New regulations of Laws effective from July 01, 2015
Below are the Laws effective from July 01, 2015:
1. Simplifying of procedures enterprise establishment
According to Law on Enterprises 2014, procedures for registration of enterprise establishment have been simplified as follows:
- Certification of legal capital and practicing certificate are no longer mandatory;
- Time limit for issuance of Certificate of Enterprise registration is reduced from 05 to 03 working days;
- The Certificate of Enterprise registration only has 4 parts; the parts business lines, shares, value of contributed share capital, etc. are removed.
The Certificate of Enterprise registration will be revoked in the following cases:
- Information provided in the application for enterprise registration is found to be false;
- The enterprise is established by a person banned from enterprise establishment;
- The enterprise has been suspended for 01 year without notifying the business registration authority and tax authority;
- The enterprise fails to submit a report to the business registration authority within 06 months from the deadline for report submission or from receipt of a written request;
- The revocation is decided by court.