New decree shortens business certificate issuance

18-Sep-2015 Intellasia | The Saigon Times | 6:00 AM Print This Post

Enterprises can get business registration certificates within three working days after they submit legitimate applications, instead of five working days as before, according to a new decree of the government.

The new decree replaces Decree 43/2010 and Decree 05/2013 on requirements for business registration and establishment, according to the government’s portal

Many businesses have expressed concern that it would be difficult for business registration certificates to be issued within three days. However, minister of Planning and Investment Bui Quang Vinh said recently that more than one month after new business registration regulations took effect on July 1, the average time for completing business registration procedures had been reduced to 2.6 days.

The new decree allows the business registration agencies to receive business registration applications and return results at designated places for business startups.

According to the decree, a new company will be provided with only one code to use for business operation and tax payment when it is approved to come into life.

The new decree also clarifies an automatic coordination system between business registration and tax agencies for the use of business codes issued for new enterprises.

The business code is created and available on the National Business Registration Portal and tax registration portals and written on the business registration certificate of enterprises. State agencies will use the code for business management.

The code rule and the automatic system are expected to help cut the time on granting business registration certificates to enterprises and support those who want to start up business.

Regarding the seal, the new decree permits companies to design and decide the number of their seals with the same size and content.

In accordance with the new decree, organisations and individuals can either use digital autographs or business registration accounts to make online business registration.

Data of the Business Registration Management Agency showed that over 17,000 new firms have been established nationwide the first two months after the revised Enterprise Law came into force on July 1, a significant rise against the same period last year.


Category: Legal

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