8 things to do immediately after starting a business

When your company has just been granted the Business Registration Certificate, it means the business is officially recognized by law and can start operating.
However, to operate legally, avoid the risk of penalties, and facilitate tax, banking, and accounting processes, you need to immediately carry out the following 8 important tasks.

Main content:

• 1. Publicize the business registration information
• 2. Display the company name board
• 3. Declare and pay the business license fee
• 4. Register and activate the digital signature (USB Token)
• 5. Open a bank account and register for electronic tax filing and payment
• 6. Register for and issue electronic invoices
• 7. Choose the method for calculating value-added tax (VAT)
• 8. Organize the accounting system

Regulation:
According to the 2020 Enterprise Law, within 30 days from the date of being granted the Business Registration Certificate, the enterprise must publicly disclose its registration information on the National Business Registration Portal.

Disclosure content includes:

• Name, enterprise code, and registered office address

• Business sectors and lines of business

• Information of the legal representative

• Charter capital and type of enterprise

• List of founding shareholders (for joint-stock companies)

Penalty for violation:
If the enterprise fails to disclose on time, it may be fined from VND 10 – 15 million (according to Decree 122/2021/ND-CP).

Note:
Disclosure is usually performed automatically by the Business Registration Office if you choose the public service when submitting the application.
If submitting directly or via post, it is recommended to check the disclosure status at dangkykinhdoanh.gov.vn.

Regulation:
According to Article 37 of the 2020 Enterprise Law, the company’s office must have a signboard clearly displaying:

• Company name exactly as on the business license

• Tax code

• Office address

Signboard standards:

• Horizontal signboard: maximum height 2m, length not exceeding the building frontage

• Vertical signboard: width not exceeding 1m, height not exceeding 4m, and not exceeding the floor where it is installed

Penalty:
Failure to display a signboard may result in a fine of VND 30 – 50 million (according to Decree 122/2021/ND-CP).
When the tax authorities inspect, if there is no signboard, the enterprise may be considered “not operating at the registered address”.

Note:

• It is recommended to take a photo of the signboard after installation for record keeping.

• If renting the office, a valid lease agreement is required.

Deadline:
Enterprises must declare the business license fee within 30 days from the date of issuance of the business registration certificate and pay the fee no later than January 30 of the following year.

Note: Newly established enterprises may be exempt from the business license fee in the first year according to regulations.

Note:

• Pay the fee through the electronic declaration system using a digital signature.

• The business license fee is considered a valid expense for corporate income tax finalization.

Role:
The digital signature acts as the enterprise’s “electronic seal” and is used to:

• Declare and pay electronic taxes

• Conduct banking transactions

• Sign contracts online

• Issue electronic invoices

How to do:

• Contact a reputable digital signature provider: Viettel-CA, VNPT-CA, FPT-CA, BKAV-CA…

• Provide the business registration certificate and the legal representative’s ID card.

• After activation, register an account at thuedientu.gdt.gov.vn.

Tips:

• Track the validity period of the digital signature to renew on time.

• Consider registering a digital signature package combined with a bank account to save costs.

Why open a bank account:

• Transactions over VND 20 million must be made through the bank to be tax-deductible.

• Easier to pay taxes, salaries, and sign contracts with partners.

• Enhances credibility in business transactions.

Documents for account opening:

• Business registration certificate

• Legal representative’s ID card

• Company seal (if any)

• Minutes or decision on account opening (for two-member LLCs and joint-stock companies)

After opening:

• Register the bank account with the tax authorities.

• Activate corporate Internet Banking for electronic tax payment.

Regulation:
According to Decree 123/2020/ND-CP and Circular 78/2021/TT-BTC, all enterprises must use electronic invoices with codes issued by the tax authorities.

How to do:

1. Select an electronic invoice provider approved by the General Department of Taxation.

2. Register for invoice issuance at hoadondientu.gdt.gov.vn.

3. Once approved, the enterprise can issue electronic invoices.

Penalty for violation:

• Failure to register or using the wrong type of invoice: fine of VND 4 – 20 million.

• Issuing invoices with incorrect information: subject to fines and required to cancel the incorrect invoices.

Note:
It is recommended to choose software integrated with accounting and ensure invoice storage for at least 10 years.

Two methods for calculating VAT:

1. Deduction method – applied to enterprises with revenue over VND 1 billion or voluntarily registered.

2. Direct method on revenue – for small enterprises and household businesses.

Tasks to perform:

• Submit the VAT calculation method registration form to the tax authorities.

• Prepare initial tax declaration documents:

  • Register the accounting method

  • Decision appointing chief accountant or hiring accounting services

  • Personal income tax registration documents if the company has employees

Tips:
Enterprises with many input costs should choose the deduction method to deduct VAT.
If the business is small with few input costs, the direct method can be chosen for simplicity.

• Legal basis: According to the 2015 Accounting Law, when an enterprise is established, it must set up an accounting system, record economic transactions, maintain books and documents, and prepare tax reports.

• Two forms of accounting organization:

  1. Internal accounting department: The enterprise builds its own accounting team (usually applied to medium and large enterprises with many financial transactions).

  2. Outsourced accounting service: For small, newly established enterprises that want to save costs and use professional services.

Steps to implement:

• Appoint or contract a chief accountant or accounting service provider.
• Develop internal finance and accounting regulations: rules for income and expenditure, payments, and document management.
• Set up accounting books, determine the appropriate accounting method, and prepare internal decision templates.
• Store documents and reports in compliance with accounting and tax regulations (e.g., retain electronic invoices for at least 10 years).

Additional note: Many newly established enterprises skip this step or do it formally → leading to risks during inspections and administrative fines if audited by the tax authorities.

Conclusion

Establishing a company is only the first step. Properly completing the 8 tasks above helps the enterprise to:

• Comply with legal regulations

• Build a standardized financial, tax, and human resources foundation

• Enhance credibility with partners, banks, and government authorities

• Be ready to operate efficiently and develop sustainably

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