Vietnam: Late submission of application for public company registration exceeding 36 months shall be fined up to VND 200 million

This is a notable content of the Decree No. 156/2020/NĐ-CP prescribing penalties for administrative violations against regulations on securities and securities market.

chậm nộp hồ sơ công ty đại chúng, Nghị định 156/2020/NĐ-CP

Specifically, according to Article 13 of the Decree No. 156/2020/NĐ-CP of the Vietnam’s Government, sanctions for late submission of application for public company registration are specified as follows:

- A warning shall be imposed for late submission of application for public company registration of up to 01 month.

- A fine ranging from VND 5.000.000 to VND 10.000.000 shall be imposed for late submission of application for public company registration exceeding 01 month to 03 months.

- A fine ranging from VND 10.000.000 to VND 30.000.000 shall be imposed for late submission of application for public company registration exceeding 03 months to 06 months.

- A fine ranging from VND 50.000.000 to VND 70.000.000 shall be imposed for late submission of application for public company registration exceeding 06 months to 12 months.

- A fine ranging from VND 70.000.000 to VND 100.000.000 shall be imposed for committing one of the following violations:

+ Late submission of application for public company registration of exceeding 12 months to 24 months;

+ The application for public company registration contains inaccurate information about business operations, shareholders, assets, financial status and other issues.

- A fine ranging from VND 100.000.000 to VND 150.000.000 shall be imposed for late submission of application for public company registration exceeding 24 months to 36 months.

- A fine ranging from VND 150.000.000 to VND 200.000.000 shall be imposed for late submission of application for public company registration exceeding 36 months, or failing to submit the application for public company registration.

In comparison to previous regulation, according to Point a Clause 3 Article 9 of the Decree No. 108/2013/NĐ-CP (amended by the Decree No. 145/2016/NĐ-CP), the acts of failing to submit a registration dossier or submitting a registration dossier of public company over 12 months behind the prescribed deadline shall be imposed a fine of between VND 30,000,000 and 50,000,000. This is the highest fine in 02 old Decrees. However, the Decree No. 156/2020/NĐ-CP of the Vietnam’s Government has increased the time to over 36 months and the highest fine is VND 200.000.000.

Note: The fine imposed upon an individual shall be a half of the fine imposed upon an organization for committing the same violation.

More details at the Decree No. 156/2020/NĐ-CP of the Vietnam’s Government, effective from January 01, 2021 and replaces the Decree No. 108/2013/NĐ-CP and Decree No. 145/2016/NĐ-CP.

Phuong Thanh

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