Highlights of 2020 Law on Enterprises in force from January 1, 2021
On June 17, 2020, in the XIV th National Assembly’s 9 th meeting, the 2020 Law on Enterprises was passed and is about to take effect on January 1, 2021 as a substitute for the 2012 Law on Enterprises. Below are several significant innovations in the new Law that you should take into consideration. Firstly, notification of sample corporate stamps: The existing regulation prescribes that, before use of corporate stamps, enterprises are obligated to inform business registries of sample corporate stamps so that they are publicly posted on the National Corporate Registration Portal. The newly-adopted Law eliminates this regulation when not requiring enterprises to inform business registries of this. Secondly, business households: The regulation on transformation of household businesses into enterprises will be no longer valid. Concurrently, in order to ensure continuity till a new and separate Law on household business comes into existence, the Government may be authorize