Before conducting business activities in Vietnam, the application for an establishment license is the first stage for enterprise to build its legal status and satisfy the initial legal conditions. However, to ensure lawful operation, after completing the establishment licensing procedures (IRC, ERC), enterprise needs to simultaneously fully comply with the conditions prescribed by laws during the entire maintenance and operation process.
Failure to comply or not fully complying with obligations under the laws will constitute a violation, and enterprise may face the risks of administrative sanctions or criminal prosecution. In particular, depending on the seriousness of the violation, the fines can reach hundreds of millions of dongs, and contemporaneously additional sanctions such as suspension of business activities or remedial measures including forced payment on illegal profits from violations can be applied.
Due to the fact that many violations occur with increasing severity, the form and level of handling violations are gradually raised by competent state agencies and applied more strictly to each act. Therefore, in order to avoid unnecessary risks and at the same time limit the extent of damages, enterprise should pay special attention to relevant legal requirements in the implementation process.
Respectfully to the Valued-readers, Valued-Clients, please refer to the detailed information in the attached file below.
(*) IRC: Investment Registration Certificate;
ERC: Enterprise Registration Certificate.
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