Do you know Vietnam is one of the gaming powerhouses in Southeast Asia? With its profound talent pool, robust technological infrastructure, and tech-savvy generation, Vietnam has attracted multiple foreign investors such as Garena, Ubisoft, Gameloft, and Playstudios to open a representative branch in Vietnam. Vietnam also witnessed a rise in local game companies, studios, and publishers, developing and releasing many game titles for players every year. But, is starting a game business in Vietnam that easy? Well, No of course! The market is profitable but you must know the procedure, the rule, and the right strategy to take advantage of the market nature. 

Disclaimer: You should take note that we are not legal consultants or counselors. However, we are an enterprise that has dealt with so much paperwork, and legal documents to bring the best entertainment experience tailored to our customers. We are delivering messages based on our work ethics, experience, and of course, objective standpoint accumulated from ups and downs. Therefore, keep this article as a checklist for a piece of mind. Okay, now let’s get started 

Starting a gaming company in Vietnam comes with its own challenges. The process can be complex, leaving many investors needing help navigating the regulatory landscape. In this blog, we will provide you with a complete checklist of regulations for starting a game business in Vietnam. The article will divide into 2 main sections: conditions for foreign investors to open a game business in Vietnam and detailed regulations and policies considerations

Conditions for Foreign Investors to Start a Game Business in Vietnam

1. Conditions to Start a Game Company in Vietnam

For the game industry, when foreign investors want to open a company they will need to meet the following basic conditions:

• Capital contribution ratio: The capital contribution ratio of foreign investors in a game company can only be up to 49%. That means this industry does not allow foreign investors to own more than 49% of the company’s charter capital. Therefore, foreign entrepreneurs can make capital contributions ranging from 1% – 49%.
• Investment methods: There are 2 methods for foreign investors to establish a game company in Vietnam: Joint venture with a company that already has a game business license in Vietnam through transfer, purchase of capital contribution, and shares. Or sign an investment contract from 1% to 49% of capital into Vietnam to establish a game company with foreign capital investment.  
• Vietnamese entrepreneurs: Vietnamese business owners who want to open this type of company must ensure their business authority, and ability to provide game services permitted by the state and law.
• Other conditions: When operating games, companies also need to comply with other conditions such as quality equipment, culturally appropriate images, games must not violate prohibited regulations, must be healthy, operating hours are only from 8 am – 10 pm, after 10 pm they must not operate anymore; In addition, companies need to be at least 200m away from schools…

2. Procedures for establishing a game company with foreign capital investment

To help foreign investors establish a game company in Vietnam, they can follow the basic procedures below:

– If establishing a company through joint ventures, purchase, and transfer of capital contributions, shares:

Step 1: Apply for an enterprise registration certificate to open a game company and publish company information.

Step 2: Register the purchase, sale of shares, and capital contributions for foreign investors at the competent management agency. 

Step 3: Foreign investors and Vietnamese enterprises sign the capital transfer, share purchase, and capital contribution contracts following regulations.

– If opening a company by allowing foreign entrepreneurs to directly invest to establish a game company with foreign capital investment, the following procedures can be applied:

Step 1: Prepare investment registration documents for foreign entrepreneurs to invest from 1% – 49% in Vietnam.

Step 2: Apply for a business registration certificate, establish a game company with foreign capital investment, and publish company information.

3. Some notes when establishing a game company with foreign capital investment:

License application documents such as investment licenses, and business registration certificates must be fully and legally prepared, only then will licenses be issued quickly. Otherwise, the authority will refuse them with written reasons. In addition to licensing, companies also need to prepare basic company information when wanting to open a company. The information includes company name, specific company address, legal representative, company form, business lines, and business code…

Furthermore, after the company starts operating, the company will need to:

• engrave the company seal
• announce the seal sample
• print invoices
• hang the company sign
• open a bank account
• register digital signatures
• declare and pay taxes…

Finally, it is most important to note that companies must apply for internet, online game licenses according to regulations.

