Procedures for converting from business household to enterprise

Nam Dương |

A reader with email hoangnam@gmail.com asked: What are the procedures for converting from individual business household to business?

Lawyer Nguyen Ha Khanh Linh, YouMe Law Firm LLC, replied:

Clause 1, Article 79 of Decree 01/2021/ND-CP on business registration stipulates the business household as follows:

1. Business households are registered by an individual or member of the household and is responsible for their entire property for the business of the household. In case the household members register for business households, they will authorize a member of the business household. Individuals who register for business households, who are authorized by the household members to represent the business household.

Article 27 of Decree 01/2021/ND-CP stipulates the registration of conversion from business household to enterprise as follows:

1. The registration of the establishment of a business on the basis of conversion from a business household is carried out at the Business Registration Office where the business plans to have its head office.

2. The dossier for registering to establish a business on the basis of conversion from a business household includes the original copy of the Business Household Registration Certificate, a copy of the Tax Registration Certificate and documents specified in Articles 21, 22, 23 and 24 of this Decree corresponding to each type of business, not including the Investment Registration Certificate specified in Point b, Clause 4, Article 22, Point c, Clause 4, Article 23, Point c, Clause 3, Article 24 of this Decree.

In case an enterprise is transformed from a foreign business household, an economic organization with foreign -invested capital contributes capital, buying shares, buying capital contributions in the case of the procedures for capital contribution, purchase of shares, buying capital contributions in accordance with the Investment Law, the dossier must have written documents of the investment registration agency approving the capital contribution, buying capital, buying capital of foreign investors.

3. Within 02 working days from the date of issuance of a business registration certificate, the Business Registration Office shall send a copy of the business registration certificate and the original copy of the business household registration certificate to the district business registration agency where the business household is located to terminate the business household operation.

Thus, the conversion from a business household to an enterprise is carried out in accordance with the above regulations.

Legal advice

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The project was carried out with support from YouMe Law Firm LLC

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