INSTRUCTIONS FOR ESTABLISHING A ONE-MEMBER LIMITED COMPANY YOU MAY NOT KNOW

What are the steps taken to establish a one-member limited company?

To establish a one-member limited company you need to do the following: Step 1: Prepare the necessary documents in the dossier as prescribed.

Details of the documents of your profile set can be viewed below for this article.

Step 2: File.Submit the application online then submit it directly to the Business Registration Office, Department of Planning and Investment.

Step 3: Wait for the Business Registration Office or the Department of Planning and Investment to process the application.

Step 4:Get the results at the registration place.

What are the necessary documents in the application for establishment of a one-member limited liability company?

Establishment documents for this type of company include:

• Company Charter

The company’s charter includes information such as company name, address, charter capital, business sector, information of the owner and legal representative, …
In addition, there must be provisions on rights and obligations of owners and legal representatives, organizational structure of enterprise management in accordance with the provisions of enterprise law.
Must be signed by the owner and legal representative if the owner and legal representative of the enterprise are 2 different people.

• Application form for company registration

Enterprises complete the information according to the form available by the state to request the registration of a one-member limited liability company

• Power of attorney if the applicant is not the owner or legal representative

The power of attorney must clearly state the information of the legal representative authorly authorize any individual to submit the application, sign and receive the results within what time at the registration office.

• Attached identification documents

Valid ID cards/passports/citizen identification cards (copies and noted) are valid by the owners, legal representatives and authorized people who come to submit the dossiers.

Time to settle dossiers of establishment of a one-member limited liability company

Enterprises submit applications online via dangkykinhdoanh.gov.vn then submit directly to the Business Registration Office, Department of Planning and Investment of the province where the company is headquartered

Within 03 working days, the application will be processed. If submitting an application online, the enterprise shall submit an additional set of hard copy documents when coming to receive the enterprise registration certificate. If the application is invalid, the enterprise must supplement the information and return it from the beginning.

Some notes when establishing a one-member limited liability company need to know

About the company name

Must write all components including Limited Company + private name.

• The company name needs to be sufficient: The company name is written in Vietnamese (in capital letters), written in a foreign language (if any) and abbreviated (if any).
• The name of the company expected to register must not be the same or confusing as the company name of another enterprise established nationwide. Before registering, you should check whether the name of the company intended to register is the same or confusing as the other business name.
• The name of a one-member limited liability company does not need the phrase “one member”. If the company later converts to a limited liability of two or more members, it does not have to change the name of the company but just need to complete the conversion procedure.

Example:

• Hoa Mai Co., Ltd.
• Phung Hung Engineering Co., Ltd.

About the company’s head office

The company’s headquarters is a place of transactions, the company’s communication should be written fully and accurately. Includes information such as house numbers – street names – names of communes, wards, townships-names of districts, towns, provincial cities and centrally run cities.

Do not use condominiums or dormitory houses to register as business headquarters. If you register the address of the company’s headquarters in the building that functions as an office, you must provide all kinds of documents proving that the place is allowed to be an office.

Business conditions of one-member limited company

One-member limited liability company may trade in industries that the enterprise law does not prohibit. There are no restrictions on the number of professions registered for business. Currently, businesses are registering their trades under the industry code level 4. When registering enterprises, it is necessary to pay attention to the prohibited business sectors in accordance with the Law on Investment.

When investing in conditional business lines, enterprises may only do business when they are eligible under the provisions of the investment law. Conditions for charter capital. Charter capital is the total value of assets committed by the owner to contribute and stated in the company’s charter at the time of enterprise registration.

The owner must fully contribute the registered capital within 90 days from the date of issuance of the enterprise registration certificate in accordance with regulations on charter capital. The owner shall bear all financial responsibilities of the company based on the amount of charter capital registered with the state agency. Charter capital is the basis for determining the tax rate that the enterprise must pay for one year. Legal representative

The legal representative is the person representing the enterprise in the exercise of the rights and obligations arising from the enterprise during its operation. When facing the law, the representative shall have the same conditions as the plaintiff, the defendant, the person with related rights and obligations before the court.

In case a company owner is not a legal representative at the same time, you must provide more information of the legal representative.

Above is the detailed information to prepare for the establishment of a one-member limited liability company. If you have any questions about the procedure for establishing a one-member limited company, please contact us here!