I would like to ask about the service of launching a company or buying a ready-made company. Company LLC, 100% by local resident. I have a local partner ready to become the owner of such a company. No material assets are planned for the company.
About my business:
I am a Yoga Teacher. I plan to conduct trainings and regular classes in yoga and massage. I do not plan to have a specific workplace.
I am a foreigner. I need a work permit. Type of activity: teaching yoga. I also need a work visa.
1) Can you provide a service for launching the company?
3) How long does it take?
4) What steps need to be taken?
I/ Business activities:
From your email, you said that “I am a Yoga Teacher. I plan to conduct trainings and regular classes in yoga and massage. I do not plan to have a specific workplace.”
As I understand, there are 02 activities you want to perform, please correct me if I’m wrong:
1) Provide short-term training courses in terms of yoga and massage;
2) Provide regular classes in yoga and massage;
According to applicable laws, business of fitness center (training and practicing yoga, fitness center) is allowed for foreign sector. Thus, you can open 100% foreign-invested company to manage a yoga center, where you can teach yoga.
However, regarding business of “massage services”, there is no law which expressly regulate that kind of business is allowed for foreign sector. At this moment, even the local company conducts “spa services” is prohibited from newly establishment, except for “Make-up, Hair-cut, Shampooing, Face massage services”.
So, in case of opening 100% foreign-invested company, we suggest Client to register business of fitness center (training and practicing yoga, fitness center) first. Later, when having a clear regulation from competent authorities, business of “massage services” can be supplemented into company’s business.
II/ Form of investment:
Let’s me present pros and cons between 02 options that you’re considering, as follows:
1) Opening 100% foreign-invested company
Pros: – 100% owned by Client from the beginning;
Cons: – timing for applying investment license, enterprise license and business license for yoga center shall take around 2,5 – 3 months;
2) Buying over a ready-made local company
Pros: – timing for registration of repurchasing of local company’s stake is less than Option 1, around 1 – 1,5 months;
– a ready-made company having sufficient business operation licenses enables Client to immediately starting business upon completion of repurchasing of local company’s stake.
Cons: – Client should carefully check the financial status of local company before buying to be aware of any potential risks, e.g. its liabilities/debts to State, employees, third-parties;
– should optimize company’s business lines before buying, in case this company registered a lots of unnecessary business activities;
– whether this company has sufficient business operation license for “yoga center”.
III/ Applying Work Permit
If you are the Owner of foreign-invested company (In both Option 1 and 2), you’re exemption from Work Permit. Then, you can apply for Temporary Residency Card having term up to 2 years. With this Temporary Residency Card, you do not need visa each time coming to Vietnam.
Please kindly refer to my mentioned-above preliminary consultation, our Legal Service Proposal shall be provided to you in very soon by tomorrow.
In case of having inquiries, please do not hesitate to let us know.
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