What are prohibited acts of naming sole proprietorships in Vietnam in 2024?

What are regulations on capital of sole proprietorships in Vietnam?

Pursuant to Article 189 of the Law on Enterprises in 2020 stipulating capital of sole proprietorships as follows:

Capital of sole proprietorships

1. The capital of a sole proprietorship shall be registered by its owner. The sole proprietorship’s owner shall register the accurate amounts of capital in VND, convertible currencies, gold and other assets, types and quantities of assets.

2. All the capital, including loans and leased assets serving the sole proprietorship’s operation, shall be fully recorded in its accounting books and financial statements as prescribed by law.

3. During its operation, the sole proprietorship’s owner is entitled to increase or decrease its capital. The increases and decreases in capital shall be fully recorded in accounting books. In case the capital is decreased below the registered capital, the decrease may only be made after it has been registered with the business registration authority.

As regulations above, the capital of a sole proprietorship shall be registered by its owner. The owner shall register the accurate amounts of capital. The registration content must clearly state the amount of investment capital contributed, including the type of assets, the quantity, and the value of the assets.

During the operation, all the capital, including loans and leased assets serving the sole proprietorship’s operation, shall be fully recorded in its accounting books and financial statements.

The sole proprietorship’s owner is entitled to increase or decrease its capital. The increases and decreases in capital shall be fully recorded in accounting books. In case the capital is decreased below the registered capital, the decrease may only be made after it has been registered with the business registration authority.

What are prohibited acts of naming sole proprietorships in Vietnam in 2024? - image from internet

What are prohibited acts of naming sole proprietorships in Vietnam in 2024?

Pursuant to Article 38 of the Law on Enterprises in 2020 stipulating prohibited acts of naming enterprises as follows:

Prohibited acts of naming enterprises

1. Use of any name that is identical or confusingly similar to another enterprise’s name that is registered in accordance with Article 41 of this Article.

2. Use of the name of a state authority, the People’s military unit, political organization, socio-political organization, socio-political-professional organization, social organization, social-professional organization as part or all of an enterprise’s name, unless it is accepted by that authority, unit or organization.

3. Use of words or symbols that against the country’s history, culture, ethical values and good traditions.

As regulations above, prohibited acts of naming sole proprietorships in Vietnam are as follows:

(1) Use of any name that is identical or confusingly similar to another enterprise’s name. Specifically:

- Identical name means a Vietnamese name that is chosen by the applying enterprise and is identical to the Vietnamese name of a registered enterprise.

- The Vietnamese name of the applying enterprise is pronounced similarly to a registered enterprise’s name;

- The abbreviated name of the applying enterprise is identical to the abbreviated name of a registered enterprise;

- The foreign language name of the applying enterprise is identical to the foreign language name of a registered enterprise;

- The proper name of the applying enterprise is only different from the proper name of a registered enterprise by a natural number or a letter in the Vietnamese alphabet or any of the letters F, J, Z, W that is written right after the proper name with or without a space;

- The proper name of the applying enterprise is only different from the proper name of an registered enterprise of the same type by the word “và” (“and”) or the symbol “&”, ”, “.”, “,”, “+”, “-”, “_”;

- The proper name of the applying enterprise is only different from the proper name of an registered enterprise of the same type by the word “tân” or “mới” (“new”) that is written right before or after the proper name;

- The proper name of the applying enterprise is only different from the proper name of an registered enterprise of one of the phrases “miền Bắc” (“north”), “miền Nam” (“south”), “miền Trung” (“central”), “miền Tây” (“west”), “miền Đông” (“east”);

- The proper name of the applying enterprise is identical to that of a registered enterprise.

(2) Use of the name of following agencies as part or all of an enterprise’s name:

- A State authority

- The People’s military unit

- A political organization

- A socio-political organization

- A socio-political-professional organization

- A social organization

- A social-professional organization

Note: The name of above agencies can be used as part or all of an enterprise’s name when it is accepted by that authority, unit or organization.

(3) Use of words or symbols that against the country’s history, culture, ethical values and good traditions.

What are contents of the Certificate of Enterprise Registration of sole proprietorships in Vietnam?

Pursuant to Article 28 of the Law on Enterprises in 2020, a Certificate of Enterprise Registration of a sole proprietorship shall contain the following information:

- The enterprise’s name and EID number;

- The enterprise’s headquarters address;

- Full name, signature, mailing address, nationality and legal document number of the owner.

- The investment capital.

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