Decree 108/2018/ND-CP entered into effect on the 10 October 2018 and amends the decree 78/2015/ND-CP on business registration regulations.
The government aims to simplify and fasten business registration procedures, notably by implementing the following changes:
It is no longer required to:
- Affix the seal on the enterprise registration application, notice of change, resolutions, decisions and minutes of the meeting during the registration procedures.
- Submit a hardcopy dossier of the seal sample when it is submitted online.
- Companies registering a change of their structure (e.g. LLC to JSC) can now concurrently register all other changes of company information, except information on the legal representative.
It is also no longer required to:
- Notarize nor certify the power of attorney of the authorized person registering the enterprise.
- Submit the latest financial statements when decreasing the charter capital.
- Separately register the increase of charter capital when registering new members into a multi-member LLC.
- Provide the charter and articles of association of the parent company when establishing a single-member LLC.
Notification of Company’s Changes
- A joint-stock company shall inform the Business Registration Office if the founding shareholder has not fully paid or has not yet paid the registered share capital and the shareholder who has not yet paid the registered share capital shall not be deemed to be shareholder.
Company’s business location
- Finally, it is now possible to register a business location in a different province or centrally-controlled city than the one in which the enterprise registered its head office and branches.