Consulting business in Vietnam – overview
According to recent statistics, Consulting Business is one of the fastest-growing industries in Vietnam, with many companies in this field still in the early stages of development. According to surveys, the number of people requesting consulting services in IT, human resources, and business development has increased by about 60% in the last few years.
Consulting is also one of the top businesses registered by expats in Vietnam and is considered the best business to open.
Starting a Consulting Business in Vietnam can be a great idea because the country has one of the most prosperous economies in Asia. IT, accounting, manufacturing, trading, and research and development have all grown significantly in the last few years.
However, in order to open a Vietnamese company in any of the previously mentioned fields, different specialists must be consulted, which is how the consulting industry arose. Obviously, this is one of the most recognized business opportunities in Vietnam in the last decades.
Conditions to open a consulting business
To run a Consulting Business in Vietnam, the first step is to open a company with a corresponding business license.
Setting up a consulting firm in Vietnam has now become a trend. This sector is open to both domestic and foreign investment. There are certain consulting areas that are quite easy to set up such as investment consulting, management consulting.
Besides, some technical consulting professions may require some additional conditions such as the qualification of the consultant. However, in general, Consulting is a wide-open sector in Vietnam. To know exactly what is required to open your consulting business, contact our specialists at VNBG for a free consultation.
How to register a consulting company in Vietnam
1. Decide the form of the entity
When establishing a consulting firm in Vietnam, the first step is to register the company to obtain the business license. The most common business type is limited liability company (LLC).
A foreign can own up to 100% of the company or can form a joint venture with a local partner(s). An LLC allows a company to have up to 50 shareholders.
When it comes to business license requirements for providing consulting services, Vietnam authorities are more relaxed than other jurisdictions in the same region. Consulting firms in this country do not require a special license to begin operations; however, in order to be credible, employees of some consulting areas must have qualifications or sufficient experience in the field in which they wish to operate.
2. Know the conditions
- To open a consulting company, you need to prepare the following requirements
Capital investment: There is no requirement regarding the minimum capital for Consulting firms. In theory, the investment can decide on the amount of capital he is willing to invest. There are companies open with just USD 1,000 or as low as USD 3,000 as capital. However, to increase or change the capital, it would take some paperwork. Therefore, many investors have decided to put $10,000 – $15,000 as a safe starting. - Business address: A virtual office in Vietnam can also be used to start a consulting business.
- Resident legal representative (director): Any company in Vietnam requires at least 01 person (having resident status) to be the legal representative of the company. The investor can be in this role himself. If he is not in the country, he has to assign or hire someone else to play this role.
Read more: 10 steps to open a company in VietnamÂ
or more from here if you want to:
- Open a Headhunting agency in Vietnam
- Open an Advertising agency in Vietnam
- Open a Restaurant in Vietnam
- Open a Construction company in Vietnam
- Open a Call Center in Vietnam
- Open an E-commerce business in Vietnam
The timeline to obtain a business license for a consulting company in Vietnam takes roughly 4-8 weeks.
If you have a need to start a business as a foreigner in Vietnam, contact VNBG today to get a free consultation.