New regulations on registration of companies
Companies registration activities are now regulated in Decree No.43/2010/NĐ-CP dated 15/4/2010 ("Decree 43"). Besides embodying all the procedures, orders and documents relating to companies registration in a piece of legal document, Decree 43 has some new provisions compared to the current Decree No. 88/2006/NĐ-CP date 29/8/2006 on business registration ("Decree 88") as follows:
- Each line of business recorded in the business registration certificate is assigned with an equivalent 4-digit code in accordance with Vietnam Businesses System, except for the businesses that are prohibited.
- Each enterprise is granted with a single enterprise code that is treated as business registration code and tax code of that enterprise
- Companies registration will be conducted through the National Enterprises Registration Gate.
- In the case of opening representative offices or branches in other countries, an enterprise must notify the business registration authority in writing within 30 days in order to obtain the revised business registration certificate.
- Decree 43 stipulates in details situations of conversion of enterprises as specified in Decree No. 139/2007/NĐ-CP dated September 05, 2007.
- Time limit for issuance of the business registration certificate, changes of contents of the business registration certificate, division, separation, merger, consolidation and conversion of companies, etc is shortened to 5 working days.
Decree 43 shall take effect from June 01st 2010 and replaces Decree 88.
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