Vietnam Moves to Refine Business Registration Process

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May 20 – The Vietnamese government issued Decree No 43/2010/ND-CP as part of efforts to streamline the business registration process in the country, applicable starting June 1.

According to the new decree, companies will soon be issued an enterprise code number that combines its business registration code and tax code number into one. As for branches, representative offices and business locations will be issued a code number of subsidiary units. Moreover, the decree now allows company names to use the Vietnamese alphabet and the letters F, J, W and Z.

This will be applicable for companies as well as branch, representative office and business location names. Identical company names are discouraged. The decree provides advice in cases wherein: a single-member limited liability company is changed into a multiple-member limited liability company, and vice versa; a private enterprise is changed into a limited liability company; and a limited liability company is converted into a joint stock company, and vice versa.

A business registration may be changed when there is a shift in capital contribution or shareholders; a change of ownership in a one-member limited liability company, or in a private enterprise upon the sale, disposal, disappearance or death of the owner.  The Business Registration Body will be held responsible for amending mistakes found on the business registration certificate.

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