Procedures for issuance and re-issuance of certificates of eligibility for business in valuation services in Vietnam

Procedures for issuance and re-issuance of certificates of eligibility for business in valuation services in Vietnam (Internet image)

The Ministry of Finance of Vietnam issued Decision 176/QD-BTC dated February 13, 2023 announcing the replacement of administrative procedures under the management function of the Ministry of Finance.

Thus, the procedures for granting the Certificate of Eligibility for businesses in price appraisal services are prescribed as follows:

1. Conditions for grant of certificates of eligibility for businesses in valuation services in Vietnam

1.1. General conditions

- Having a business registration certificate, an enterprise registration certificate, or an investment certificate as prescribed by law.

- Having at least 03 price appraisers registered to practice at the enterprise.

- For the legal representative, director, or general director of the valuation enterprise:

(1) Being a price appraiser registered to practice at an enterprise as prescribed at Point c Clause 1 or Point c Clause 2 or Point c Clause 3 or Point c Clause 4 or Point c Clause 5 Article 39 of the Law on Prices.

(2) Having at least 03 years as a practicing price appraiser before becoming the legal representative, director, or general director of the valuation enterprise.

(3) Not being the legal representative, the Director or General Director of the valuation enterprise has had its Certificate of eligibility for business in valuation services revoked for a period of 01 year (12 months). ) up to the time of submitting the application for issuance or re-grant of the Certificate of eligibility for business in valuation services.

- For members of the valuation enterprise being an organization:

(1) An organization member may contribute up to 35% of the charter capital of a limited liability company with two or more members. Founding shareholders, which are organizations, may contribute up to 35% of the charter capital of the valuation joint stock company. In case there are many organizations contributing capital, the total capital contribution of these organizations shall not exceed 35% of the charter capital of a limited liability company with two or more members, or a joint stock company with a valuation.

(2) The representative of a member being an organization must be a price appraiser and must register to practice at the valuation enterprise to which the organization contributes capital; at the same time, not allowed to contribute capital to such enterprise as an individual, not to be the representative of the organization contributing capital to establish another valuation enterprise.

1.2. Corresponding conditions for each type of business

- One member limited liability company:

The owner must be a price appraiser to practice at the enterprise.

The legal representative, director, or general director of a one-member limited liability company must be a price appraiser registered to practice at the enterprise.

- Limited liability company with two or more members:

There must be at least 02 capital-contributing members who are price appraisers to register to practice at the enterprise. The legal representative, director, or general director of a two-member limited liability company must be a price appraiser registered to practice at the enterprise.

- Partnerships:

There must be at least 02 general partners who are price appraisers registered to practice at the enterprise. The legal representative, director or general director of a partnership must be a price appraiser registered to practice at the enterprise.

- Private enterprise:

The owner of a private enterprise must be a registered price appraiser to practice at the enterprise. The director of a private enterprise must be a price appraiser registered to practice at the enterprise.

- Joint stock company:

There must be at least 02 founding shareholders who are price appraisers to register to practice at the enterprise. The legal representative, director, or general director of a joint-stock company must be a price appraiser registered to practice at the enterprise.

2. Application for issuance and re-issuance of certificates of eligibility for business in valuation services in Vietnam

01 complete set of application including:

- An application form for grant or re-grant of the Certificate of Eligibility for business in price appraisal services, made according to the form prescribed by the Ministry of Finance;

- A list of the enterprise's certification of the contributed capital of its members in case there is no information on the list of capital contributors or shareholders in the Certificate of Business Registration;

- Receipt of payment of the appraisal fee for the grant of certificate of eligibility for business in price appraisal services.

3. Procedures for issuance and re-grant of Certificates of eligibility for business in valuation services in Vietnam

Step 1: Enterprises submit an application for the issuance or re-grant of the Certificate of eligibility for business in price appraisal services to the Ministry of Finance (Price Management Department) through the Single-Window Department of the Ministry of Finance according to the form prescribed by the Ministry of Finance.

Step 2: The one-stop department of the Ministry of Finance transfers the enterprise's application file for the issuance or re-issuance of the Certificate of Eligibility for Business in price appraisal services to the Price Management Department for processing according to regulations.

Step 3:

- If the application is eligible, the Ministry of Finance (the Price Management Department) will consider and reissue the Certificate of Eligibility for businesses in price appraisal services according to regulations.

- In case it is necessary to clarify the information in the dossier, the Ministry of Finance (the Price Management Department) has the right to request the price appraiser or the enterprise to explain or provide documents in support of the inspection, comparison, and verification of work history and other information on file.

- In case the enterprise does not add explanation documents or the explanation documents do not fully prove that the information in the practice registration dossier is authentic, the Ministry of Finance (Price Management Department) has the right to refuse to grant or reissue the Certificate of Eligibility for businesses in price appraisal services. In case of refusal, the Ministry of Finance (Price Management Department) shall reply in writing and clearly state the reasons therefor.

- Fees and charges (if any): VND 4,000,000 for the issuance of certificates of eligibility for businesses in price appraisal services; 2,000,000 VND for the re-issuance of the certificate of eligibility for businesses in valuation services.

Decision 176/QD-BTC takes effect from the date of signing and promulgation.

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