New policies take effect from July 2015
Infomation about New policies take effect from July 2015
1. From July 1st, enterprises can decide their own stamp
From July 1st under the Enterprise Law No. 68/2014 / QH13, an enterprise can decide the form, quantity and content of their seal and enterprise is required to issue a notification of the new seal sample to the Department of Planning and Investment before using.
Also from this time, enterprises aren’t required to apply business code while making business registration; number of business industries will not be restricted. And business households which employ ten (10) or more employees on a regular basis must register for establishment; Limited Company and Corporation can have one or more than one legal representative and there must be one legal representative to reside in Vietnam.
2. Increase the legal capital of the real estate enterprises to 20 billion VND
From July 1st, organizations and individuals dealing in real estate have to establish an enterprise or cooperative organization and the minimum legal capital is 20 billion instead of 06 billion as before. This is the new content of Law No. 66/2014 / QH13 on Real Estate Trading.
This law also stipulates that the investor’s financial obligations must be guaranteed by a competent commercial bank in case the investor fails to transfer the building on schedule as commitment to clients before the investor sell or lease purchase off-the-plan buildings . In addition, the law allows individual provide independent real estate brokerage service, but this person must have real estate broker license; Obtain at least upper-secondary graduation degree; Have passed examination in real estate brokerage knowledge and registered tax payment as prescribed.
3. Domestic investment projects don’t have to apply for investment legal procedure
Previously, only domestic investment projects which have scale less than 15 billion and are not on the list of conditional investment fields aren’t required to do investment registration procedures. But from July 1st, according to Investment Law No. 67/2014 / QH13, all projects of domestic investors will no longer have to do this procedure.
Requirements regarding registration procedures investment are only set up for the investment projects of foreign investors and economic organizations with foreign investors holding 51% or higher of the charter capital or with a majority of the partnership members who are foreign individuals…
4. Continue to grant automatic import licensing for certain steel products
Previously, the Ministry of Industry and Trade issued Circular 17/2014 / TT-BCT replaces Circular 23/2012 / TT-BCT on the application of the regime of import licenses automatically for certain steel products. However, from July 26, some steel products will continue to be applied the regime of automatic import licenses under the provisions of Circular No. 12/2015 / TT-BCT.
This license is granted to importing traders by validating imported application for each imported consignment and have implemented value within 30 days from the date of the Ministry of Industry and Trade confirmed. Especially in the first time that granting automatic import licenses, traders must register the trader dossier with licensing agencies. Automatic import licenses will be issued within 07 working days from the date of licensing agencies get a full and valid documents set.
5. Financial statements guide 2015
According to Circular No. 75/2015 / TT-BTC dated May 18 2015 amending and supplementing the enterprise accounting system, companies belongs to subjects having to set up financial report interim (Quarterly and semi-annual financial report) selected to set up financial report in the middle of 2015 as stipulated in Decision No 15/2016 / QD-BTC dated 20/3/2006. Especially, financial statements of 2015 must comply with the provisions of Circular No. 200/2014 / TT-BTC dated from December 22 2014.
Similar to previous regulations, the Circulars also stipulate that encouraging unit making presentation and explanation about financial instruments in accordance with the provisions of Circular No. 210/2009 / TT-BTC dated 06/11/2009 of the Ministry of Finance before accounting standard on financial instruments and legal documents guiding the implementation of accounting standards of financial instruments is issued. The Circular takes effect from July 14 2015.
(Source: Luatvietnam)