Regulations and Procedures for Starting a Game Business in Vietnam

Legal Basis for Starting an Online Game Business in Vietnam

– Enterprise Law 2020;

– Decree No. 01/2021/ND-CP dated January 4, 2021, of the Government on business registration;

– Decree No. 72/2013/ND-CP dated July 15, 2013, of the Government on the management, provision, and use of internet services and online information, amended and supplemented by: Decree No. 27/2018/ND-CP dated March 1, 2018, Decree No. 150/2018/ND-CP dated November 7, 2018.

Conditions for Establishing an online game company

The business activities of online game companies in providing online game services are conditional business sectors. Currently, to manage online games, the law classifies online games according to Article 31 of Decree 72/2013/ND-CP as follows:

Article 31. Principles of managing online electronic games 

1. The classification of online electronic games is as follows:

a) Classification by method of providing and using services, including:

– Electronic games with interactions between multiple players with each other simultaneously through the game server system of the enterprise (abbreviated as G1 games);

– Electronic games with only interactions between players and the enterprise’s game server system (abbreviated as G2 games); 

– Electronic games with interactions between multiple players with each other but no interaction between players and the enterprise’s game server system (abbreviated as G3 games);

– Downloadable online electronic games, without interaction between players or between players and the enterprise’s game server system (abbreviated as G4 games).

b) Classification by age of players appropriate to the content and scenario of the game. The Ministry of Information and Communications shall specify the classification of games by age of players.

2. Enterprises are licensed to provide G1 online game services when they fully meet the conditions below

Having a License to provide online game services and Decision approving the content and scenario for each online game issued by the Ministry of Information and Communications.

3. Enterprises are allowed to provide G2, G3, and G4 online game services when having a Certificate of registration for the provision of online game services and notification of the provision of services for each online game.
4. Foreign organizations and individuals providing online game services to users in Vietnam must establish enterprises under the provisions of Vietnamese law to provide online game services following this Decree and regulations on foreign investment.

Accordingly, depending on the type of online game service that the game company intends to provide when establishing a game company, you must refer to and meet certain conditions.

If you establish a game company to provide G1 game services, you must meet the corresponding conditions in Articles 32, 32a, 32b, 32c of Decree 72/2013/ND-CP (supplemented by many provisions in Decree 27/2018/ND-CP) as follows:

Article 32. Licensing the provision of G1 game services  

(Clause 1 Article 32 of Decree 72/2013/ND-CP amended by Point a, Clause 18 Decree 27/2018/ND-CP)

1. Enterprises can obtain a License to provide G1 online game services when fully meeting the following conditions:

a) Being an enterprise established under the provisions of Vietnamese law, having the business lines of providing online game services published on the National Business Registration Portal;  

b) Having registered the domain name used for service provision;

c) Having sufficient financial, technical, and human resources appropriate to the service provision scale and following relevant regulations in Articles 32a, 32b of this Decree;

d) Having information security and cybersecurity measures.

– Article 32a. Conditions on organization and human resources for the provision of G1 game services  

(This article was supplemented according to Clause 19 Article 1 of Decree 27/2018/ND-CP and Clause 3 Article 2 of Decree 150/2018/ND-CP)

1. Having a head office with a clear contact address and telephone number.
2. Having at least 01 game administrator.

– Article 32b. Technical conditions for the provision of G1 game services

(This article was supplemented according to Clause 20 Article 1 of Decree 27/2018/ND-CP) 

1. The system of equipment for providing game services for all the enterprise’s games must meet the following requirements:

a) Being able to fully store and update the personal information of players including Full name; date, month, and year of birth; permanent residence address; ID card/citizen card/passport number, date of issue, place of issue; telephone number, email address (if any). In case the player is under 14 years old and does not have an ID card/citizen card/passport yet, the player’s legal guardian shall decide to register the guardian’s personal information to express consent and take responsibility before the law for such registration;

b) The game payment management system of the enterprise must be located in Vietnam and connected to Vietnamese payment support service enterprises, ensuring accurate and complete updates and allowing players to look up detailed information about their payment accounts;

c) Managing players’ playing time from 00:00 to 24:00 daily and ensuring the total playing time of all G1 games of an enterprise for each minor player is no more than 180 minutes in 24 hours per day;  

d) Continuously displaying game rating results by age for all games provided by the enterprise when introducing and advertising games, providing online game services; having warning information with the content “Playing over 180 minutes a day will adversely affect health” in an easily visible location on the game forum and on the player’s device screen throughout the gameplay.

