Question:
Dear Sir/Madam,
I have a new Client a Thailand company that it is in the food product business. They currently import food products from France and USA.
They are looking to incorporate a company in Vietnam and to import food products into Vietnam.
In regards to the above, could you please let me know the following:
- What is the paid up share capital required for this company and business activity?
- Is an import license required?
- Will they need Approval or registration with the Authority in control of food products?
- What is the timeframe to complete company registration and bank account inclusive of securing a license and approval (if required);
- What is the total cost for company setup including the license and approval (if required)?
As always, feel free to call me on the numbers below if you would like to speak to me personally about the above. I am always at your disposal for any clarification you may need.
Answer:
Dear Sir/Madam,
- There is no minimum paid up share capital for this kind company. However, according to our practical experience in similar previous case, an amount of 100,000USD upward shall be reasonable.
- Yes. The company shall have to obtain a General Import License for food products. Then, depending on what kind of food to be imported, they shall need to obtain food product registration or import license. For example, for supplemental food, they shall need to register supplemental food with the Ministry of Health. Meanwhile, if they import fresh pork, they shall need to obtain import license from Ministry of Agricultural and Rural Area Development. Furthermore, before custom clearance, such fresh pork must undergo quarantine process.
- Please see our answer in Item 2 above.
- For completing company registration and general import license, it shall take you about 45 working days from submission of application dossier to the competent authority. This includes company registration, general import license, registration of seal sample and opening bank account. For registration of each food products or specific import license for food product (if required), it shall be from 05 working days to 30 working days, depending on each specific food product.
- Our fee for setting up company as described above shall be 5,652USD. The fee is exclusive of 10% VAT, actual cost for translating documents provided by Client from English into Vietnamese (10USD/150 words). Our fee for registration or sub-import license for each specific food product shall be advised on case by case basis.
