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Question: What are the regulations on investment registration license and limit of household employees?

Date 03/08/2016 - 14:30:00 | 173 views
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Tough punishment of project without investment registration

Under Decree 50/2016/ND-CP on sanctioning administrative violations in the area of planning and investment, if investors conduct a project implementation without any Investment Certificate, Investment Registration Certificate or Investment Policy Decision will be fined from VND 60-80 million.

A fine between VND 30-40 million is applied to (i) failure to implement investment activities in accordance with the certificate; (ii) failure to meet the conditions for investment in form of capital contribution, share purchase and capital interest of foreign investors; (iii) failure to fulfill the conditions for the transfer of investment projects; (iv) investments in conducting business lines banned from business investment under the Investment Law.

Failure to report on investment activities, monitoring activities, investment project evaluations, establishment or termination of the executive office of any foreign investor under the business cooperation contract (BCC) without registering with a register of investment in the locality where such executive office is located will be fined from VND 5-10 million.

Limit of household employees

Any household business that employs ten or more employees, doing business outside the registered place without notifying the tax authorities or market regulatory agencies in the locality where any headquarters and any place of business is registered will be fined between VND 3-5 million.

The inaccurate declaration of the dossier of business registration or content change registration with regard to any household business will be fined from 5-7 million.

Any failure to conduct business activities within six months of the date of issuing the certificate of Household Business Registration or any cease of business activities exceeding six consecutive months without notifying the district-level business registration offices will be fined from VND 1-2 million.

Decree 50 took effect from July 15, 2016./.

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