2. Abolished according to Point C Clause 5 Article 2 of Decree 150/2018/ND-CP.

3. Having technical and professional measures to manage the content of game forums (if any), complying with regulations in Clause 2, Article 23d of this Decree.

4. Having backup plans for equipment and connection, and data backup plans to ensure system safety in case of incidents.

5. Having measures to ensure information security and privacy of players’ personal information.

Article 32c. Conditions for granting decision approving content and scenario of G1 electronic games  

(This article was supplemented according to Clause 21 Article 1 of Decree 27/2018/ND-CP)

1. Enterprises are granted a decision approving the content and scenario of electronic games when fully meeting the following conditions:

a) Having a valid Game Service Provision License of at least 1 remaining year;

b) The content and scenario of the electronic game does not violate regulations in Clause 1, Article 5 of this Decree; does not contain specific images and sounds depicting acts of killing, torturing people, provoking violence, animality, obscenity, vulgarity, contrary to ethnic traditions, culture, customs, and habits, distorting and sabotaging historical traditions, violating the sovereignty and territorial integrity, provoking suicide, drug use, drinking alcohol, smoking, gambling, terrorism, abuse, exploitation of women, children, and other harmful or prohibited acts; 

c) The electronic game has age-rating results appropriate to the content and scenario of the game…

Having measures to manage players’ account information meets the following requirements:

a) Being directly connected and synchronized with the player’s personal information management system;

b) Being directly connected and synchronized with the enterprise’s common game service payment system;

c) Fully and continuously storing and updating information about players’ service usage history including Account name, service usage time, information related to ownership of virtual items, virtual units, and bonus points of players.

If you establish a game company to provide G2, G3, and G4 game services, you must meet the conditions according to Article 33 of Decree 72/2013/ND-CP.

Article 33. Conditions for registration for provision of G2, G3, and G4 game services  

(This article was amended and supplemented according to Clause 29 Article 1 of Decree 27/2018/ND-CP and Clause 4 Article 2, Point e Clause 5 Article 2 of Decree 150/2018/ND-CP)

1. Being an enterprise established under the provisions of Vietnamese law, having business lines of providing online game services published on the National Business Registration Portal.
2. Having registered the domain name used for service provision in case of providing services on the Internet.
3. Conditions on human resources for the provision of electronic game services include:

a) Having a head office with a clear contact address and telephone number; 

b) Having at least 01 game administrator.

4. (abolished according to Point e Clause 5 Article 2 of Decree 150/2018/ND-CP)

5. Technical conditions for the provision of G2, G3, G4 electronic game services include:

a) The game payment management system of the enterprise (if any) must be located in Vietnam and connected to Vietnamese payment support enterprises, ensuring accuracy and completeness, and allowing players to look up detailed information about their payment accounts;

b) Having measures to ensure service quality and players’ rights;

c) Having information security and cybersecurity measures.

Procedures for Starting a Game Business

Phase 1: Establishing an online game company at the Department of Planning and Investment 

To register for enterprise establishment, you need to carry out the following steps:

Step 1: Prepare documents 

Depending on each specific type of enterprise, the documents for registration of establishing an online game company include the following components:

• Application for enterprise registration;
• Charter of the online game company;
• List of members (in case of establishment of a partnership or limited liability company with two or more members) or List of founding shareholders (in case of establishment of a joint stock company);
• Certified true copies of valid legal documents of the legal representative, members, or founding shareholders; legal documents of organizations for member/founding shareholder organizations;
• Certified true copies of Investment Certificates in case of participation in the establishment by foreign investors or foreign-invested economic organizations;
• Letter of authorization of the representative to carry out procedures for registration of the online game company.
• Other documents depend on each specific case.

Note that in case you choose the form of a private enterprise, the registration documents only include: Application for enterprise registration and a Certified true copy of valid legal personal documents of the private enterprise owner.

