Setting Up A Business In Phu Quoc

Discover how to starting a business in Phu Quoc - Viet Nam - with 100% foreign capital is a form of investment in which foreign investors are allowed to implement investment projects in the form of investment in the establishment of 100 foreign-owned companies in Vietnam, including the investment locations are being considered big attraction in Phu Quoc Viet Nam.

The Ministry of Planning and Investment has just submitted to the Government a draft Law on Special Administrative Units. In this draft, the Ministry proposes a series of mechanisms to attract investment capital and foreign experts to live and work in Phu Quoc special economic zone.

Specifically, according to the draft law, Phu Quoc is prioritized investment to become a center for trade, high-end services and international procurement. This will be the only special zone to be prioritized for the development of fisheries, aquaculture and processing and fishery logistics.

According to the Ministry of Planning and Investment, the potential advantages of Phu Quoc can completely develop into a commercial center, eventhough Phu Quoc is located far from the land and there are only two main lines of transportation that are airway and sea. Phu Quoc also has favorable conditions for hydro-meteorology, natural environment, mountains, forests, marine and ecosystems; moderate weather, favorable for year-round tourism development. Especially, Phu Quoc has a large fishing ground and potential for aquaculture.

In addition, Phu Quoc has fertile farmland, large forest land, occupies 63.2% of the total natural land area, facilitates the development of agricultural economy and sustainable eco-tourism development.

Like other two special economic zones, which are Van Don (Quang Ninh), Van Phong (Khanh Hoa), the Ministry of Planning and Investment proposed a series of incentives for Phu Quoc such as income tax exemption for 5 years, but not exceed 2030 for individuals who have taxable income arising in the special economic zone. In subsequent years, the personal income tax payable will be reduced by 50%.

For managers, scientists and highly qualified experts with income subject to personal income tax in the 3 special economic zones mentioned above, they are also entitled to tax exemption until the end of 2030 and 50% reduction of tax amount in the remaining years.

In addition to the application of general incentives for special economic zones, Phu Quoc has also been proposed to enjoy a separate mechanism, such as raising the level of allowances from 30% to 50% of the basic salary for officials and employees working here.

In particular, in order to encourage investment, the Government of special economic zone will issue permanent residence cards to individual foreign investors with investment projects of 5 million USD or above, with the residence time of 5 years or more in Phu Quoc and not breaking the law.

Regarding infrastructure, according to the Ministry of Planning and Investment, infrastructure of Phu Quoc has been invested quite synchronously to meet the needs of large-scale tourism development. Many high-class and large-scale resorts have come into operation. The Politburo has agreed to open casino project in Phu Quoc for the Vietnamese.

For Van Don special economic zone, according to the Ministry of Planning and Investment, priority will be given to develop island eco-tourism, innovative industries and high-tech agriculture.

Van Phong, in particular with its location, will be promoted to develop deep-water ports, logistics services, medical services, high-quality resort…

STARTING A BUSINESS IN PHU QUOC 

Once the license has been issued, the company can then begin trading. In general, small business formation involves first setting up a 100% Vietnamese owned company with 2 Vietnamese directors. A new contract is then drawn up transferring ownership to the foreign business person. Although previously, a foreigner could only own 50.9% of their business (49.9% to the Vietnamese director), this has since changed and you can now own up to 99% of your company and this will appear on the company business license.

Please contact our staff so that we can assist you in setting up your company. We will advise you on the safest and most efficient way to set up your company so that you can succeed from the beginning.

Another point of interest for expats is that having a registered company means you are eligible to apply for a Temporary Residency Card for a period of 1- or 3 years. Please view our information on Temporary Residency Cards here.

Business registration documents for limited liabilities companies (one LLC company)

Request for business registration in the standard form published by the authorized business registration body

Draft charter of the company.

List of members and the following attached documents:

(a) With respect to members being an individual, a copy of people's identity card, of passport or other lawful personal identification;

(b) With respect to members being an organization, a copy of the establishment decision, business registration certificate or other equivalent document; power of attorney, people's identity card, of passport or other lawful personal identification of the authorized representative. With respect to members being a foreign organization, a copy of the business registration certificate which is certified by the body at which the organization has made the registration within three months before the date of submission of the business registration documents.

Document of an authorized body or organization certifying the legal capital in respect of enterprises conducting lines of business for which legal capital is required by law

Practicing certificates of the director or general director and other individuals in respect of enterprises conducting lines of business for which a practicing certificate is required by law.

Business registration documents for a Two Member Limited Company (LLC company) 

Request for business registration in the standard form published by the authorized business registration body.

Draft charter of the company.

List of members and the following attached documents:

(a) With respect to members being an individual, a copy of people's identity card, of passport or other lawful personal identification;

(b) With respect to members being an organization, a copy of the establishment decision, business registration certificate or other equivalent document; power of attorney, people's identity card, of passport or other lawful personal identification of the authorized representative. With respect to members being a foreign organization, a copy of the business registration certificate which is certified by the body at which the organization has made the registration within three months before the date of submission of the business registration documents.

Document of an authorized body or organization certifying the legal capital in respect of enterprises conducting lines of business for which legal capital is required by law

Practicing certificates of the director or general director and other individuals in respect of enterprises conducting lines of business for which a practicing certificate is required by law.

Business registration documents for a Shareholding Company (Joint Stock company) 

Request for business registration in the standard form published by the authorized business registration body.

Draft charter of the company

List of founding shareholders and the following attached documents:

(a) With respect to shareholders being an individual, a copy of people's identity card, passport or other lawful personal identification;

(b) With respect to shareholders being an organization, a copy of the establishment decision, business registration certificate or other equivalent document of the organization; power of attorney, people's identity card, passport or other lawful personal identification of the authorized representative. With respect to a shareholder being a foreign organization, a copy of the business registration certificate must be certified by the body at which the organization registered within three months before the date of submission of the business registration documents.

Document of an authorized body or organization certifying the legal capital in respect of enterprises conducting lines of business for which legal capital is required by law.

Practicing certificates of the director or general director and other individuals in respect of enterprises conducting lines of business for which a practicing certificate is required by law.

Business registration documents for a Private Enterprise (Pte)

Request for business registration in the standard form published by the authorized Business registration body.

Copy of people's identity card, passport or other lawful personal identification.

Document of an authorized body or organization certifying the legal capital in respect of enterprises conducting lines of business for which legal capital is required by law.

Practicing certificates of the director and other individuals in respect of enterprises conducting lines of business for which a practicing certificate is required by law.

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