Some Amendments to Business Registration As of October 10th, 2018 by Decree 108/2018/ND-CP

Decree 108/2018/ND-CP amending and supplementing a number of articles of Decree 78/2015/ND-CP effective from 10/10/2018, has stipulated new points of business registration.

The new decree stipulates clearly some contents on procedures of business registration, especially not needing to seal on the business registration documents and clarifying the power of attorney for individuals to establish an enterprise without notarization or certification in Article 1.1, 1.2 of Decree 108/2018/ND-CP.Since previously there were no regulations on this issue, competent authority required seal business registration documents and notarize or certify power of attorney to ensure valid documents, which caused difficulties when carrying out procedures. This new regulation will receive more support and solve practical problems.

Previously an enterprise may only establish its business locations within the provinces in Vietnam in which its headquarters or branches are located. It means that in case establishing another business location where headquarters or branches are not located, the enterprise must implement two procedures: establishing a branch and establishing a business location, but procedures and dossiers for establishment of branches are more complex than establishment of business locations. Now, enterprises are allowed to directly set up business locations in any province in Vietnam without headquarter or branch. It facilitates enterprises to expand scope of business, save expenses and reduce the workload for the enterprise.

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The procedure to setup a foreign investment enterprise in Vietnam

Investment Registration Certificate obtaining

Foreign investor who set up an investment project in Vietnam needs an investment registration certificate. In some case, you should need to register the investment project with provincial-level People’s Committees.

Dossiers: An investment project dossier must comprise a written proposal for implementation of the investment project; a copy of the establishment decision or an equivalent document certifying the legal status, for institutional investors; Proposals for the investment project, Proposals on land use or a copy of the site lease agreement or another document certifying that the investor has the rights to use the site used for project implementation.

Recipient: Provincial-level Planning and Investment Departments of the localities where investors locate or intend to locate their head offices or executive offices to implement investment projects.

Period: Within 15-20 days (except weekend) from the day a complete dossier, the investment registration agency shall grant an investment registration certificate. In case of refusal, it shall issue a written reply clearly stating the reason to the investor.

Business Registration Certificate obtaining

After receiving the investment registration certificate, you could carry out the procedure to enterprise registration:

A complete dossier comprise document which is required under Decree 78/2015 of the Government according to the type of business should need to submit directly to the Business Registration Office which is affiliated to the Department of Planning and Investment of the province or online on https://dangkykinhdoanh.gov.vn/

Period:  within 03 working days after receiving a complete dossier.

Fee: After receiving the certificate of business registration, or confirmation of change of enterprise registration information in terms of business lines, founding shareholders, foreign shareholders, the enterprise shall pay a fee for publishing enterprise registration information

Company seal

Before using a seal design of an enterprise or its branch/representative office, the enterprise must send a notification to Business Registration Office of the province where the enterprise, branch, or representative office is situated in order to post the seal design on National Business Registration Portal.

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