7 things to know after setting up a company

If you are setting up a company but after receiving a business license, you are not sure what to do or do not know where to start, then this article is for you. Provide the full seven things you should know after setting up a company.

1. Submit the initial tax declaration documents.

This is a very important step for newly established businesses.

Documents to be prepared include:

• Declaration of accounting form registration and invoice types used
• Decisions on the appointment of directors and the appointment of accountants
• A method to depreciate fixed assets
• The license fee declaration form (which can be submitted online) is an important document; if submitted late, you will be fined.
• Registration form for information exchange by electronic means.

2. Open a bank account and announce the account number.

Opening a bank account brings a lot of benefits and convenience for businesses in paying taxes as well as conducting business transactions. There is also a mandatory transfer of funds for transactions over VND 20 million, so opening a bank account is extremely necessary.

After 10 days from the opening of the account, the enterprise must notify the Department of Planning and Investment so that the department can grasp information and manage and control transactions.

A bank account is owned by only one business, but a business can have multiple bank accounts. Opening a bank account is also a very important thing that you need to do right after setting up a company.

3. Buy a digital signature

A digital signature is a device that has encrypted all data and business information and is used to sign instead of signatures on documents and digital documents made through electronic transactions or over the internet.

Digital signatures are very convenient, saving time for businesses without losing travel time. A business can have multiple digital signatures, but each business can only use one.

After purchasing digital signatures from suppliers, enterprises must register with tax authorities and be certified by banks.

4. Hang a sign with the name of the company.

According to Enterprise Law 2020, business names must be written and printed on transaction papers and documents. mounted at the head office, branch, representative office, or business location of that enterprise. Therefore, if the business does not hang the company name sign, it may be fined 10 to 15 million dong. Even worse, the tax code may be locked.

5. How the procedures are issuing invoices?

VAT invoices and direct sales invoices can be used in the form of electronic invoices and paper invoices. However, no matter which type of invoice is used, it is still required to carry out the procedures for issuing invoices and sending them to the tax authority directly managing them.

• For paper-based invoices: After completing the procedures for printing VAT invoices and obtaining the consent of the tax authorities directly managing them, the new enterprise will contact the invoice printing and issuing unit.
• E-invoices: After the application file for registration to use e-invoices is approved, the issued invoice will be valid for use.
• The dossier includes decision on the use of invoices; invoice issuance notice; or sample invoices.

6. Completing conditions for licenses, capital, and certificates

After the company is established, it is necessary to complete the sub-licenses and practice certificates to avoid penalties in cases where there is an inspection team.

The types of companies such as limited liability companies, joint stock companies, etc., must comply with the commitment to contribute capital within 90 days from the date of issuance of the business license. In the event of unexpected occurrences affecting the finance and the time of capital contribution commitment, the enterprise must carry out the procedures for adjusting and reducing the charter capital.

7. Participating in employee insurance and tax issues

For employee insurance:

All businesses must pay insurance for their employees. But this is a problem that many newly established businesses often lack.

According to Decision 772/QD-BHXH, within a period of 30 days from the date of signing the official labor contract with the employee, the enterprise must submit the application for insurance participation for the employee.

For tax matters:

To avoid fines or lock, businesses must declare and pay in accordance with the provisions of the tax code.

YNN Global Company is a reputable place to help you complete the establishment of a company quickly and save time and money for the company.

If you are struggling and do not know what to prepare to set up a company and are having a lot of headaches with the procedures, please quickly contact YNN Global Company for answers to your questions.

YNN GLOBAL - Consulting services

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