The full-text English translation of the 2020 Enterprise Law, which will come into force early next year, is now available on Official Gazette issues Nos. 79-84 of 2020.
The Law, with 218 articles arranged in 10 chapters, contains many new provisions to help enterprises reduce unnecessary time and expenses in business registration.
From January 1, 2021, enterprise founders may carry out enterprise registration procedures online via National Business Registration Portal, rather than having to go to business registration agencies to submit dossiers in persons or to post offices to send them by postal services. Dossier submitters may opt to use either digital signatures or business registration accounts for carrying out enterprise registration via the electronic network.
Besides, enterprises will no longer be obliged to notify their seal specimens with business registration agencies. They are also allowed to decide on the type, quantity, shape and content of their seals as well as those of their branches, representative offices and other units.
To simplify administrative procedures, the Law annuls provisions requiring business registration agencies to periodically send enterprise registration information and changes in the contents of enterprise registration to other competent state agencies of the same level and provincial-level People’s Committees where the enterprise’s head office is located.
The Law adds subjects that are banned for establishing and managing enterprises to cover also persons having difficulty in perceiving or controlling their acts and commercial legal persons prohibited from conducting business or operating in certain fields as specified by the Penal Code.- (VLLF)