New points in the Investment and Enterprise Laws 2014, which go into effect on July 7, caught the attention of business players attending a seminar in Ho Chi Minh City on June 25.
The Investment Law stipulates regulations that mark significant progress in administrative overhaul, including cutting the time to process foreign investment registration applications to 15 working days from the current 45 days as well as raising the responsibility of investors through deposit requirements and equipment quality appraisals, among others.
Based on reviews of 386 business sectors, the new investment law specifically regulates a list of valid business areas and six prohibited others.
It also streamlines the share purchase process and clarifies that any entity with over 51 percent of its assets and charter capital held by foreigners is to be treated as a foreign-invested firm, said Deputy Head of the Ministry of Planning and Investment’s Legal Department Quach Ngoc Tuan.
New points in the Enterprise Law include business registration certificates with information regarding business codes, headquarters addresses and legal representatives. Business areas will be declared in business registration application forms.
The law also abolishes requirements on professional certificates, shortens business registration timelines, adds criteria for State business executives and requests the release of transparent information from firms with State capital up to international standards, among others, said Head of the Central Institute for Economic Management’s Business Environment and Competitiveness Department Phan Duc Hieu.
The Investment and Enterprises Laws were designed to respect and uphold the business freedom of enterprises while simultaneously focusing on equal treatment between domestic and foreign investors to ensure compliance with international treaties Vietnam has committed to.-VNA
The Investment Law stipulates regulations that mark significant progress in administrative overhaul, including cutting the time to process foreign investment registration applications to 15 working days from the current 45 days as well as raising the responsibility of investors through deposit requirements and equipment quality appraisals, among others.
Based on reviews of 386 business sectors, the new investment law specifically regulates a list of valid business areas and six prohibited others.
It also streamlines the share purchase process and clarifies that any entity with over 51 percent of its assets and charter capital held by foreigners is to be treated as a foreign-invested firm, said Deputy Head of the Ministry of Planning and Investment’s Legal Department Quach Ngoc Tuan.
New points in the Enterprise Law include business registration certificates with information regarding business codes, headquarters addresses and legal representatives. Business areas will be declared in business registration application forms.
The law also abolishes requirements on professional certificates, shortens business registration timelines, adds criteria for State business executives and requests the release of transparent information from firms with State capital up to international standards, among others, said Head of the Central Institute for Economic Management’s Business Environment and Competitiveness Department Phan Duc Hieu.
The Investment and Enterprises Laws were designed to respect and uphold the business freedom of enterprises while simultaneously focusing on equal treatment between domestic and foreign investors to ensure compliance with international treaties Vietnam has committed to.-VNA
