Wherever you choose to set up a new business, there are going to be numerous challenges to tackle, you can be sure. The great thing is though, usually, if you must work hard for something, you are likely rewarded. When it comes to setting up a business in Vietnam, inspiration can be taken by looking at the most successful businesses, they all had to start from step one, which led them all the way to where they are now!
Overcome the challenges to see the rewards
You will, no doubt, have your own reasons for choosing Vietnam as your preferred business location, you should however also be aware of what challenges may lay ahead of you before you start to see the rewards. The best possible thing you can do to make your life a whole load easier is to seek the correct help, which doesn’t come any more valuable than in the form of local experience, and knowledge.
Starting your business
However great Vietnam might be for your future business, the process of setting up a company can be quite complex, so you’ll likely want to seek the assistance of company registration services in Vietnam. Depending upon what your business does, there could be around a dozen tasks to tackle, so it’s really important to know which tasks are applicable to your business, and those that aren’t.
Corruption
This might not be something that your average person will be open about, or happy to discuss, nonetheless corruption is an issue for many people in Vietnam. In addition, there is a great divide between wealth and poverty, as such theft can be a problem, and something you will have to be diligent about. Understanding the local laws, and how the systems work is important, knowing what is ok, and what is not ok in regard to how you conduct business will be of great value.
Property registration
You’re going to need a property to trade from, which can take some time, first you’ll need to find a suitable premises, followed by the registration process. In line with the average time to complete property registration, you should find that this process takes around 60 days to complete and should require some outside help from professionals.
Understanding and paying taxes
The taxation system in Vietnam is a vast one . There are over 30 various corporate payments that need to be paid on a monthly basis. You will find this to be one of the most time-consuming areas of administration for your business, who you choose to help you with tax payments will determine how much time it takes, and how accurate your accounts are going to be. Understanding the different payments before you get started will certainly help.
Protecting your intellectual property
There’s nothing more valuable than your ideas, and the very aspects of your business that make it what they are, as such protecting your intellectual property (IP) is crucial. If you only register for protection in Vietnam then your IP will only be protected within the country, if however, you are trading internationally, then you’ll want to register for protection in the countries of which you aim to trade in.
