Vietnam’s robust economic growth in recent years has made it an extremely competitive market. Companies of all sizes are heavily dependent on marketing tactics and ideas to gain a competitive edge over their rivals. This results in an increased workload and scope of work for the marketing departments. However, in-house marketing teams cannot handle all aspects of marketing, from online to offline, inbound to outbound. They need the support of marketing agencies. As a result, the demand for hiring marketing service companies or agencies is always high in Vietnam.
This presents a lucrative opportunity for investors, and our article covers how to open a digital marketing agency in Vietnam. Don’t miss out on this exciting and expanding industry!
1/ WHAT ARE THE CONDITIONS TO OPEN A DIGITAL MARKETING AGENCY IN VIETNAM
In Vietnam, the term “marketing agency” encompasses various types of marketing service companies, including Marketing strategy consultancy, creative content production, media planning, and event organization agencies. Businesses that offer marketing services fall under this category.
Prior to January 1, 2009, The registration of a digital marketing agency in Vietnam was required to form a joint venture with a Vietnamese partner, with foreign investment capped at 51%. However, after this date, foreign investors are still required to form a joint venture, but may now own up to 99.9% of the company.
This requirement poses a significant barrier for investors, as the local partner has to be a company that has “Advertising” described in its business license. The good thing is, VNBG can have this local partner arranged to help you establish the company if you do not have one by yourself, check for VNBG’s nominee ownership service arrangement if you do not have a local partner to form a joint venture with.
2/ STEPS TO ESTABLISH A DIGITAL MARKETING AGENCY IN VIETNAM
Once you have fulfilled the local partner requirement, the next step towards registering your marketing or creative agency is acquiring the necessary business certificates. The two key certificates are the Investment Registration Certificate (IRC) and Business Registration Certificate (BRC). The IRC will feature the CPC-871 business code for the marketing agency. Both certificates are issued by the Department of Planning and Investment (DPI).
To obtain these certificates, you must meet certain prerequisites, including a business address, a legal representative, and a capital amount. Let us guide you through the process to ensure your success in Vietnam.
As a requirement for all registered businesses in Vietnam, having a Business Address is essential. You must have a valid physical or virtual address, and it is not permitted to use a residential address. Be cautious of offers to use someone’s home address. At VNBG, we offer both physical and virtual address solutions to quickly establish your business with ease.
For the next step, you must appoint a legal representative for your business, as it is required for registration. The representative can be a Vietnamese resident or a foreigner, including yourself. It is important to note that the representative must have a permanent address to establish their residency and obtain a work permit in the future. Additionally, they must be present during the registration process.
Finally, it’s important to consider the initial capital investment required for your creative agency in Vietnam. While the law does not specify an exact amount, you should select a fair and appropriate number that will, at least, cover operational expenses such as rent, salaries, taxes, and other costs until your business becomes self-sufficient. It’s crucial to carefully consider the capital you choose to invest for long-term success.
The processing time will be 4-6 weeks from the time of paper submission.
To gain further insight into establishing a business in Vietnam, take a look at our recent publication outlining the 10 steps for opening a foreign-owned company in Vietnam.
3/ HOW CAN VNBG ASSIST YOU?
We are a top consultancy firm in Vietnam that offers unparalleled support in company registration and formation in Vietnam. Our team can help you choose the perfect location and provide a director nominee if required. We have vast experience in securing sub-licenses for smooth business operations.
Our EOR services can help you with payroll, tax compliance, benefits administration, team management, and more. Our mission is to be your most efficient and affordable business solution in Vietnam, and we have a proven track record of earning the trust of many businesses.
You may be also interested in the following:
10 STEPS TO GET YOUR COMPANY FULLY OPENED AND READY TO RUN IN VIETNAM
OVERSEAS STUDY CONSULTING COMPANY SET UP IN VIETNAM
OPEN A TOURIST AGENCY IN VIETNAM – FROM START TO FINISH
OPEN A DIGITAL MARKETING OR ADVERTISING AGENCY IN VIETNAM
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