Step 2: Submit documents and public announcements on the National Business Registration Portal 

• After preparing complete documents, you need to submit them to the Business Registration Office under the Department of Planning and Investment where your online game company intends to locate its head office. Within 03 working days from the date of receiving valid documents, the Business Registration Office shall grant a Business Registration Certificate to your online game company.
• After the approval of enterprise registration documents, enterprise information will be announced within 30 days from the announcement date. 

The announced content is implemented according to Article 32 of the Enterprise Law 2020, including

Article 32. Announcement of enterprise registration contents

1. After being granted the Business Registration Certificate, the enterprise must make a public announcement on the National Business Registration Portal and pay fees as prescribed by law. The announcement content includes the contents of the Business Registration Certificate and the following information:

a) Business lines; 

b) List of founding shareholders; list of foreign investors who are shareholders in case of joint-stock companies (if any).

Step 3: The game company proceeds to engrave seals  

The company contacts a seal engraving unit to engrave the seal. According to the Enterprise Law 2020, seal management and retention shall comply with the company’s charter or regulations promulgated by the enterprise with a seal; the enterprise does not have to notify seal samples to the Business Registration Office.

Establishing an online game company on the National Business Registration Portal

Phase 2: Applying for an operating license for the online game company

After establishing the online game company at the Department of Planning and Investment, your company is not yet allowed to provide online games to users. You need to continue the licensing procedure corresponding to the type of electronic game service that your online game company intends to provide.

1. Authority to grant operating licenses for online game companies

According to Clause 1, Article 32d and Clause 1, Article 33b supplemented to Decree 72/2013/ND-CP according to Clause 23, Clause 31, Article 1 of Decree 27/2018/ND-CP, the Authority of Broadcasting and Electronic Information under the Ministry of Information and Communications (now the Ministry of Culture, Sports and Tourism) is the authority to consider and grant Licenses for Provision of G1 Electronic Game Services, Certificates of Registration for Provision of G2, G3, G4 Electronic Game Services.  

Article 32d. Procedures and processes for granting licenses for the provision of G1 electronic game services  

(This article was supplemented into Decree 72/2013/ND-CP according to Clause 23 Article 1 of Decree 27/2018/ND-CP) 

1. The enterprise submits 01 original sets of documents applying for a License for the Provision of G1 electronic game services to the Ministry of Information and Communications (the Authority of Broadcasting and Electronic Information)…

Article 33b. Procedures and processes for granting certificates of registration for the provision of G2, G3, and G4 electronic game services

(This article was supplemented into Decree 72/2013/ND-CP according to Clause 31 Article 1 of Decree 27/2018/ND-CP)

1. The enterprise submits 01 original sets of documents applying for a Certificate of Registration for the Provision of G2, G3, and G4 electronic game services to the Ministry of Information and Communications (the Authority of Broadcasting and Electronic Information)…
2. Procedures for applying for a license to provide G1 electronic game services for online game companies:

If your online game company intends to provide G1 electronic game services, after completing the establishment process at the Department of Planning and Investment, you must carry out procedures to apply for a license to provide G1 electronic game services according to the following process:

Step 1: Prepare documents

The documents for applying for a license to provide G1 electronic game services include documents according to Article 32d supplemented to Decree 72/2013/ND-CP according to Clause 22 Article 1 of Decree 27/2018/ND-CP.

Article 32d. Documents for applying for a license to provide G1 electronic game services  

Documents for applying for a license to provide G1 electronic game services include the following documents:

1. Application for granting the license using Form No. 15 in Appendix 1 issued together with this Decree. 
2. Lawful copies including copies issued from the original, certified true copies, or copies collated with the original of the Business Registration Certificate or Investment Registration Certificate (or lawful copies of equivalent valid Certificates, Licenses granted before the effective date of the Investment Law No. 67/2014/QH13 and the Enterprise Law No. 68/2014/QH13). 
3. (abolished according to Point d Clause 5 Article 2 of Decree 150/2018/ND-CP).
4. Proposal for provision of G1 electronic game services including the following main contents:

a) Service provision plan, financial, organizational, and human resource capabilities, technical capabilities to provide services ensuring the satisfaction of conditions specified at Points b, c, d, Article 32 of this Decree;  

b) Overall diagram of the service provision equipment system, location of service provision equipment system;

