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Many administrative procedures related to small- and medium-sized enterprises (SMEs), especially innovative startup investment funds, will be modified or abolished.
With Decision 2915/QD-BTC issued by the Ministry of Finance on August 26 and effective on September 15, it is expected to create a more streamlined legal framework, ease administrative burdens and encourage stronger flows of investment capital into Vietnam’s innovative startups.
The decision lists five types of provincial-level administrative procedures to be modified, including: (i) notifying establishment of innovative startup investment funds; (ii) notifying increase or decrease in capital contributed to innovative startup investment funds; (iii) notifying extension of the operation period of innovative startup investment funds; (iv) notifying dissolution of innovative startup investment funds and dissolution result; and (v) notifying transfer of capital contributions of investors.
Meanwhile, one type of central-level administrative procedures will be abolished, i.e., disclosing information on establishment of innovative startup investment funds; increase or decrease in capital contributed to the funds; extension of the operation period of the funds; liquidation or dissolution of the funds and the dissolution result on the National Information Portal on support for small- and medium-sized enterprises.
From the effective date of Decision 2915, enterprises may submit their applications concerning the establishment, capital adjustment, extension of operation period, dissolution or capital transfer of innovative startup investment funds either directly to provincial-level business registration agencies of the localities where their head offices are located or online through administrative procedure settlement systems of provincial-level People’s Committees.
This online option is an effort to step up digital transformation, ensuring transparency, convenience and time saving.
The time limit for processing all procedures is 15 working days from the date a complete and valid application is received. For an invalid application, the provincial-level business registration agency will provide a written response, stating the reason, and offering specific guidance on what needs to be modified.
By VLLF
