I learnt that National Assembly of SocialistRepublic of Vietnam has just issued Unified Law on Enterprises replacing the Law on Enterprises 1999. Please let me know new points in relation to business registration regulated in the new law in comparison with those in Law on Enterprises 1999?
For the purpose of unifying regulations on enterprises, on 29 November 2005, National Assembly of Socialist Republic of Vietnam issued the new Law on Enterprises (“New law”). Objects of application of the new law are extended, including domestic and foreign organizations and individuals. The New law has some changes in comparison with Law on Enterprises 1999. Accordingly, if you want to establish a new enterprise, the dossier and procedures for carrying out establishment of enterprise are as follows:
- Dossier:
+ Application;
+ Draft of Charter (*);
+ List of members (*);
+ Copy of documents relating to members’ legal status (Individuals: Identity Card, passport or other lawful certificate; Organizations: Incorporation decision, Certificate of business registration or other correlative documents);
+ Certification of capital of competent authorities applies to enterprises conducting business operations that require legal capital.
+ Professional qualification of Director (General Director), partnership members or other members applied to enterprises operating conditional fields.
The regulations on dossier is closer than that in Law on Enterprises 1999, concretely: new law requires members must have documents relating to their legal status but there is an opener point because it only requires Director (General Director) or any other individual in enterprise having professional qualification if they want to register conditional industries.
Note: The items that are marked (*) do not applied to Private enterprises.
- Procedures:
The dossier will be submitted to competent authorities, the competent authorities will consider and grant Certificate of business registration within 10 working days from the date of full submission of proper dossier if enterprise satisfies the following conditions:
o Lines of the enterprise are not prohibited by law;
o The name of enterprise in conformity with law;
o Having headquarter as prescribed by law;
o Having proper business registration dossier;
o Paying fully business registration fee;
In comparison with Law on Enterprises 1999, the New Law has following new points: (i) charges for business registration based on the number of registered industries, meanwhile in Law 1999, the charges are fixed at the amount of 200,000 VND for each Certificate of Business Registration; (2) timing for granting Business Registration Certificate is shorter: 10 working days (the former is 15 working days)
This Law on Investment shall take effect from 1st July 2006.
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