c) Description of the service provision equipment system including both main and backup parts: Name, intended function, intended configuration of each device;  

d) Information about service provision methods and scope; plan for connection to the Internet and telecommunications networks (name of enterprise, domain name, IP address, channel capacity, game distribution channel);

e) Description of the game payment system and plan for connection with Vietnamese payment support enterprises (name of enterprise, form of connection, rights, and responsibilities of each party);

f) (abolished according to Point d Clause 5 Article 2 of Decree 150/2018/ND-CP); 

g) Service quality assurance, player rights protection measures; 

h) Detailed description of the supervision system (hardware, software) to supervise the service provision system operation; data backup plan and equipment, connection backup plan; service operation, exploitation, provision, and usage procedures; plan to ensure confidentiality and safety of players’ personal information; 

i) Detailed description of the system (hardware, software) ensuring information safety and security, confidentiality of players’ personal information; coordination regulation with competent authorities in ensuring information safety and security.

Step 2: Submit documents  

Documents can be submitted in one of the following manners:

• Submit directly to the competent authority;
• Send via postal service; 
• Submit online.

Article 32d. Procedures and processes for granting licenses for the provision of G1 electronic game services

(This article was supplemented into Decree 72/2013/ND-CP according to Clause 23 Article 1 of Decree 27/2018/ND-CP)

Within a time limit of no more than 30 days from the date of receiving valid documents, the Ministry of Information and Communications shall consider and grant a License for Provision of G1 Electronic Game Services using Form No. 16 in Appendix I issued together with this Decree. In case of refusal to grant the license, the Ministry of Information and Communications shall reply in writing stating the reason for refusal.

3. Procedures for applying for a certificate of registration for the provision of G2, G3, and G4 electronic game services  

If your company intends to provide G2, G3, G4 electronic game services, after completing procedures at the Department of Planning and Investment, you must carry out procedures to apply for a certificate of registration for the provision of G2, G3, G4 electronic game services according to the following process:

Step 1: Prepare documents 

The documents for applying for a certificate of registration for the provision of G2, G3, and G4 electronic game services include the following papers: 

Article 33a. Documents for applying for a certificate of registration for the provision of G2, G3, and G4 electronic game services

(This article was supplemented according to Clause 30 Article 1 of Decree 27/2018/ND-CP)

Documents for applying for a certificate of registration for the provision of G2, G3, and G4 electronic game services include the following documents:

1. Application for issuance using Form No. 19 in Appendix I issued together with this Decree.
2. Lawful copies including copies issued from the original, certified true copies, or copies collated with
3. Valid proof of lawful use of domain name for international domain names. 
4. Proposal for provision of electronic game services satisfying regulations in Clause 2, Clause 3, Clause 4, Clause 5 Article 33 of this Decree, including the following contents:

a) Service provision plan, human resources, and finances appropriate to the operating scale; 

b) Overall diagram of the service provision equipment system, location of service provision equipment system, and network connection;

c) Information about service provision equipment including both main and backup parts: Name, function, configuration;

d) Detailed information about service provision methods and scope: the Internet (IP address, domain name), mobile telecommunications network (expected game distribution channel);

e) Service payment methods, payment card types, and partner enterprises for payment (name of enterprise, form of payment); 

f) Measures to ensure service quality and players’ rights.

Step 2: Submit documents

Similar to submitting documents to apply for a license to provide G1 electronic game services, online game companies can submit documents to apply for a certificate of registration for the provision of G2, G3, and G4 electronic game services in one of the following manners:

• Submit directly;
• Send via postal service;
• Online.

Article 33b. Procedures and processes for granting certificates of registration for the provision of G2, G3, and G4 electronic game services

(This article was supplemented into Decree 72/2013/ND-CP according to Clause 31 Article 1 of Decree 27/2018/ND-CP)

Within a time limit of no more than 20 days from the date of receiving valid documents, the Ministry of Information and Communications (the Authority of Broadcasting and Electronic Information) shall consider and grant a certificate of registration for the provision of electronic game services to enterprises using Form No. 20 in Appendix I issued together with this Decree. In case of refusal to grant the certificate, the Ministry of Information and Communications (the Authority of Broadcasting and Electronic Information) shall reply in writing, clearly stating the reason for refusal.

