Consulting Business in Vietnam: An Overview.
The consulting industry in Vietnam is experiencing exponential growth, making it one of the most promising sectors for entrepreneurs. If you’re an expat or a foreigner looking to establish a business in Vietnam, consultancy offers a lucrative opportunity that aligns with the country’s rapidly developing economy.
Recent statistics reveal that the consulting business is among the fastest-growing industries in Vietnam. The demand for consulting services in IT, human resources, and business development has surged by approximately 60% in the past few years. This growth signifies a robust market need, providing an excellent entry point for new businesses.
Vietnam boasts one of the most prosperous economies in Asia, experiencing significant advancements in various sectors such as IT, accounting, manufacturing, trading, and research and development. Moreover, this economic prosperity creates a fertile ground for consulting services, as businesses across these sectors seek expert advice to optimize their operations, comply with regulations, and achieve sustainable growth.
Requirements for starting a consulting business in Vietnam
Establishing a Consulting Business in Vietnam begins with obtaining a business license and registering your company. This industry has gained popularity and welcomes both local and international investors.
Certain fields, like investment and management consulting, have relatively straightforward setup processes. Some specialized technical consulting areas may require additional credentials for consultants.
Overall, the consulting sector in Vietnam offers broad opportunities. For specific requirements tailored to your consulting venture, reach out to Iris International experts for complimentary advice.
How do I register a consulting company in Vietnam?
1. Decide the form of the entity
The first crucial step is to decide on the type of business entity. In Vietnam, the most popular choice is a Limited Liability Company (LLC). An LLC allows foreign investors to own up to 100% of the company or to form a joint venture with local partners. You can have up to 50 shareholders in an LLC.
Vietnam’s regulatory approach to consulting services is comparatively lenient within the region. Unlike some neighboring countries, Vietnam doesn’t mandate specific licenses for consulting firms to commence operations. However, to establish credibility, consultants in certain fields are expected to possess relevant qualifications or substantial experience in their area of expertise. This balance allows for easier market entry while maintaining professional standards in the industry.
2. Know the conditions
- To open a consulting company, you need to prepare the following requirements
Capital investment: There is no minimum capital requirement for consulting firms. You can start with as little as USD 1,000 to USD 3,000. However, many investors prefer to start with USD 10,000 to USD 15,000 to avoid frequent paperwork related to capital changes. - Business address: You can use a virtual office as your business address, which is a cost-effective solution for many new businesses.
- Resident legal representative (director): Every company in Vietnam must have at least one legal representative who is a resident. You can either take on this role yourself if you plan to reside in Vietnam, or hire someone locally.
The timeline for obtaining a business license for a consulting company in Vietnam typically ranges from 4 to 8 weeks. If you are a foreigner looking to establish a business in Vietnam, we invite you to contact Iris International for a complimentary consultation.
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