Guidance on procedures for enterprise registration in Vietnam (Enterprise Law 2020)

Guidance on procedures for enterprise registration in Vietnam (Enterprise Law 2020)

The enterprise registration procedures in Vietnam are conducted according to the Enterprise Law 2020 as follows:

1. Enterprise registration documents:

The Enterprise Law 2020 continues to regulate 4 types of enterprises: private enterprises; partnerships; limited liability companies; joint-stock companies. The enterprise registration documents for each type in Vietnam are specified as follows:

- Documents for registering private enterprises include:

- enterprise registration application form.

- Copy of legal personal documents for the owner of the private enterprise.

- Documents for registering partnerships include:

- enterprise registration application form.- Company charter.- List of members.- Copy of legal personal documents for the members.- Copy of Investment Registration Certificate for foreign investors as per the Investment Law.

- Documents for registering limited liability companies include:

- enterprise registration application form.- Company charter.- List of members.- Copies of the following documents:

-  Legal  personal  documents  for  members  who  are  individuals  and  the  legal  representative;

-  Legal  organizational  documents  for  members  who  are  organizations  and  the  authorization  letter;  legal  personal  documents  for  the  authorized  representative  of  the  organizational  member.  For  foreign  organizational  members,  the  copy  of  the  organizational  legal  documents  must  be  consular  legalized.

-  Investment  Registration  Certificate  for  foreign  investors  as  per  the  Investment  Law.

- Documents for registering joint-stock companies include:

- Enterprise registration application form;- Company charter;- List of founding shareholders; list of shareholders who are foreign investors;- Copies of the following documents:

-  Legal  personal  documents  for  founding  shareholders  and  shareholders  who  are  foreign  investors  as  individuals,  the  legal  representative;

-  Legal  organizational  documents  for  shareholders  who  are  organizations  and  the  authorization  letter;  legal  personal  documents  for  the  authorized  representative  of  founding  shareholders  and  shareholders  who  are  foreign  investors  as  organizations.  For  foreign  organizational  shareholders,  the  copy  of  the  organizational  legal  documents  must  be  consular  legalized;-  Investment  Registration  Certificate  for  foreign  investors  as  per  the  Investment  Law.

2. Enterprise registration procedures in Vietnam

Step 1: Prepare the documents

The business founder or the authorized person prepares the corresponding set of documents as guided in section 1 based on the type of enterprise to be established.

Step 2: Submit the documents

The business founder or the authorized person submits one set of enterprise registration documents to the enterprise registration Office through one of the following methods:

- Directly at the enterprise registration Office;

- Via postal service;

- Via electronic information network.

Compared to Enterprise Law 2014, the Enterprise Law 2020 clearly specifies the methods of submitting enterprise registration documents, allowing the business founder or the authorized person to choose the most convenient method for them.

Step 3: Review the documents

Within 3 working days from the date of receipt, the enterprise registration Office is responsible for examining the validity of the enterprise registration documents.

Step 4: Return the results

After reviewing the documents, the enterprise registration Office issues one of the following decisions:

- If the documents are valid, the enterprise registration Office grants the enterprise registration Certificate;

- If the documents are invalid, the enterprise registration Office must notify in writing the content needing amendment or supplement to the business founder;

- If the registration is denied, the enterprise registration Office must notify in writing the business founder and clearly state the reasons.

3. Instructions for registering a business via the electronic information network (New regulations)

Registering a business via the electronic information network means that the business founder submits the enterprise registration documents via the electronic information network at the National enterprise registration Portal.

If the business founder chooses to register a business via the electronic information network, they should follow the instructions in Article 26 of the Enterprise Law 2020 as follows:

- The enterprise registration documents submitted via the electronic information network include the corresponding data as described in section 1 and are presented in electronic document format.

Note:* The enterprise registration documents submitted via the electronic information network have the same legal validity as those submitted in paper form.

- Organizations and individuals have the right to choose to use digital signatures as stipulated by the law on electronic transactions or to use enterprise registration accounts to register businesses via the electronic information network.

In which, a enterprise registration account is an account created by the National enterprise registration Information System, granting individuals the right to register businesses via the electronic information network.

From the above contents, it can be seen that the enterprise registration procedures according to the Enterprise Law 2020 have undergone certain changes. Generally, these changes aim to facilitate organizations and individuals in conducting enterprise registration activities.

Thuy Tram

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