Enterprises in Vietnam will not have to specify their operations in their business license and will be entitled to do what is not prohibited by law as of the middle of next year, a senior official has said.
These new regulations, aimed at creating favorable conditions for businesses and investors, are included in the revised versions of the Enterprise Law and the Investment Law, which will both take effect on July 1, 2015, Deputy Minister of Planning and Investment Dang Huy Dong said at a press briefing in Hanoi on Friday.
The amended Law on Investment lists 267 business lines subject to conditions and six others that are banned in the country, Deputy Minister Dong said.
This revised law also abolishes the regulation on granting certificates of investment registration to domestically-invested projects.
The law also makes the procedures for investment registration for foreign-invested projects simpler, and cuts short the duration for granting an investment registration certificate to a foreign-invested project to 15 days from the current 45 days on receipt of complete applications.
In an attempt to simplify business registration procedures the revised Enterprise Law cancels the current rule that enterprises are required to declare their business lines when they go through business registration.
Accordingly, as of July 1, 2015, enterprises will be no longer be required to clarify their lines of business in their permit when they carry out business registration procedures.
That means the content of a business registration certificate granted on or after July 1, 2015 will not show what an enterprise does and will only provide such basic information as the name and address of the enterprise, the registration number, and its legal representative.
The two revised laws are among the eight laws approved by legislators at the 13th National Assembly’s eighth session that closed on November 28.