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Proposed New Regulations on Business RegistrationThe Ministry of Planning and Investment has proposed several key changes, including: |
Removal of Business Household Registration and Introduction of Standard Forms for Company Registration
The draft decree removes business household registration requirements and introduces standard forms for company registration, streamlining the process and ensuring consistency with the Law on Issuing Legal Documents and providing a clear legal framework.
Introduction of National Identification Numbers for Company Registration
In line with Resolution 136/NQ-CP to simplify administrative procedures and citizen paperwork, the draft decree allows the use of national identification numbers. This will reduce the amount of personal information required and improve data accuracy, as the information will be sourced from the National Database on Population, verified by the Ministry of Public Security.
Legal Status of Branches, Representative Offices, and Business Locations
To ensure transparency and accuracy in the legal status of branches, representative offices, and business locations, six statuses have been introduced: (i) Temporary Business Suspension, (ii) Inactive at Registered Address, (iii) Revoked due to Tax Enforcement, (iv) Ceasing Operations, (v) Ceased Operations, and (vi) Active. This will ensure consistent statistical data between the business registration authority and the tax authority.
Removal of Business Registration Requirements for Credit Institutions
With the passage of the 2024 Law on Credit Institutions, which takes effect on July 1, 2024, the State Bank of Vietnam is now responsible for licensing and related matters concerning credit institutions. Therefore, business registration requirements for credit institutions have been removed from the draft decree, in line with the new law.
By Nháºt Quang
Highlights of the Land Law and Credit Organizations Law in 2024
Chairman of the National Assembly Vuong Dinh Hue has recently signed the authentication of the amended Land Law and the amended Credit Organizations Law – two projects that were passed at the extraordinary 5th session of the 15th National Assembly.
State bank urges banks to boost lending from early 2024
The State Bank of Vietnam (SBV) has announced that credit growth at the beginning of 2024 is relatively low compared to recent years. As a result, the SBV is urging credit institutions to actively implement measures to boost credit growth right from the early months of 2024.
