Things newly established businesses need to do in 2025
In January 2025, newly established businesses need to carry out many important procedures to start operating effectively. In this article, S4B Vietnam will guide you through 7 things to do immediately after establishing a business, from declaring taxes, opening a bank account, to notifying the issuance of electronic invoices and purchasing digital signatures so that the business can operate smoothly without any obstacles.
1. Submitting initial tax declaration
Submitting initial tax declaration is one of the important procedures that every newly established business must perform immediately after receiving a Business License.
This is the first step for businesses to be able to fully and properly fulfill their tax obligations, while helping tax authorities grasp basic information of the business.
Initial tax declaration includes:
- Declaration of business license fees;
- Decision to appoint director and chief accountant;
- Registering the accounting form and depreciation method of fixed assets;
- Registering the form of invoice used;
- Business information declaration form;
- Registering the electronic tax method.
- Deadline for submitting initial tax declaration
Enterprises must complete the submission of declarations and business license fees before January 30 of the following year after establishment. If not submitted on time, the enterprise will be fined with a specific penalty for late submission of declarations and business license fees.
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2. Opening a bank account and notifying the account number
Opening a bank account for the enterprise is an important and mandatory step after establishing the company. A bank account not only helps the enterprise make payment transactions, purchase and sale of goods and services.
According to Circular No. 01/2021/TT-BKHĐT, from May 1, 2021, newly established enterprises no longer need to register a bank account number with the Tax Authority as before when opening a bank account.
3. Buy digital signature
Digital signature is an important tool to help newly established enterprises perform online procedures such as signing contracts, banking transactions, electronic tax declaration and social insurance payment without having to travel or print.
Each newly established enterprise can use multiple digital signatures, but each digital signature is only used for one enterprise. Enterprises can buy digital signatures from reputable suppliers such as Viettel, FPT, BKAV, Newca, SAFE-CA.
After purchasing a digital signature, the enterprise needs to register with the tax authority and the bank to complete the usage procedures to conduct online transactions easily and quickly, ensuring legal requirements without wasting time.
4. Hanging the company signboard at the head office
One of the important tasks that a newly established enterprise needs to do next is to hang a signboard at the head office. According to the Enterprise Law 2020, enterprises need to hang a company signboard at the head office, branch or representative office, on the signboard there is information about the company name, tax code, address, etc.
In case of being inspected by a tax inspector, if the company signboard is not hung, the enterprise may be fined 10,000,000 VND – 15,000,000 VND and may have its tax code locked, affecting business operations.
Therefore, to avoid unnecessary troubles, after establishment, enterprises need to immediately contact signboard making units to design and order signs according to requirements.
New businesses should hire accounting services instead of recruiting internal accountants.
5. Register to buy and issue invoices
According to Decree 123/2020/ND-CP and Circular 78/2021/TT-BTC, newly established companies and enterprises are now required to use electronic invoices from July 1, 2022. After obtaining a Business License, enterprises need to notify the tax authority of the issuance of electronic invoices at least 2 days before use.
6. Completing conditions on licenses, certificates, capital
In addition to the above tasks, newly established businesses also need to complete sub-licenses and practice certificates (for conditional business lines) before starting operations. These licenses may include practice certificates, food safety licenses, or fire prevention and fighting certificates.
Completing these procedures not only helps businesses operate legally but also avoids being fined in the event of an inspection team. In addition, businesses need to pay attention to contributing enough charter capital within 90 days from the date of issuance of the Business License.
7. Registering for employee insurance and tax issues
Finally, newly established enterprises need to carry out social insurance registration procedures for employees within 30 days from the date of signing the labor contract. This helps enterprises comply with the provisions of the Law on Social Insurance 2014 and avoid administrative penalties.
Social insurance registration dossiers include:
- Form TK3-TS and form D02-LT;
- Copy of Business Registration Certificate;
- Labor contract and form TK1-TS of the employee.
In addition to social insurance registration, newly established enterprises also need to pay attention to tax obligations such as VAT, personal income tax, corporate income tax (if any). Enterprises must declare and submit quarterly tax declarations and year-end tax settlement reports to avoid being fined for late or incorrect payment.
Carrying out procedures after establishing a business can take a lot of time and effort. However, S4B Vietnam can help newly established businesses complete all necessary tasks quickly, only from 1 to 3 working days, at a very reasonable cost. Contact S4B Vietnam immediately via hotline + 84 24 3974 4181 for free consultation and timely support, helping your business operate smoothly and effectively.
S4B Vietnam
- Address: Unit 602A, Tower A, Handi Resco Office Building. 521 Kim Ma Street, Ba Dinh District, Hanoi
- Tel: + 84 24 3974 4181
- Email: service@s4b.com.vn
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