Some basic information about enterprise registration in Vietnam

by BichNgoc

Are you a foreign company that wants to invest in Vietnam? Are you an individual who wants to set up a company in this country? Today, LSX Lawfirm will give you an article about: “Some basic information about enterprise registration in Vietnam”, as follows:

Law on enterprises 2020

Decree No. 01/2021/ND-CP

What means of enterprise registration?

Accordingly, Enterprise registration means that the enterprise founder; or an authorized person sends the enterprise establishment dossier as prescribed in this Law to the business registration agency.

Then, the business registration agency is responsible for reviewing the validity of the application. If valid, an enterprise registration certificate issued.

In fact, we often call enterprise registration with other names such as: Business registration, business establishment or company establishment.

You can also refer to the dossier for registration of personal tax identification for foreigners, or procedures for setting up a foreign-owned enterprise/company account for 1% to 100% in Vietnam, or the role of FDI in Vietnam’s economy.

Rights to establish enterprises and obligations to apply for enterprise registration in Vietnam

Firstly, establishing enterprises is the right of every entity. This right protected. In addition, the enterprise’s founder or the enterprise has to fully and promptly fulfill the obligation to apply for enterprise registration, disclose information about establishment and operation of the enterprise in accordance with regulations of the law.

Secondly, business registration authorities and other agencies prohibited to harass applicants while receiving and processing applications for enterprise registration.

Thirdly, Ministries, ministerial agencies; People’s Councils and People’s Committees at all levels are not permitted to promulgate their own regulations on enterprise registration. Regulations on enterprise registration promulgated by Ministries, ministerial agencies; People’s Councils and People’s Committees at all levels that are contrary to regulations.

Enterprise registration certificate, certificate of branch/ representative office registration, certificate of business location registration in Vietnam

Firstly

Enterprise registration certificate, certificate of branch/representative office registration; certificate of business location registration issued to the enterprise and its branch, representative office and business location. 

So, contents of the enterprise registration certificate, certificate of branch/representative office registration; certificate of business location registration shall be written according to information included in the application for enterprise registration. 

In addition, the enterprise registration certificate is also the tax registration certificate of the enterprise. The enterprise registration certificate is not a business license.

Secondly

In case the contents of an enterprise registration certificate; certificate of branch/representative office registration; certificate of business location registration in the form of electronic data on the National Enterprise Registration Database is at the same time different from those of the paper certificate; the one on which the information is consistent with the information included in the application for enterprise registration shall prevail.

Writing business lines in Vietnam

Firstly

When applying for establishment of an enterprise, notifying changes of business lines, or applying for the enterprise registration certificate; the enterprise’s founder; or the enterprise shall select the level-4 business lines in Vietnam Standard Industrial Classification and write them on the application for enterprise registration; notification of changes to enterprise registration, or application for the enterprise registration certificate. 

The business registration authority shall provide instructions; compare information, and enter the enterprise’s business lines into the National Enterprise Registration Database.

Secondly

Conditional business lines prescribed in other legislative documents written according to such legislative documents.

Thirdly, Business lines not mentioned in Vietnam Standard Industrial Classification but prescribed in other legislative documents written; according to such legislative documents.

Business lines mentioned in neither Vietnam Standard Industrial Classification nor other legislative documents; the business registration authority shall consider adding them to the National Enterprise Registration Database if not prohibited; and then request the Ministry of Planning and Investment; (General Statistics Office of Vietnam) to consider adding them as new business lines.

In case an enterprise wishes to register more detailed business lines than level 4; it shall select a level 4 business line in Vietnam Standard Industrial Classification; then specify the enterprise’s business lines right under the level-4 line; provided the detailed lines are appropriate for the selected level-4 line. In such case, the enterprise’s business lines are the detailed lines it specified.

Related questions

What are the steps to set up a regulated business?

Submit a business registration application
Receive and return results.

What are the actual business registration steps?

Submit your application online through the national enterprise registration portal.
Submit the paper application directly at the business registration office if the application step 1 is valid.
Review paper records, compare with electronic records and issue certificates of business registration.

Contact LSX Lawfirm

Finally, hope this article is useful for you to answer the question about: “Some basic information about enterprise registration in Vietnam”, please contact  LSX Law firm : +84846175333 or Email: hoangson@lsx.vn

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