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Set Up a Company in Laos for Business Benefits

To set up a company in Laos, it is imperative for the businessmen to understand the country. Laos is a country in Southeast Asia which offers many benefits to the new companies, and hence many multinationals are turning to Laos to expand their business. Low labor cost for production activities and tax benefits are the main reasons why companies are ready to set up a company in Laos.

 

Business Structures in Laos

There are three basic business structures in Laos:

1. Joint Venture: If you are looking for a local partner for business incorporation, then this business structure will suit you. A joint venture company involves dividing the profit and loss amongst both foreign and local personal along with shared managerial duties

2. Wholly Foreign Owned Enterprise: As the name suggests, to set up a company in Laos which is owned 100% by the foreigner, this limited liability structure is the most suitable form of business structure. This business structure allows production in this country with a supply of goods outside the country

3. Representative Office: A quick way to set up a company in Laos as the representative office can be set up in a small-time span of 8 weeks.

 

How to Set Up a Company in Laos

Setting up a company in Laos is a time-consuming process compared to other countries of Asia. You can set up a company in Laos by following the procedures written below:

1. Choose an appropriate name for the company and decide the type of business structure you want to choose.

2. Apply for Name Reservation Certificate in Enterprise Registry Office under Ministry of Commerce and Industry.

3. Obtain Enterprise Registration Certificate from Ministry of Industry and Commerce

4. Open a local bank account once the name of the company has been registered.

5. Then, the company must register for articles of association with the state asset management department under the ministry of finance.

6. Apply for a tax registration certificate

7. Complete the MICT form and get the content approved written in MICT form

8. Obtain building permit by applying through an application form from Ministry of Information, Culture and Tourism.

9. Meanwhile, search for an office to have a business address.

10. Once the company receives Enterprise Registration Certificate, submit the same for approval before using it officially to the department of Ministry of Information, Culture and Tourism.

11. Apply for an operating license based on the type of the industry and obtain approval of the same.

12. It is mandatory to register all the labours with the Social Security Office, and this process is free of cost.

 

Business Plan

To establish a company in Laos, you must first formulate a business plan. Don’t worry, 3E Accounting will assist you in formulating a business plan suitable for your company’s business. If you want to obtain and learn more about establishing a company in Laos, please contact us, 3E Accounting will provide you with the best service.