaf.vn\/en\/avoiding-the-risk-when-leasing-the-office-in-vietnam-some-recommendations\/\">Avoiding the risks when leasing the office in Vietnam \u2013 some recommendations<\/a><\/li>\n<li><a href=\"https:\/\/cdlaf.vn\/en\/foreign-investors-provide-employment-services-in-vietnam\/\">Foreign Investors provide Employment Services in Vietnam<\/a><\/li>\n<li><a href=\"https:\/\/cdlaf.vn\/en\/franchise-in-viet-nam-part-1\/\">Franchise in Vietnam (Part 1)<\/a><\/li>\n<li><a href=\"https:\/\/cdlaf.vn\/en\/franchise-in-viet-nam-part-2\/\">Franchise in Vietnam (Part 2)<\/a><\/li>\n<li><a href=\"https:\/\/cdlaf.vn\/en\/foreign-investor-doing-hotel-service-business-in-vietnam\/\">Foreign investor doing hotel business in Vietnam<\/a><\/li>\n<\/ul>\n\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f2681-o1\" lang=\"en-US\" dir=\"ltr\" data-wpcf7-id=\"2681\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/en\/wp-json\/wp\/v2\/posts\/5803#wpcf7-f2681-o1\" method=\"post\" class=\"wpcf7-form init\" aria-label=\"Contact form\" novalidate=\"novalidate\" data-status=\"init\">\n<fieldset class=\"hidden-fields-container\"><input type=\"hidden\" name=\"_wpcf7\" value=\"2681\" \/><input type=\"hidden\" name=\"_wpcf7_version\" value=\"6.1.5\" \/><input type=\"hidden\" name=\"_wpcf7_locale\" value=\"en_US\" \/><input type=\"hidden\" name=\"_wpcf7_unit_tag\" value=\"wpcf7-f2681-o1\" \/><input type=\"hidden\" name=\"_wpcf7_container_post\" value=\"0\" \/><input type=\"hidden\" name=\"_wpcf7_posted_data_hash\" value=\"\" \/>\n<\/fieldset>\n<h2 class=\"tt-form\"><span class=\"ez-toc-section\" id=\"SEND_CONSULTATION_REQUEST\"><\/span>SEND CONSULTATION REQUEST\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><label>Full name<\/label><br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"full-name\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" value=\"\" type=\"text\" name=\"full-name\" \/><\/span><br \/>\n<label>Email<\/label><br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"email\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-email wpcf7-validates-as-required wpcf7-text wpcf7-validates-as-email\" aria-required=\"true\" aria-invalid=\"false\" value=\"\" type=\"email\" name=\"email\" \/><\/span><br \/>\n<label>Phone Number<\/label><br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"phone\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-tel wpcf7-text wpcf7-validates-as-tel\" aria-invalid=\"false\" value=\"\" type=\"tel\" name=\"phone\" \/><\/span><br \/>\n<label>Message<\/label><br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"coment\"><textarea cols=\"40\" rows=\"10\" maxlength=\"2000\" class=\"wpcf7-form-control wpcf7-textarea\" aria-invalid=\"false\" name=\"coment\"><\/textarea><\/span><br \/>\n<input class=\"wpcf7-form-control wpcf7-submit has-spinner btn-yellow\" type=\"submit\" value=\"Send\" \/>\n<\/p><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div>\n<\/form>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Vietnam is becoming an attractive destination for foreign investors to invest in various business sectors. Among them, financial management consulting services are garnering special attention from investors. Initially, the name of the industry might raise concerns among investors due to specific conditions regulated by Vietnamese laws. However, financial management consulting is a sector that Vietnam&#8230;<\/p>\n","protected":false},"author":4,"featured_media":5414,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[64],"tags":[],"class_list":["post-5803","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles"],"acf":[],"_links":{"self":[{"href":"https:\/\/cdlaf.vn\/en\/wp-json\/wp\/v2\/posts\/5803","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cdlaf.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cdlaf.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cdlaf.vn\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/cdlaf.vn\/en\/wp-json\/wp\/v2\/comments?post=5803"}],"version-history":[{"count":0,"href":"https:\/\/cdlaf.vn\/en\/wp-json\/wp\/v2\/posts\/5803\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cdlaf.vn\/en\/wp-json\/wp\/v2\/media\/5414"}],"wp:attachment":[{"href":"https:\/\/cdlaf.vn\/en\/wp-json\/wp\/v2\/media?parent=5803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cdlaf.vn\/en\/wp-json\/wp\/v2\/categories?post=5803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cdlaf.vn\/en\/wp-json\/wp\/v2\/tags?post=5803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}