Draft Decree detailing the Law on Support for Small and Medium Enterprises (expected to take effect from January 1, 2018) is currently being consulted by the Ministry of Planning and Investment, with many provisions on support policies for Household Businesses converting into Enterprises. To be specific:
Article table of contents
Support for free consultation and guidance on business establishment documents and procedures
The free consultation content includes:
- Sequence and procedures for business registration.- Consultation for the preparation of business establishment registration documents.- Processes, procedures, and documentation for registering conditional business establishment.
Documents for free consultation include:
- Business registration certificate of the household business.- Tax code registration certificate.- Proof of submission of business license tax, various taxes, and contributions to the state budget (if any), and tax declarations within 1 year before conversion.
The household business sends 1 set of documents to the business registration authority. Within 3 working days from the date of receipt of the documents, the Department of Planning and Investment will assign the focal unit to provide free consultation for the household business converting into an enterprise.
Free support for appraisal fees and initial business licensing fees for conditional business sectors.
- In cases where business conditions change in scale, the competent state management agency is responsible for free consultation and guidance on the initial licensing procedures for enterprises converted from households as per specialized laws.- In cases where there is no change, the competent state management agency is responsible for notifying and officially acknowledging in writing upon receiving the application for name change within 5 working days.
Other support policies.
- Exemption of business registration fees and initial business information publication fees.- Exemption of business license tax for 3 years from the date of issuance of the initial business registration certificate.- Free consultation and guidance on administrative tax procedures and accounting policies for 3 years from the date of issuance of the initial business registration certificate.- Exemption and reduction of corporate income tax for a specified period according to the provisions of corporate income tax laws.- Exemption and reduction of land levies for a specified period according to the provisions of land laws.
Note: Households eligible for the support policies mentioned above must meet the following 2 conditions:
- Before establishing the enterprise, the household business had been registered and operated according to the provisions of enterprise laws.- The household business had continuous production and business activities for at least 1 year until the day of issuance of the initial business registration certificate.
⇒ View the full text Draft Decree detailing the Law on Support for Small and Medium Enterprises
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