GETTING A BUSINESS LICENSE

Business License approval process
Business License approval process
Every Business license is issued annually and may be subject to certain conditions. The license is transferable and the business license subject to an annual fee which has been standardized to a principal sum of VT20, 000 plus VT90, 000 for each non-citizen employee, principal or partner engaged in the business.

Obtaining a business license involves the following steps:

  1. Complete the prescribed application form available from the Rates and Taxes Office or Provincial Council and compile the following supporting documents: foreign investment approval certificate (copy), residence permits for foreign owners (copies) and certificate of incorporation or business name registration certificate (copy).
  2. Submit the completed application and supporting documents to the appropriate licensing authority.
  3. Receive the business license by visiting the licensing authority.

Note, applications to renew a business license must be submitted to the appropriate licensing authority in January of each year.

Obtaining a business license for the first time takes 1 to 2 working days. Renewal of a business license takes between 5 and 10 working days because all renewals are processed at the same time and annual turnover data must be verified against VAT Office records.

The business activity component of the license fee depends on a business’ number of locations, business categories it operates within and its annual turnover. The minimum license fee rates are VT 20,000 per business category for businesses earning less than VT 10 million per annum.

For further information, visit the Department of Customs & Inland Revenue website