Notify Sole Proprietorship Name Change in Vietnam

Summary: Notify sole proprietorship name change is a mandatory procedure in Vietnam when the business owner decides to alter the business name. This article will guide you through the process, required documents, and legal implications of changing your sole proprietorship’s name.

Understanding Sole Proprietorship in Vietnam

In Vietnam, a sole proprietorship, or “Doanh nghiệp tư nhân” in Vietnamese, is a type of business owned and operated by a single individual. It’s a simple business structure without corporate status, where the owner is personally liable for all the debts and obligations of the business. When you establish a sole proprietorship, the name of the business is often linked to the owner. However, should you decide to rebrand or rename your business, it is essential to notify the authorities about the name change.

Legal Framework for Sole Proprietorship Name Change

The process of notifying about a sole proprietorship name change in Vietnam is governed by the Law on Enterprises, as well as specific decrees such as Our Related Services. These laws regulate various aspects of sole proprietorships, including registration and changes in business information.

According to the Law on Enterprises, a name change for a sole proprietorship must be registered with the Department of Planning and Investment where the business is located. The name must adhere to the naming rules set forth in the legislation, avoiding duplication or conflict with other businesses.

Steps to Notify Sole Proprietorship Name Change

1. Prepare Required Documents

To notify the authorities about your sole proprietorship name change, you need to prepare the following documents:

• An official request form for changing the business name.
• A valid copy of the business registration certificate.
• Your identification documents, such as a passport or ID card.
• The new name of your sole proprietorship, which must meet the legal requirements.

2. Submit Application to the Department of Planning and Investment

Once your documents are ready, you must submit them to the Department of Planning and Investment in your locality. The department will review the application and ensure that the new business name complies with all relevant regulations. You will also need to pay a processing fee at this stage.

3. Update Business Information

After receiving approval for your name change, it’s important to update your business information accordingly. This includes modifying your business signage, website, and any contracts or legal documents that bear the old name. Additionally, notify your clients, partners, and suppliers of the name change to ensure a smooth transition.

4. Receive New Business Registration Certificate

Once the name change is processed, the Department of Planning and Investment will issue a new business registration certificate reflecting the updated name. This certificate will serve as legal proof of your business’s new name, allowing you to continue operations under the new identity.

Important Considerations

Legal Restrictions on Business Names

Vietnamese law imposes several restrictions on business names. When choosing a new name, it must not:

• Be identical or similar to other registered business names.
• Include prohibited words or symbols.
• Mislead consumers or violate public morals.

Failure to comply with these regulations can result in rejection of your name change application. It is advisable to conduct a thorough name check beforehand.

Notification to Tax Authorities

After completing the name change process with the Department of Planning and Investment, you must notify the tax authorities of the change. This ensures that your tax filings and financial records reflect the updated business name, avoiding any discrepancies.

Timeline and Fees

The process of notifying and changing a sole proprietorship name typically takes between 5 to 7 working days. The processing fee varies depending on the locality, but it generally ranges from VND 100,000 to VND 500,000.

Conclusion

Changing the name of a sole proprietorship in Vietnam requires careful attention to the legal process. By following the proper procedures to notify sole proprietorship name change, you ensure that your business remains compliant with Vietnamese law. Always remember to prepare the correct documentation, adhere to naming regulations, and update all necessary business records post-approval.

For more information on legal procedures and expert guidance on business registration changes, visit Unilaw Lawyers or explore Unilaw’s Case Law Blog for more insights.

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