Publishing a business statement

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Publishing a business statement

Publishing a business statement is a must for every business. This is to transparently disclose business information to the public and society, contributing to building a transparent and efficient economic market, avoiding hidden corners and lack of transparency affecting the Vietnamese market and the prestigious of the country in the world.

Announcement of establishment of a business

Within 30 days from the date of issuance of the business registration certificate, the business has the responsibility and obligation as prescribed by law to publish the business establishment statement on the business portal of the business registration authority.

Basically, this procedure is the administrative procedure to introduce the business to the public and officially put the business name on the market.

The publication of the business establishment statement must be done by the business itself and the prescribed fees must be paid in full.

According to Article 32 of the Business Law 2020, a business will need to disclose the following information in its statement of establishment:

a) Business lines;

b) List of founding shareholders; list of shareholders being foreign investors in the case of a joint-stock company (if any).

In case of changes to business registration contents, the corresponding changes must be publicly announced on the national business registration portal.

The time limit for publicizing information about the business is 30 days from the date of publicity.

Important time to remember about the announcement of the establishment of a business

According to the current corporate law, units will be required to post a statement on the Business Portal the following 4 times:

• Right after the establishment of a new business;

• Right after the time the business is allowed to change the business registration contents;

• Right after the time when the business is decided to dissolve the business;

• Right after the business announces the issuance of ordinary shares to ordinary shareholders according to the ratio of existing shares;

However, for cases such as updating and supplementing basic information such as business lines, businesses do not need to publish statements.

The methods to publish a business establishment statement

Regarding the method of publishing the business establishment statement, the business owner can choose to publish the report directly at the Business Registration Office, or at the Business Registration Support Center under the Registration Management Department, or the National Business Registration Portal.

Currently, the fee for publishing a business establishment statement through the National Portal is 300,000 VND/time.

Procedures for posting the statement of the establishment of a business

Within 30 days from the date of issuance of the business registration certificate, the business must carry out the procedures for publishing the business establishment statement.

Step 1: Visit the website dangkykinhdoanh.gov.vn

Then, the business will find the item “Electronic statements” and log in to the account registered on the system (if the business does not have an account, they need to create a new account).

Step 2: In the “Functions” section, select “Electronic statements”, then select “Create statement”

Enter the business code or the internal code to search for the business. Select “Search”, now the screen will display business information.

Step 3: Post the business establishment statement:

• In the information field “Type of announcement/statement”, select the item “Register for the establishment of a new business” ;

• Click the “Add to Order” button to add a statement to the order;

• Click the “View Cart” button to open an order;

• Enter the business’s first and last name, email (required), and other information;

• Click “Terms and conditions of use”, then click “Confirm and pay” to confirm and pay for the order electronically;

• After successful payment, the order “Completed” will be displayed.

If the business fails to publish the business establishment statement within the prescribed time limit, they will be administratively sanctioned from VND 1,000 to VND 2,000,000 for the act of not publishing or unpublishing the contents of business registration on the National Business Registration Portal within the prescribed time limit.

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