Step 3: Notify provision of G2, G3, G4 electronic game services  

After obtaining the certificate of registration for the provision of G2, G3, and G4 electronic game services, you must notify the provision of game services according to Article 33d of Decree 27/2013/ND-CP supplemented by Clause 34 Article 1 of Decree 27/2018/ND-CP.

Article 33d. Notification of provision of G2, G3, G4 electronic game services

1. At least 30 working days before officially providing G2, G3, and G4 electronic game services, enterprises must send the notification using Form No. 21 in Appendix I issued together with this Decree for each electronic game to be provided to the Ministry of Information and Communications (the Authority of Broadcasting and Electronic Information) in one of the following manners:

• Submit directly; 
• Send via postal service;
• Online.

2. Within 10 working days from the date of receiving valid notifications, the Ministry of Information and Communications (the Authority of Broadcasting and Electronic Information) shall grant a confirmation of notification of the provision of online electronic game services using Form No. 22 in Appendix I issued together with this Decree. After the above time limit, if there is no opinion from the Ministry of Information and Communications (the Authority of Broadcasting and Electronic Information), enterprises can provide games from the expected date stated in the notification

After being granted the confirmation notification of online electronic game services provision or the time limit for granting confirmation has expired without issuance by the competent authority, the online game company can provide games from the expected date stated in the notification.

Only after completing the above process can the online game company legally operate in the market.

Experiences in Establishing a Game Business in Vietnam

To successfully establish an online game company, enterprises need to prepare the following information and procedures:

– Name of the online game company:

• The company name can be in English or abbreviated. Enterprises can look up information about the name in advance to avoid invalid names when registering a business.
• It must ensure requirements like no duplication, no confusion, and no similarity with any company previously registered for business.
• The name of the online game company must be not from using names of state agencies, people’s armed forces, names of political organizations, socio-political organizations, socio-political and professional organizations, social organizations, or socio-professional organizations to make up the whole or part of the company’s proper name unless approved by that agency, unit or organization.

– Address of the online game company:

• Online game companies need to have a business address to register a business. The company address must ensure general regulations, not using apartment buildings, or collective residences as the company address. 
• The company can use a private house with an ownership certificate or rent an office to locate the company address. The company address must be within the territory of Vietnam, with clear and accurate house numbers, alleys, districts, provinces, city… Not using fake addresses as addresses of online game companies.

– Charter capital when establishing a company:

• Enterprises need to declare charter capital appropriate to their own capabilities and conditions or according to the regulations of registered business sectors. 
• If enterprises register conditional business sectors, they need to register minimum charter capital equal to or higher than the regulated legal capital, not lower. 
• If enterprises register unconditional business sectors, they can declare charter capital depending on the desires or finances of the company.

– Preparing the legal representative for the online game company:

• When establishing an online game company, enterprises will need to select a suitable and capable person to be the legal representative of the company. The legal representative can be the company director, chairman of the board of directors, manager… For limited liability companies and joint stock companies, there can be multiple legal representatives instead of just one.
• This will be the person responsible in terms of the law as well as rights, and obligations towards the company’s operations. Therefore, enterprises should select a person with sufficient qualifications, experience, able to decide and resolve important matters of the company. After the game company starts operating, enterprises can complete procedures to change the legal representative if dissatisfied with the current legal representative in the company. 
• Enterprises must ensure there is at least one legal representative residing in Vietnam at all times. In case the enterprise only has one legal representative, that person must reside in Vietnam and must authorize another person in writing to exercise the rights and obligations of the legal representative when exiting Vietnam.

– Preparing enterprise form: 

• Enterprises need to select the appropriate enterprise form for their company. Currently, common enterprise forms include Private enterprise, limited liability company (1 member or 2 members or more), partnership, and joint stock company. 
• For example, a few members should choose a limited liability company, while over 50 members should choose a joint stock company. However, enterprises can also choose private enterprise or partnership to be the form for their online game company. Each enterprise form has its own advantages, enterprises should base on their desires, and business conditions to select the most suitable form.

