New points in the Investment and Enterprise Laws 2014, which go intoeffect on July 7, caught the attention of business players attending aseminar in Ho Chi Minh City on June 25.
TheInvestment Law stipulates regulations that mark significant progress inadministrative overhaul, including cutting the time to process foreigninvestment registration applications to 15 working days from the current45 days as well as raising the responsibility of investors throughdeposit requirements and equipment quality appraisals, among others.
Based on reviews of 386 business sectors, the newinvestment law specifically regulates a list of valid business areas andsix prohibited others.
It also streamlines theshare purchase process and clarifies that any entity with over 51percent of its assets and charter capital held by foreigners is to betreated as a foreign-invested firm, said Deputy Head of the Ministry ofPlanning and Investment’s Legal Department Quach Ngoc Tuan.
New points in the Enterprise Law include business registrationcertificates with information regarding business codes, headquartersaddresses and legal representatives. Business areas will be declared inbusiness registration application forms.
The lawalso abolishes requirements on professional certificates, shortensbusiness registration timelines, adds criteria for State businessexecutives and requests the release of transparent information fromfirms with State capital up to international standards, among others,said Head of the Central Institute for Economic Management’s BusinessEnvironment and Competitiveness Department Phan Duc Hieu.
The Investment and Enterprises Laws were designed to respect anduphold the business freedom of enterprises while simultaneously focusingon equal treatment between domestic and foreign investors to ensurecompliance with international treaties Vietnam has committed to.-VNA
TheInvestment Law stipulates regulations that mark significant progress inadministrative overhaul, including cutting the time to process foreigninvestment registration applications to 15 working days from the current45 days as well as raising the responsibility of investors throughdeposit requirements and equipment quality appraisals, among others.
Based on reviews of 386 business sectors, the newinvestment law specifically regulates a list of valid business areas andsix prohibited others.
It also streamlines theshare purchase process and clarifies that any entity with over 51percent of its assets and charter capital held by foreigners is to betreated as a foreign-invested firm, said Deputy Head of the Ministry ofPlanning and Investment’s Legal Department Quach Ngoc Tuan.
New points in the Enterprise Law include business registrationcertificates with information regarding business codes, headquartersaddresses and legal representatives. Business areas will be declared inbusiness registration application forms.
The lawalso abolishes requirements on professional certificates, shortensbusiness registration timelines, adds criteria for State businessexecutives and requests the release of transparent information fromfirms with State capital up to international standards, among others,said Head of the Central Institute for Economic Management’s BusinessEnvironment and Competitiveness Department Phan Duc Hieu.
The Investment and Enterprises Laws were designed to respect anduphold the business freedom of enterprises while simultaneously focusingon equal treatment between domestic and foreign investors to ensurecompliance with international treaties Vietnam has committed to.-VNA
