Marking the Beginning: Understanding the Business Establishment Date

In the vibrant business landscape of Vietnam, entrepreneurs have several options when it comes to choosing the structure of their ventures. From sole proprietorships to joint-stock companies, each type has its unique features and legal considerations. So, what doess dissolving a limited company mean? ACC Group will address your question.

1. What types of businesses are there currently?

Currently, in Vietnam, there are four types of businesses, specifically:

1. Sole proprietorship: Owned by one individual (This type is rarely chosen due to high legal risks).
2. Single-member limited liability company: Owned by either an individual or an organization (can hire a legal representative).
3. Multi-member limited liability company: Comprises two or more individuals/organizations - not exceeding 50 individuals/organizations (can hire a legal representative).
4. Joint-stock company: Requires at least three individuals/organizations (can hire a legal representative).

2. How do you differentiate between the date a business operates and the date it is granted a business license?

The operating date is the date recorded in the business registration dossier at the time of business establishment. Specifically, the operating date is recorded in Section 3, Item 9 of the Business Registration Application Form. If the business registration dossier does not specify the expected operating period, the business is entitled to operate from the date the business registration certificate is issued. The date of the business license (the date of business establishment) is the date displayed on the business license. It is shown on the business registration certificate as follows: "First registration: date ... month ... year..."

3. How can you determine the establishment date of a business?

There are two ways to determine the establishment date of a business:

Method 1: Check the business license. It is displayed as follows: "First registration: date ... month ... year..."

Method 2: Look up the business license on the National Business Registration Portal

Link: https://dangkykinhdoanh.gov.vn

Step 1: Enter the tax code/business registration number or the business name into the search box at the top left corner and then click the search button.

Step 2: After clicking the search button, the results will display the name of the business you are looking for. The results will include the following information:

• Business name; business name in foreign language; abbreviated business name.
• Activity status.
• Business registration number.
• Legal form.
• Date of establishment.
• Name of the legal representative.
• Main office address.
• Business lines according to the Vietnam Standard Industrial Classification (VSIC) system.

4. Q&A

1. What is the business establishment date?

The business establishment date, also known as the date of incorporation or registration, is the specific date when a company or business entity is officially recognized and recorded as legally established by the relevant authorities. It marks the beginning of the business's legal existence and the point from which it can conduct its operations.

2. Why is the business establishment date important?

The business establishment date holds significant importance for several reasons:

• Legal Recognition: It is the date when the business becomes a legal entity, distinct from its owners or founders.

• Financial Reporting: It serves as a reference point for financial reporting, tax calculations, and compliance with regulatory requirements.

• Contractual Agreements: It determines when the company can enter into contracts, agreements, and partnerships.

• Statutory Compliance: It helps the business adhere to various legal obligations and deadlines, such as filing annual reports and paying taxes.

3. How can you find the business establishment date?

You can find the business establishment date through various means:

• Business Registration Certificate: Check the official business registration certificate or license issued by the relevant government authority. The establishment date is typically mentioned on this document.

• Online Business Registries: Many countries maintain online databases or portals where you can search for business information, including the establishment date, using the business's name or registration number.

• Legal Documents: Review legal documents and contracts related to the formation of the business, such as the articles of incorporation or partnership agreements.

4. Can the business establishment date change?

In most cases, the business establishment date remains constant once the company is legally registered. However, certain situations, such as mergers, acquisitions, or changes in the company's legal structure, can lead to alterations in the establishment date. It's essential to maintain accurate records and update relevant authorities in the event of any such changes to ensure legal compliance and transparency.