– Registering online game business activities:

• Enterprises register appropriate and accurate business activities to conduct online game business. 
• To operate games, enterprises can register some business activities such as

+ Business code 2640: Manufacture of consumer electronics.

Details: Manufacture of electronic game programs 

+ Business code 3240: Manufacture of toys and games. Details:

a Manufacture of electronic game programs with fixed software.

b, Manufacture of electronic games: video entertainment, chess…

+ Business code 5820: Software publishing

Details: Publishing and distributing online electronic games.

• If enterprises conduct unconditional business activities, they may not need to prepare business conditional requirements and can start operating immediately after having a business license.
• If enterprises conduct conditional business activities, they need to fully prepare business requirements and apply for certificates of satisfaction of conditional business requirements before starting operations.

Procedures after Establishing a Game Business in Vietnam

After establishing the online game company, enterprises must not omit the following procedures:

– Making capital contributions to open the online game company:

• Members and shareholders of the company must make capital contributions of capital portions committed to the company fully and in the right type of assets as committed upon enterprise registration within 90 days from the date of being granted the Business Registration Certificate. 
• Members and shareholders of the company can make capital contributions of capital portions committed to the company in committed assets. Within this time limit, members have corresponding rights and obligations pro rata to the committed capital contribution ratio. Non-Vietnamese Dong, freely convertible foreign currencies, and gold assets must be professionally appraised by founding members, shareholders, or professional valuation organizations and converted into Vietnamese Dong.

– Paying taxes after opening the online game company:  

Enterprises need to fully pay taxes after opening an online game company. Specific taxes include

• Corporate income tax is paid after the end of the fiscal year. 
• Value-added tax, paid quarterly according to enterprise’s reports.
• Online game companies must pay registration fees within 30 days from the date of being granted the business registration certificate. (Registration fee levels depend on registered charter capital, if charter capital is over 10 billion VND, 3 million VND/year must be paid if charter capital is under 10 billion VND, 2 million VND/year must be paid).

– Registering and reporting bank account numbers:

• After starting operations, online game companies need to register bank accounts for company transactions. 
• The legal representative or business owner brings an ID card + Business Registration Certificate + Company seal to the bank to open an account. Then, the enterprise needs to report the bank account number to the Department of Planning and Investment.

– Registering digital signatures and using digital signatures for tax payment:

• Enterprises need to buy digital signatures to submit tax reports and pay taxes. The accountant of the online game company uses this signature to pay taxes online for the enterprise. 
• Enterprises should request banks to activate the tax payment feature for the company’s bank account. The company accountant will use the purchased digital signature account to pay taxes online for the enterprise as prescribed.

– Selecting accountants or outsourcing accounting services:

• Enterprises can hire an accountant for the game company to handle tax reporting, tax payment, bookkeeping, and invoice issuance…

– Announcing registered information of the online game company:

• After obtaining the Business Registration Certificate, enterprises must publicly announce information on the National Business Registration Portal according to procedures, and processes and pay fees as prescribed.
• Announcement content includes contents of the Business Registration Certificate and the following information: Business lines; List of founding shareholders and foreign investors who are shareholders in joint stock companies. The announcement period for enterprise information is 30 days from the publicized date.

– Engraving the company seal: 

• The business owner proceeds to engrave the company seal after having the tax code. The seal must have the company name and enterprise code. 
• The shape of the seal can be round and designed as desired by the enterprise. After finishing the seal engraving, the enterprise must announce the seal sample.

– Announcing invoice issuance:

• Enterprises need to announce invoice issuance following regulations. Then print or order printing invoices or register to buy invoices from tax authorities for proper use. Or enterprises can buy invoices from tax authorities for use.

– Hanging the company sign:

• Online game companies need to make a company sign and hang the company sign as prescribed to facilitate management. Hanging the company sign is mandatory, so enterprises should do it soon.

A little advice from Gamota

Determining the legal structure of the company is crucial for compliance and protection. Factors such as liability, ownership, and taxation need to be considered when deciding on the legal structure, whether it’s a sole proprietorship, partnership, corporation, or limited liability company. Seeking legal advice and understanding the regulatory requirements will ensure that the company operates within the legal framework and mitigates any potential risks

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