Starting June 1, businesses operating under the Law on Enterprises will make business and tax registration under Government Decree No. 43/2010/ND-CP of April 15, 2010.
This Decree introduces a consolidated business registration process permitting submission of dossiers to a single address/agency for making business registration and tax registration, providing statistics and obtaining seal use permits.
According to Associate Professor, PhD. Tran Van Nam from the Law Faculty of the National University of Economics, in a consolidated business registration system, all registered information must stored in a central database. This means that all data of the national business registration system are legally valid as a sole source of information on enterprises and third parties can trust data provided by business registration offices from this database.
Business registration offices and tax identification number-issuing agencies nationwide must use a common software and implement an information-sharing mechanism. An effective coordination between these agencies will guarantee the successful building of a consolidated business registration system that benefits both enterprises and related parties, Nam noted.
Decree No. 43 stipulates that in business registration certificates, business lines will be indicated and codified according to Vietnam’s system of economic sectors. Enterprises may only use their business line and form of investment as part of their names if they have registered such line and conducted investment in such form. From January 1, 2011, enterprises will be disallowed to use names which are identical or confusingly similar to those of other enterprises already registered nationwide, excluding enterprises which have had their business registration certificates revoked or have been dissolved. From the effective date of the Decree through December 31, 2010, identical and confusingly similar names of enterprises will not be accepted within provinces and centrally run cities. Enterprises which have registered their names consistent with current regulations but incompliant with regulations disallowing the use of identical or confusingly similar names of enterprises nationwide are not required to register for changing their names. Those with identical or confusingly similar names are encouraged to negotiate with one another for changing their names or to add locality names to their names.
In assisting business registration offices in designing a sole business registration form, an important element in one-stop-shop registration, a project between the United Nations Industrial Development Organization (UNIDO) and the Vietnamese Government, the Program on renewing business registration work nationwide, was initiated in 2007. The sole business registration form is used for first-time business registration, modification and termination of operation for all types of enterprises, tax and seal registration and declaration of their basic data to statistics offices. Information already registered at business registration offices is not required to be declared to seal-carving permitting and tax identification number-issuing authorities.