A Guide to Online Registration

Buyers might need to change an organization identify for varied causes. This may be time-consuming given Vietnam’s laws and the completely different necessities of provincial governments. Vietnam Briefing describes the method and what companies want to pay attention to when embarking on this course of.

Buyers might select to vary their firm identify in Vietnam as a consequence of varied causes, which may be difficult and time-consuming. Nevertheless, understanding Vietnam’s laws on enterprise identify adjustments might help alleviate a few of these challenges.

Some frequent causes for altering an organization identify embody:

• A change in actions comparable to items being produced or companies that can be modified;
• An organization being acquired or merged and going by means of an M&A course of;
• Re-branding; or
• Present identify shouldn’t be appropriate or complicated.

Buyers may even must notify the related authorities companies in addition to replace official paperwork, which embody:

• Altering the corporate’s Memorandum and Articles of Affiliation;
• Notifying related authorities companies in Vietnam in addition to companions, shoppers, suppliers, and distributors;
• Updating the brand new firm identify to E-VAT invoices; and
• Altering the identify on all official paperwork and firm seal.

Sometimes, the overall process to replace the corporate identify is:

(1) amend the enterprise registration certificates (ERC); and

(2) amend the funding registration certificates (IRC). That is true, particularly if the corporate identify is indicated on the IRC as properly.

Within the case of the M&A course of, a pre-approval for the M&A is required earlier than going by means of steps (1) and (2) as aforementioned.

On this article, we are going to spotlight change the corporate identify within the ERC as a base for updating the IRC in a basic case.

What are the required paperwork?

Buyers should put together the next paperwork when altering the enterprise identify for registration:

• An official discover of change within the enterprise registration data with the signature of the authorized consultant of the enterprise. The discover have to be in the identical format as the shape in Appendix II present in Round 01/2021/TT-BKHDT. Buyers ought to word that they solely want to pick and fill within the related data associated to the enterprise identify change within the Appendix;
• A call of the investor(s) on the corporate identify change which is:
  • a choice of the corporate proprietor for single-member restricted legal responsibility corporations; or
  • an organization decision and a duplicate of the assembly minutes of the members’ council of restricted legal responsibility corporations with two members and extra, in addition to partnerships; or
  • an organization decision and a duplicate of the assembly minutes of the overall assembly of shareholders for joint-stock corporations.
• Letter of authorization from the corporate director to the consultant who oversees the submission of the applying.

On-line registration course of

In line with Decree 78/2015 ND-CP, the enterprise registration course of may be carried out on-line on the Nationwide Enterprise Registration Portal launched by the Ministry of Planning and Funding (MPI), and the laborious copy of all of the paperwork have to be submitted to the native Enterprise Registration Division (BRD) as soon as the applying for change is accredited.

Nevertheless, as famous in Decree 01/2021/ND-CP, the applying for change within the firm identify may be carried out on-line with out bodily copies required to be submitted.

This digitization of the applying course of is a part of Vietnam’s digital transformation and administration reform, bringing in a synchronous authorized system for better transparency and effectivity as famous by Phuc Duong, Enterprise Advisory Companies, Dezan Shira & Associates.

What’s the course of for altering your corporation identify on-line?

1. Register an account on the Nationwide Enterprise Registration portal managed by the MPI. This stage would require a number of steps of non-public data verification of the corporate consultant who can be accountable for the account;
2. After the non-public data of the corporate consultant is verified, the person can choose the kind of change within the enterprise registration data, which on this case would be the change within the content material of enterprise registration data;
3. The person can then proceed to add and fix the paperwork within the on-line kind as required on the portal and double-check the applying earlier than submitting;
4. An utility receipt will then be issued, and the person can be notified through the e-mail they supplied when creating the account.
5. In roughly three working days, the corporate will obtain the consequence from the portal through the registered e-mail. The outcomes can be considered one of three choices:

• • In case the applying is ample and accredited, the BRD will situation a brand new ERC, which might both be acquired by submit or collected bodily on the BRD workplace. The corporate ought to contact the native BRD on obtain the brand new ERC; and
  • In case the applying shouldn’t be ample and doesn’t meet all necessities, the federal government authorities by means of the portal will inform the person of the extra data or amendments to be made; and
  • In case the applying is rejected, the BRD will inform the concerned firm in writing clarifying the explanations for rejection.

Some extent to notice is that regardless of a change within the enterprise identify, the rights and obligations of the enterprise doesn’t change.

Buyers ought to word that whereas there aren’t any expenses for the web utility for a brand new ERC, a small payment could also be related to the announcement of the change on the enterprise registration portal.

Professionals and cons of fixing an organization identify

Companies might change their identify after they have outgrown their merchandise or model. Companies might need to reposition themselves in the marketplace or there’s a change within the service or merchandise.

Altering an organization identify is frequent, even for main corporations like Google – previously generally known as BackRub, Nike, and Fb. Nevertheless, it’s advisable to weigh up the professionals and cons earlier than implementing such a serious change.

• Professionals: the brand new identify might match the model higher, particularly after model repositioning, probably resulting in bigger goal markets. Finally, the enterprise identify is what stays in prospects’ and buyers’ minds.
• Cons: a drastic change could cause confusion for both loyal or new prospects and the method of adapting to the brand new identify might take months, from altering the emblem, web site, and official paperwork.

Branding and fame are essential components for buyers and an organization identify is important as it may affect buyer notion setting a basis for a enterprise’s services or products.

Takeaways

Altering the corporate identify consists of a number of phases of paperwork and post-registration adaption. Nevertheless, due to latest admin reforms, the method may be accomplished in few working days.

Buyers can contact our consultants ought to they encounter any issues with the authorized process of fixing their firm identify.