How can business visa holders stay in Vietnam long-term?
Are you looking for a way to stay in Vietnam for more than just a few weeks or months? If so, you’ll need to apply for a long-term visa. Here’s a guide to help you get a long-term visa for Vietnam.
What is considered a long-term stay in Vietnam?
In recent years, the Vietnamese government has been cracking down on visa overstays. Gone are the days when you can come to Vietnam with a tourist visa and keep extending it.
If you’re planning on staying in Vietnam for more than a few months, it’s best to apply for a long-term visa from your home country before you arrive. This will save you the hassle of having to leave the country every few months to renew your visa.
Types of long-term visas in Vietnam for foreign investors and employees
If you are a foreign national that wishes to do business or work in Vietnam, your options are the following:
- Investor visa
- Investor temporary residence card (TRC)
- Work visa
Investor visa in Vietnam
12-month investor visa
Investor visas are for foreign nationals that own a company in Vietnam. The validity of the visa is decided by the Immigration Officer depending on the “reputation and size” of the company and is for up to 12 months but usually for 3-6 months. Investor visa can be extended.
Most foreign investors that wish to stay in Vietnam for longer than a year, convert their investor visa into an Investor Temporary Residence Card (TRC).
Vietnam Temporary Residence Card (TRC)
A Temporary Residence Card is the preferred long-term visa for Vietnam. It is meant for investors that hold significant ownership in a company in Vietnam. This is defined as owning at least 3 billion VND worth of capital in a company.
Here is a sample capital table of a company:
|Investor||Ownership %||Ownership value (VND)||Visa eligibility|
|Investor A||20%||2 billion||Investor visa|
|Investor B||30%||3 billion||Temporary residence card|
|Investor C||50%||5 billion||Temporary residence card|
Note that to get a temporary residence card, you first need to enter Vietnam with an investor visa. Most eligible investors then opt for a temporary residence card because it allows them to sponsor family member visas, open a personal bank account, etc.
Work visa in Vietnam
Officially, any company in Vietnam is allowed to issue work visas to foreign nationals. However, there are certain requirements enforced in practice:
- The company must be operational, as demonstrated by confirmation of full capital contribution, financial reports, a signed lease contract, and an image of the company office.
- The person submitting the visa application must be the legal representative or employee of the company (i.e. the company must have signed a labor contract with the employee and be paying social insurance).
- For newly incorporated companies, the Immigration Department may ask for a business plan and explanation for the need to recruit an expat.
Employer of record in Vietnam
The easiest way to hire employees in Vietnam is to use an employer of record service provider such as Emerhub. This frees you from having to incorporate and manage a local company and you can start hiring immediately. It also allows you to close down your operations if you decide to focus on other markets.
Emerhub as the employer of record puts your team on our payroll and the employees work for you. You will be billed a monthly service invoice and we take care of the salary disbursements and local HR matters.
Hiring foreign employees with the employer of record
We have helped many companies from all over the world obtain and retain talents across all industries. As we have many business lines, we already hold a range of work permits and understand the requirements for obtaining work visas and TRCs.
The Temporary Residence Cards are typically issued for two years, removing the uncertainty of renewing your visa every three months. Whether you need your experts from overseas in Vietnam, or you need experts in Vietnam for your business overseas. We’ve got you covered!