Statutory Capital for Film Production Business is 200 Million VND

To be specific:, Decree 142/2018/ND-CP amends certain detailed provisions for the implementation of some articles of the Law on Cultural Heritage and the Law on Amendments and Supplements to certain articles of the Law on Cultural Heritage; business conditions for artifact appraisal and the profession of preserving, restoring, and rehabilitating historical - cultural sites and natural landscapes; business conditions for sports activities...

According to the provisions of Clause 1, Article 25 of Decree 98/2010/ND-CP, shop owners trading in relics, antiques, and national treasures must meet the following conditions: a- Be a Vietnamese citizen with a permanent address in Vietnam; b- Possess a business practice certificate for trading relics, antiques, and national treasures; c- Have a shop with adequate space suitable for displaying relics, antiques, and national treasures; d- Have enough means to display, preserve, and protect relics, antiques, and national treasures.

This Decree 142/2018/ND-CP now amends condition c to "Have a shop for display"; simultaneously abolishing condition d.

University-level qualifications required for trading in relics and antiques

Also according to Decree 142/2018/ND-CP, the business practice certificate for trading relics, antiques, and national treasures is only granted to individuals with a university degree or higher in one of the training fields related to cultural heritage, history (archaeology, cultural studies), fine arts, Han Nom, ethnology, paleoanthropology, paleontology (animals, plants), geology; or who are members of social – professional organizations related to the above-mentioned training fields and have engaged in collecting antiques. Previously, Decree 98/2010/ND-CP only required expertise or knowledge about relics, antiques, and national treasures.

Simultaneously, Decree 142/2018/ND-CP also reduces the business conditions for artifact appraisal from 4 conditions to 2 conditions. According to the new Decree, the artifact appraisal business only needs to ensure the following conditions: 1- Have appropriate equipment and means for appraisal in the registered field; 2- Have at least 03 artifact appraisal experts in the specialized fields as guided by the Ministry of Culture, Sports, and Tourism.

Reduction in capital requirement for film production business

Decree 142/2018/ND-CP stipulates that the charter capital for the film production business is 200,000,000 VND instead of 1,000,000,000 VND as stipulated in Decree 54/2010/ND-CP.

Moreover, Decree 142/2018/ND-CP also amends the business conditions for sports activities. According to the new regulations, businesses engaging in adventure sports must have the following professional staff: a- Sports trainers according to the provisions of Article 6 of this Decree; b- Rescue personnel; c- On-site medical staff or a written agreement with the nearest medical facility to provide first aid and emergency treatment to participants in adventure sports activities when necessary.

Regarding the qualifications for sports trainers, Decree 142/2018/ND-CP stipulates that sports trainers must meet one of the following conditions:

1- Be coaches or athletes appropriate to the business-registered sport with a rank of level 2 or higher or equivalent;

2- Possess qualifications in physical education and sports from an intermediate level or higher appropriate to the business-registered sport;

3- Have undergone sports training in accordance with the regulations of the Minister of Culture, Sports, and Tourism.

Source: Investment - Business Forum

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