Vietnam: New points about the principles applied to resolve business registration procedures

08:35, 05/09/2018

Decree No. 108/2018/NĐ-CP of Vietnam’s Government was issued in the context of many newly established businesses that require strict management mechanisms to minimize time in business registration procedures.

According to Decree No. 108/2018/NĐ-CP of Vietnam’s Government, the principles applied to resolve business registration procedures have new points consistent with the practice of registration activities. Specifically, new principles are as follows:

- The enterprise’s founder or the enterprise shall complete the application for enterprise registration and take legal responsibility for the legitimacy, truthfulness, and accuracy of information therein.

- The business registration authority is responsible for the legitimacy of the application for enterprise registration, not violations against the law committed by the enterprise and the enterprise’s founder.

- The business registration authority does not have the responsibility to settle disputes between members, shareholders of the company or between the enterprise with other entities.

- The enterprise is not required to append a seal on the application form for enterprise registration, notification of changes of enterprise registration, resolutions, decisions and minutes of meeting in the application for enterprise registration.

Moreover, Decree No. 108/2018/NĐ-CP does not require notarization or authentication of authorization documents to carry out business registration procedures.

Decree No. 108/2018/NĐ-CP of Vietnam’s Government on amendments to Decree No. 78/2015/NĐ-CP on enterprise registration takes effect from October 10, 2018.

-Thanh Lam-

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