1. Business name:
The business name must be in Vietnamese has a meaning, can be pronounced, does not take place names, history and conforms to Vietnamese fine customs and traditions.
Name of dn in foreign language: must be translated exactly from Vietnamese name.
Abbreviated names: are taken from the proper names or characters from the above 2 parts.
2. Charter capital:
Enterprises self-declared charter capital, no need to prove capital for business lines that do not need legal capital.
3. Business lines:
The enterprise clearly states the lines of business and products being traded.
The group of manufacturing and printing industries as prescribed does not operate in concentrated residential areas (inner city).
Groups of industries that need a practicing certificate: according to the regulations of each group of industries specified in the Laws on specialized management
4. Characteristics of common types of businesses:
A sole proprietorship is an enterprise owned by an individual and is solely responsible for all his/her assets for all activities of the enterprise;
Private enterprises may not issue securities of any kind;
Each individual is only entitled to establish a private enterprise;
The Owner of a Private Business has the right to transfer and lease his Business;
The sole proprietorship has unlimited liability for the business owner’s assets. Read More
Inco Minh Anh Law Firm would like to send some changes to the management of foreign borrowing and repayment of enterprises according to Circular No. 12/2022/TT-NHNN of the State bank of Vietnam effective from 15 November 2022 as follows:
Regarding the extension of the maximum term under which short-term foreign loans exceeding 1 year can be paid without having to register a loan with SBV from 10 days to 30 working days (Article 11). Documents to be sent to service providers when withdrawing capital and repaying debts (Article 45) (applicable to short-term loans of less than 1 year, import of goods with deferred payment (*)):
Plan for using loan capital and Documents on implementation of online reporting regime on foreign borrowing and debt repayment, Circular 12/2022/TT-NHNN adding more requirements on documents when paying for imported goods For deferred payment, enterprises must submit additional loan reports of late payments to service-providing banks, and regulations on imports of deferred goods must report loans (as stipulated in Circular No. 05). /2016/TT-NHNN added Clauses 3, 4, 5, 6, Article 4 of Circular 03/2016/TT-NHNN) unchanged. Accordingly, for shipments imported from abroad within 45 days from the date of customs clearance or 90 days from the date of B/L but have not yet been paid, enterprises need to report on the website of the State Bank to obtain Payment can be made via Bank. Read More
Employment service is one of the supporting industries that attracts a lot of attention from foreign investors. So how do Decree 23/2021/ND-CP and Decree 31/2021/ND-CP come into being with regulations on conditions for working employment service with foreign investors? Let us clarify in this article.
Firstly, what activities does employment services include?
According to the provisions of Article 36 of the Employment Law 2013, employment services include consulting and job placement activities; supply and recruit labor at the request of the employer; Collect and provide information on the labor market.
Thus, it can be understood that employment service is a service activity of an organization that has the function of providing and introducing jobs in order to create a product or service, whereby the service provider carries out recruitment and training activities according to the needs, conditions and standards of the client being the employer. The result of employment products and services is that employees find a suitable working position, and the employer finds a suitable person in charge of the job they need to recruit. Employment service organizations include employment service centers and employment service businesses. Foreign investors doing business in the field of employment services must establish an enterprise.
Secondly, conditions for working employment service:
Enterprises of foreign investors in Vietnam providing employment services must be granted employment service licenses. Article 14 of Decree 23/2021/ND-CP stipulates the conditions for being granted a license to provide employment services, including: Read More
In order to improve efficiency and investment cooperation, in line with planning and development orientation of key sectors and areas on the basis of ensuring security, national defense and sustainable development and environmental protection in Vietnam, The Government of Vietnam has promulgated the Investment Law 2020, officially effective from January 1, 2021 with many provisions to encourage the development of investment projects that have a great impact on Vietnam’s socio-economic development and attract foreign investors. Specifically, Article 20 of the Law on Investment 2020 provides for the first time the form of special investment incentives and support with the following contents:
Firstly, about the subjects entitled to special investment incentives and support
“Investment incentives” are understood as beneficial policies given to investors by the State when investors have investment activities in industries and areas encouraged by the State.
“Investment support” is a measure that the State creates opportunities for investors to enjoy when certain conditions are met in order to attract investment.
