However, conducting self-research and exploring the market requires significant time, resources, and deep understanding of the business sector. Therefore, market research services are increasingly becoming an indispensable part. This article by NPLaw will analyze relevant legal provisions, procedures for establishing a company providing these services, and answer frequently asked questions from businesses.
I. Demand Related to Market Research Services
In a diverse and constantly changing market, identifying the right target customers is a crucial factor for businesses to enhance sales effectiveness. Market research service companies can provide specific information on consumer behavior, competitors, and consumption trends.
Furthermore, instead of investing in a dedicated in-house market research team, using external services will help businesses optimize costs. Companies providing these services typically already possess the experience and tools to conduct research quickly and accurately.
Moreover, through data analyzed from the market, businesses can make strategic decisions, ranging from product pricing to selecting priority markets.
Thus, market research services not only meet the actual needs of businesses but also provide maximum support in expanding their scale and shaping business direction.
II. Regulations Related to Market Research Services
1. What are Market Research Services?
Market research services (or market study services) are research and investigation activities, including:
- Investigation services designed to collect information on the prospects and performance of an organization's products in the market. This service includes market analysis (market size and other characteristics) and analysis of customer attitudes and preferences, which may use interviews, telephone, and mail surveys of individuals, historical data, etc.
What are market research services?
- It also includes services for collecting economic and social information not related to commercialized products, such as industry analysis, econometric modeling, demographic analysis, etc.
Thus, market research services help businesses access and exploit business opportunities, supporting sustainable business development.
2. Procedures for Establishing a Company Providing Market Research Services
The procedure for establishing a Vietnamese company providing market research services is simpler than establishing a foreign-invested company providing market research services. Specifically as follows:
2.1. For Foreign-Invested Companies
Case 1: Foreign investors co-contribute capital with Vietnamese individuals to establish a company
Step 1: Establish a Vietnamese company registering the business line of market research
- Competent authority for application submission: Department of Planning and Investment (Sở Kế hoạch và Đầu tư) where the company's head office is located.
- Processing time: 03 working days.
- Result: Enterprise Registration Certificate (Giấy chứng nhận đăng ký doanh nghiệp).
Step 2: Foreign investors contribute capital, purchase shares, or capital contributions in the Vietnamese company that has already registered to operate market research services.
- Receiving agency: Investment Registration Department (Phòng đăng ký đầu tư) where the company's head office is located.
- Processing time: 15-25 working days from the date of receipt of a valid application.
- Result of administrative procedure: Notification document
Case 2: Establish a 100% foreign-invested market research company
Step 1: Apply for an Investment Registration Certificate (Giấy chứng nhận đăng ký đầu tư)
- Receiving agency: Investment Registration Authority (Cơ quan đăng ký đầu tư)
- Time: 15-20 working days
Step 2: Apply for an Enterprise Registration Certificate (Giấy chứng nhận đăng ký doanh nghiệp)
After being granted the Investment Registration Certificate, investors will carry out the procedure for establishing the enterprise and obtaining the Business Registration Certificate.
2.2. For Vietnamese Companies
Only one step is required: applying for an Enterprise Registration Certificate (Giấy chứng nhận đăng ký doanh nghiệp) with registered business lines related to market research.
In summary, establishing a company providing market research services requires strict adherence to the correct procedures and ensuring the selection of appropriate business lines.
III. Frequently Asked Questions Regarding Market Research Services
1. Are there any conditions required for establishing a company providing market research services?
Currently, the business line of providing market research services is not on the list of conditional business lines under Appendix IV of the Investment Law 2020 (Luật Đầu tư 2020). However, if the business registers legal or investment consulting activities, it must meet specific requirements such as professional practice certificates or legal capital.
Are there any conditions required for establishing a company providing market research services?
No special conditions are required to establish a company providing market research services, except in cases where additional conditional business lines are registered.
2. How long does it take to establish a company providing market research services?
For Vietnamese companies, the fastest time to establish a company providing market research services is 3 working days. However, preparing documents and completing additional procedures may take longer if accuracy is not ensured.
For foreign-invested companies, this period can extend by an additional 15-20 days, or even longer if the application requires amendments or supplements.
Thus, the time to establish a company providing market research services can range from 03 to more than 20 days, depending on whether it is a Vietnamese company or a foreign-invested company.
3. Can a market research service provider register related consulting business lines?
For businesses providing market research services, in addition to registering industry code 7320 - "Market research and public opinion polling", they can also register industry code 7020 "Management consulting activities" to expand their business scope.
However, other consulting business lines such as 6910 (Legal consulting), 6920 (Tax consulting), or 7110 (Architectural and engineering design consulting) are all conditional business lines, requiring professional practice certificates or specific organizational forms and are not permitted for registration if the business does not meet the corresponding legal conditions.
4. If market research services are not performed, is there contractual compensation?
According to Article 351 of the Civil Code 2015 (Bộ luật Dân sự 2015), a party that breaches a contractual obligation without a legitimate reason shall be liable for compensation. In cases where market research services are not performed, the service provider must compensate for damages as per the signed agreement.
Thus, the non-performance of market research services according to the contract may lead to liability for damages.
IV. Legal Consulting Services Related to Market Research Services
With a team of highly specialized lawyers, NPLaw provides comprehensive consulting services for businesses in the field of market research, including:
- Consulting on selecting appropriate business lines.
- Drafting contracts for providing market research services.
- Assisting in dispute resolution and arising legal issues.
NPLaw is committed to providing effective solutions, helping businesses operate in compliance with the law and minimizing risks. Please contact us using the information below for detailed consultation.
