What are prohibited actions related to provision of assistance for small and medium-sized enterprises (SMEs) in Vietnam?

What are prohibited actions related to provision of assistance for SMEs in Vietnam?

What are banned actions related to provision of assistance for SMEs in Vietnam?

Answer:

Pursuant to Article 7 of the Law on provision of assistance for small and medium-sized enterprises in 2017 stipulating prohibited actions as follows:

- Failure to provide the assistance for SMEs in accordance with principles, subjects, competence, contents and procedures prescribed in regulations of law.

- Abuse of positions and power to violate regulations of law on the assistance for SMEs

- Discriminatory actions, unnecessary delay, obstructing or harassing SMEs and organizations and assistance for SMEs.

- Deliberate provision of incorrect information related to the provision of assistance for SMEs

- Failure to use the resources for intended purposes.

Above are prohibited actions related to provision of assistance for SMEs in Vietnam.

What are women-owned SME?

According to the current regulations in Vietnam, what are women-owned SME?

Answer:

Pursuant to Clause 1 Article 3 of the Law on provision of assistance for small and medium-sized enterprises in 2017 stipulating as follows:

Women-owned SME means an SME having one or more women owns at least 51% of its charter capital and at least a woman is the executive director of this enterprise.

How shall an SME converted from a household business in Vietnam be assisted?

In the past, I used to run business under the form of a household business. If I convert a household business to an SME, how shall it be assisted by the State?

Answer:

Pursuant to Clause 2 Article 16 of the Law on provision of assistance for small and medium-sized enterprises in 2017 stipulating assistance for SMEs in conversion from household business to SMEs in Vietnam as follows:

- Free consultancy and instruction on applications and procedures for the enterprise establishment;

- Exemption from fees for enterprise registration and the first provision of enterprise information; exemption from fees for assessment and fees and licensing fees for the first license of business lines subject to conditions and exemption from licensing fees within 3 years from the day on which the first ERC is issued;

- Free consultancy and instruction on the tax administrative procedures and the accounting regime within 03 years from the day on which the first ERC is issued;

- Remission of corporate income tax for a limited period of time in accordance with regulations of law on corporate income tax.

- Remission of land rental, land levy and the levy on non-farming land for a limited period of time in accordance with regulations of law on land.

Above are forms of assistance to an SME converted from a household business. To receive those assistance, you must fulfill the requirements in Clause 1 Article 16 of the Law on provision of assistance for small and medium-sized enterprises in 2017.

Best regards!