Accordingly, group of subjects entitled to special investment incentives and support in the investment law 2020 include:
The beneficiaries of special investment incentives and support belong to the group of subjects with investment projects that have a great impact on the socio-economic development of the country. These investment projects are specified in Clauses 2 and 6, Article 20 of the Law on Investment 2020, as follows:
New establishment investment projects (including the expansion of such newly established projects) innovation centers, research and development centers with total investment capital of 3,000 billion VND or more. currently disbursing at least VND 1,000 billion within 03 years from the date of issuance of the Investment Registration Certificate or approval of the investment policy; Read More
The covid-19 pandemic has been badly affecting the global economy, and Vietnam is no exception. Falling sales, stagnant production, delayed or even canceled orders have led to a financial burden for businesses, especially manufacturing enterprises – a group of enterprises with a lot of workers and employees (Hỗ trợ người lao động). As a result, businesses have difficulty in ensuring the lives of their employees while balancing their financial position. In such difficult period, Resolution 42 / NQ-CP was issued in a timely manner, reassuring enterprises and reassuring workers to continue to feel secure in production and business. Accordingly, Resolution 42 has a very important content that both businesses and employees are interested in, that is: “Supporting employees who have their labor contracts suspended, unpaid leave at 1.8 million / person, maximum time of 03 months.” Read More
On February 24, 2020, the Government issued Decree 22/2020/ND-CP, takes effect as of February 25, 2020
1. Cases of exempting license fees
Accordingly, from the date of entry into force of the decree, there will be three cases of free license (Point c, Clause 1, Article 1), namely:
First of all, exempting license fees in the first year of establishment or production (from January 1 to December 31) for: Newly established organizations (granted new tax identification numbers, new enterprise identification numbers) ; households, individuals and groups of individuals that are first engaged in production and business activities; exempt from license fees.
Secondly, small and medium-sized enterprises moving from business households business (under the provisions of Article 16 of the Law on Support for Small and Medium-sized Enterprises) are exempted from license fees for 03 years from the date of being granted the first business registration certificate. Read More
This is the remarkable content mentioned in Circular 93/2017 / TT-BTC amending and supplementing Clause 3 and Clause 4, Article 12 of Circular No. 219/2013 / TT-BTC and annul Clause 7, Article 11 of the Circular. 156/2013 / TT-BTC. As follows:
- To refrain from submitting Form 06 / GTGT for registration of VAT by the deduction method for newly set up business establishments and operating business establishments with a VAT-liable turnover of under VND 1 billion.
- Guiding the filing of Form 06 / GTGT upon conversion of VAT calculation method.
- Supplementing the guidance on methods of calculation of VAT by business establishments, determined according to the VAT declaration dossiers guided in Article 11 of Circular 156/2013 / TT-BTC (amended and supplemented in 2014 and 2015).
Since the beginning of the year, HCMC has had positive signals in attracting foreign direct investment (FDI). Mr. Su Ngoc Anh, Director of the Department of Planning and Investment of Ho Chi Minh City, said that in the first eight months of 2017, FDI into the city has grown, with a total investment of more than 3.23 billion, 57 times over the same period last year. Happily, it is not only have quantitative increases, but in recent times, there are signs that quality moves in FDI attraction are more sustainable and there are major projects in areas where the city encourages investment. Read More
Activity, Business service, Consult Enterprise, Establish, Investment & Consulting, Investment advisory service, Service
Under the Commercial Law, Korean traders can open their representative offices and branches in Vietnam and also establish Korean investment-funded enterprises in Vietnam. Then the Ministry of Planning and Investment is responsible for managing the issuance of licenses to allow Korean traders to invest in Vietnam. The Ministry of Industry and Trade is responsible for the issuance of licenses of establishing representative offices and branches of Korean traders in Vietnam.
Representative offices of Korean traders are not authorized to perform direct profitable business in Vietnam but carry out trade promotion activities within the constraints of the Law only.
Branches of Korean traders in Vietnam are allowed to (i) perform goods’ trading business and other commercial activities in accordance with their establishment licenses under the laws of Vietnam, and (ii) open accounts in Vietnam and transfer their profits abroad.
Decree 72/2006/ND-CP details Commercial Law regarding the establishment, operation, rights and obligations of Vietnam-based representative offices and branches of Korean traders who specialize in goods’ sale and purchase and activities directly related to goods’ sale and purchase. Representative offices and branches of Korean-invested enterprises established in Vietnam shall not be governed by this Decree. Read More