What is determination of total capital of small enterprise has been operating for less than 01 year in Vietnam?

What is determination of total capital of small enterprise has been operating for less than 01 year in Vietnam?

Pursuant to Article 8 of Decree 80/2021/ND-CP stipulating determination of total capital of SMEs as follows:

1. The total capital of a year determined in the balance sheet and specified on the financial statement of the preceding year which is submitted by the enterprise to the tax authority. The total capital of a year shall be determined at the end of the year.

2. In case an enterprise has been operating for less than 01 year, the total capital shall be determined in the balance sheet of the enterprise at the end of the latest quarter before the enterprise applies for assistance.

Thus, if your business has been operating for less than 1 year, the total capital will be determined in the balance sheet of the enterprise at the end of the latest quarter before the enterprise applies for assistance in Vietnam.

What is implementation of declaration of small enterprise in Vietnam?

According to Article 10 of Decree 80/2021/ND-CP, identification and declaration of SMEs as follows:

1. Each SME shall complete the declaration form provided in the Appendix hereof, specify whether it is a micro-enterprise, small enterprise or medium enterprise, and submit the form to the assisting authority. SMEs shall be responsible for their declaration.

2. In case an enterprise is found to have declared its scale incorrectly, it shall revise the declaration before assistance is provided.

3. In case an enterprise deliberately declares its scale incorrectly for the purpose of receiving assistance, it shall take legal responsibility and return the funds provided as assistance.

4. Assisting organizations shall compare information about the enterprises on the National Enterprise Registration Portal to verity their eligibility for assistance.

Best Regards!