In this episode, I’m discussing with Matthew Lourey, Managing Partner at Domicile Corporate Services about the most consequential mistakes foreign investors make after establishing their business in Vietnam, and advise on how to avoid these problems from the beginning, or how to mitigate their risks if they couldn’t have been avoided.
Advance in Vietnam: Episode 6 - 7 Critical mistakes investors make after starting a business in Vietnam
Some of the areas covered in the discussion are:
- Delay in Charter Capital Injection and minimum investment capital provision
- Not registering with the authorities for the initial tax registrations
- Using a Vietnamese nominee investor to start the business – risks attached
- 30-day residency requirement for the Legal Representative of the newly formed company
- Making undocumented loans or not registering foreign loans with the State Bank
- Not Appointing a Chief Accountant, and not understanding their role in a Vietnamese organization
- “Let’s do it the local way, and we fix it later” type of mindset – risks and precautions to be aware of.
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About the authors:
Matthew Lourey – Managing Director of Domicile Corporate Services
Matthew is a qualified accountant who has resided in Vietnam for more than 15 years. Matthew leads Domicile Corporate Services, which provides market entry, corporate advisory, compliance and tax advisory to foreign investors in Vietnam. He has extensive experience working in Australia for Big 4 accounting firms and investment funds, and since Matthew relocated to Vietnam, he has spent much of his time advising foreign investors on successfully undertaking business in Vietnam, corporate investment transactions, market entry and corporate finance.
Vlad Savin – Head of Business Development at Domicile Corporate Services
Vlad is a business development and marketing professional, who has resided in South East Asia for the last 7 years. He has wide experience in personal finance and corporate servicing, working with investment firms in Malaysia and Vietnam, while having a strong background in marketing, client service and events with international exposure. Vlad has been developing Domicile’s business strategy and