Completing a Business License: Steps to Take Immediately After Starting a Company

The enterprise has a Business License in hand - a milestone that opens the official business journey. However, this is just the beginning. If you want to operate legally, avoid risks related to taxes, banks, internal management, etc., the enterprise needs to immediately carry out a series of legal and professional procedures after obtaining a business license. GT Law would like to provide detailed and practical instructions on the steps to take after establishing a company, with important notes for each stage.

Business Seal Engraving

• Engrave corporate seal: Using the newly received business registration certificate, the business contacts a seal engraving unit to make a legal seal (usually a round seal).
• The Enterprise Law 2020 has removed the provision Regarding the requirement for enterprises to register their seal samples with the business registration authority, instead, enterprises decide on the form, content, quantity and sample of the seal.

Hanging Signboard At Head Office

• Request: Enterprises must hang a signboard at the registered business address. The signboard must show the company name, address, and contact phone number.
• Tax authorities may conduct audits. at any time to determine whether the business is actually operating at the registered address and has posted a sign. To avoid being punished or close tax code due to failure to verify the actual company operations. After obtaining a business license, the enterprise must make a company signboard and hang it at the head office.

Open a Business Bank Account 

• A separate bank account is a prerequisite for businesses to conduct financial transactions, especially transactions of 20 million VND or more.
• Select bank: Priority is given to banks with branches near headquarters, good electronic services, convenient transactions.
• Should open an account at a bank with good e-banking service for convenience in financial management later.
• Note: Enterprises need to notify the opened bank account number to the Department of Planning and Investment to update information on the National Business Registration Information Portal.

Register Digital Signature

• Digital signature (token): helps to electronically sign tax records, contracts, electronic invoices... Register now with a reputable supplier to conduct electronic transactions with state agencies.
• Note: Digital signature does not replace traditional legal seal, but is a mandatory tool for every modern business.

Initial Tax Registration

• After having a Business License, registering and paying taxes electronically is one of the Things to do immediately after setting up a company to ensure tax compliance.

Submit Business License Fee Declaration

• Business license fee is a fixed tax that businesses must pay annually.
• Newly established enterprises are usually exempted from business license fees in the first year of operation (according to current regulations). However, there are still need to submit business license fee declaration to notify the tax authorities.

Register, Buy Electronic Invoice

• From 2022, Enterprises are required to use electronic invoices. instead of traditional paper invoices. Businesses need to contact a reputable electronic invoice software distributor to complete the purchase and registration procedures.
• Procedure: Register to issue electronic invoices with the tax authority via the electronic portal. Prepare a digital signature to sign the invoice.
• Criteria for selecting suppliers: Legal assurance, data security, good technical support, easy-to-use software and accounting integration.
• Note: Prepare invoice issuance notice, send invoice sample and notice to tax authority for approval before using electronic invoice.

Perform Initial Reporting Procedures

• Business information disclosure: In most cases, businesses must publish information on the National Business Information Portal within 30 days.
• Declare and submit monthly/quarterly tax reportsEnterprises must declare and submit value added tax (VAT), corporate income tax (CIT), invoice usage reports... according to the deadline for declaration according to current laws.
• Prepare financial statements: Accountants collect data to prepare financial statements at the end of the accounting period (first year of establishment or minimum period).

Some Legal Notes to Proactively Prevent Violations

• Enterprises submit, keep on time reports and tax returns to avoid penalties.
• Update information promptly Changes in personnel, industry, capital, address... with the Department of Planning and Investment if there are any fluctuations.
• Frequent compare information licenses, digital signatures, bank accounts, tax declaration status to ensure the company operates continuously and is not subject to handling measures such as locking tax codes, administrative fines, etc.

What to do after establishing a company, the next steps after establishing a company or after obtaining a business license are no longer concerns when businesses follow the correct steps in sequence: carving a seal, hanging a signboard, opening a bank account, registering a digital signature, declaring taxes and purchasing electronic invoices. These things create a solid financial and legal foundation for businesses to develop, minimize the risk of having their tax codes locked, being fined, and ensuring smooth access to customers and partners. If you want in-depth advice, GT Law provides a full package of services, accompanying businesses on every legal journey!