After being granted the Certificate of Business Registration, the enterprise needs to complete additional procedures to commence its operations. Below are 07 tasks to be completed after establishing the enterprise.
Article table of contents
07 things to do after establishing a business (Illustrative image)
1. Fulfill the obligation to declare and pay business license tax
According to Article 5 of Decree 139/2016/ND-CP, amended and supplemented by Decree 22/2020/ND-CP, the declaration of business license tax is to be done once when the taxpayer starts production or business activities or when newly established. To be specific:
- New taxpayers starting production or business activities or newly established; small and medium enterprises converting from household businesses must declare and submit the declaration form to the direct tax management agency before January 30 of the year following the year of starting production or business activities or new establishment.- Households, individuals, and groups of individuals paying tax by the lump-sum method are not required to declare business license tax. The tax authority, based on the tax declaration and the tax sector database, will determine the business revenue as the basis for calculating the business license tax to be paid by households, individuals, and groups of individuals paying tax by the lump-sum method.
See more: 05 points to note about the business license tax effective from December 5, 2020
2. Open a bank account for the business
After establishment, to engage in transactions with customers as well as fulfill financial obligations with regulatory agencies, the business must proceed with opening a bank account. To be specific, the business needs to choose the bank to open an account and prepare certain documents as required by the bank, such as:
- Request to open an account according to the bank's form (signed and sealed);- Identity card of the legal representative and chief accountant (certified copy);- Business registration certificate (certified copy);- Seal registration certificate (certified copy);- Other documents as required by each bank: Chief accountant appointment decision, capital contribution commitment, company charter copy, etc.
3. Register for electronic tax filing account
The business accesses the official website of the General Department of Taxation nhantokhai.gdt.gov.vn to register for an electronic tax filing account.
After obtaining the account, the business continues to access the website nopthue.gdt.gov.vn and comply with tax obligations according to the instructions.
See more: Criteria to note when filing VAT and personal income tax quarterly from December 5?
4. Fulfill initial capital contribution commitment
According to Clause 2, Article 48 of Enterprise Law 2014, members must contribute the committed capital in full and the correct type of assets to the company within 90 days from the date of issuance of the enterprise registration certificate. Members are only allowed to contribute different types of assets than those committed if approved by the majority of the remaining members.
Note: After the above period, if a member has not contributed or has not contributed fully as committed, it will be handled as follows:
- Members who have not contributed as committed automatically cease to be members of the company;- Members who have not contributed fully as committed have rights corresponding to the contributed capital;- Uncontributed capital of members will be offered for sale as decided by the Members' Council.
If there are any members who have not contributed or fully contributed as committed, the business must register for an adjustment of charter capital and the contribution ratio of members within 60 days from the last day of the capital contribution period.
Notably, according to Clause 2, Article 47 of Enterprise Law 2020 (effective from January 1, 2021), members must contribute to the company in the full and committed type of assets within 90 days from the date of issuance of the enterprise registration certificate, not counting the time for transportation, importation of contributed assets, and administrative procedures for ownership transfer. During this period, members have rights and obligations corresponding to the committed contribution ratio. Members are only allowed to contribute with different assets than committed if approved by over 50% of the remaining members.
See more: 05 notable points when establishing a business from 2021
5. Register for the use of e-invoices
According to Clause 3, Article 36 of Decree 119/2018/ND-CP, for newly established business establishments from November 1, 2018, to October 31, 2020, if the tax authority notifies the business establishment to apply e-invoices according to Decree 119/2018/ND-CP, the business establishment must follow the instructions of the tax authority.
Notably, according to Article 15 of Decree 123/2020/ND-CP (effective from July 1, 2022), businesses and economic organizations using e-invoices with tax authority codes do not have to pay service fees. Businesses that are organizations connecting to transfer e-invoice data directly to the tax authority must register to use e-invoices according to one of the following 02 methods:
- Register to use e-invoices through the General Department of Taxation's online portal.- Register to use e-invoices through e-invoice service providers authorized by the General Department of Taxation to provide e-invoice services with tax authority codes without service fees.
See more: Guidance on registering for e-invoices from July 1, 2022
6. Create a seal for the business
According to Article 44 of the Enterprise Law 2014, businesses must create a seal and inform the business registration agency for public advertisement on the National Business Registration Portal before use.
To be specific, Article 12 of Decree 96/2015/ND-CP stipulates the content of the company's charter or the decision on the business seal must include: the seal sample (form, size, content, ink color); number of seals; and the management and use of the seal. When making a seal, the business must ensure the seal content includes the following information:
- Business name;- Business code.
Note: The business seal sample is presented in a specific form (circular, polygonal, or other shapes). Each business has a unified seal sample in terms of content, form, and size.
Notably, Article 43 of the Enterprise Law 2020 stipulates that the seal of a business includes seals made at seal engraving establishments or seals in the form of digital signatures as regulated by the law on electronic transactions. Specifically, from January 1, 2021, businesses no longer have to notify the business registration agency of the seal sample before use.
See more: 04 new points about business seals effective from January 1, 2021
7. Hang signage at the business headquarters
According to Article 34 of the Advertising Law, the signage of businesses engaged in production or business activities must contain the following information:
- Name of the directly managing authority (if any);- Name of the production or business establishment according to the business registration certificate;- Address and phone number.
Note: The signage must not obstruct escape routes, fire exits, or encroach on sidewalks, roads, or affect public transportation.
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