Property auction is one of the conditional business lines in the economic system of Vietnam. The establishment of a business company of this type is also different from the business lines of other simple fields. So what are the conditions for establishing an auction company in 2022? Lawyer X invites readers to refer to the article below to better understand the legal regulations on the above content.
Legal grounds
Enterprise Law 2020
Law on Property Auction 2016
Decree 62/2017/ND-CP detailing several articles and measures to implement the law on asset auction
Circular 48/2017/TT-BTC regulating the financial regime in asset auction activities issued by the Minister of Finance.
What is a property auction?
Property auction is a form of asset sale with two or more people participating in an auction according to the principles, order, and procedures prescribed in the Law on Auction.
Unlike other types of companies, the law stipulates that an auction company can only choose two types of businesses to establish, namely a private enterprise and a partnership.
Conditions for establishing an auction company as prescribed in Clause 3, Article 23 of the Law on Asset Auction are as follows:
– A private auction enterprise whose owner is an auctioneer and the director of the enterprise; The auction partnership company has at least one general partner who is an auctioneer, the general director or director of the auction partnership is an auctioneer;
– Having headquarters, facilities, and the necessary equipment to ensure asset auction activities.
Thus, in addition to the need to have a head office, physical and technical facilities for auction activities, a private auction enterprise, the owner of the business, and the director of the business must be an auctioneer and the company must be the auctioneer. A partnership must have at least one member who is an auctioneer.
Register the operation of the asset auction enterprise
Enterprises that satisfy the above conditions shall submit a set of dossiers of application for registration of asset auction activities and pay fees as prescribed by law.
Records include:
a) An application for operation registration;
b) The enterprise’s charter for the auction partnership;
c) A certified true copy or a copy enclosed with the original for comparison of the auctioneer practice certificate of the owner of the private auction enterprise, the auctioneer practice certificate of a general partner, the general director, or the director of the private auction enterprise. auction partnership;
d) Papers proving the headquarters of the asset auction enterprise, commitment to secure necessary facilities and equipment for asset auction activities.
Receiving and handling agency: Department of Justice where the enterprise is located
Processing time: Within 10 working days from the date of receipt of a complete and valid dossier, the Department of Justice shall grant an operation registration certificate to the asset auction enterprise; In case of refusal, the reason must be notified in writing.
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Frequently asked questions
Like other types of enterprises, the head office of a joint-stock company is the contact point of the enterprise in the territory of Vietnam, whose address is determined including house number, niche, alley, alley, street, and street. , roads or villages, hamlets, hamlets, communes, wards, townships, districts, towns, provincial cities, provinces, and centrally-run cities; phone number, fax number, and email (if any)
The company selects the fourth-level economic sector in the Economic Sector System of Vietnam promulgated together with Decision 27/2018/QD-TTG to write the industry; business lines in the business registration application.
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