How to Change a Company’s Industry

Business sectors must be registered before operating by the business. If an enterprise changes its industry, it must carry out procedures for notifying changes in business registration content according to regulations.

In fact, currently, the business registration certificate no longer records information about the business lines of the enterprise; leading to many people thinking that there is no need to go through procedures to change business lines. However, this thinking is not correct. If an enterprise does not carry out the procedure to notify changes in business registration content according to regulations, the enterprise will be administratively fined and forced to complete this additional procedure (from 20 – 30 million VND).

Relevant legal documents

1. Enterprise Law 2020
2. Decision 01/2021/ND-CP on business registration
3. Decision 122/2021/ND-CP regulating penalties for administrative violations in the field of planning and investment

Check the business sector!

1. Currently, the business registration certificate no longer has the business sector information. Therefore, the only one way to check business information is by looking at the business registration page https://dangkylanhdoanh.gov.vn/vn/Pages/Trangchu.aspx
2. Businesses can type their tax code/business code into the search box to look up basic information about their company, including information about business sector.

The situation needing change business sector.

Changing business sectors only happens when a business adds a new business line. In case the enterprise no longer operates in the registered industry, it can simply stop the related activities, without needing to register to reduce the industry.

However, in some of the following cases, businesses should consider/have to reduce their registered occupations:

1. That business sectors belong to the list of conditional business sectors. Removing occupations from the registration list will help businesses reduce the burden of maintaining business conditions.
2. That business sectors are limited access to foreign investors, and the business owner is desiring to transfer capital to foreign investors.
3. The enterprise changes its charter, including changing business sectors (abolishing lines that are no longer active).

Procedures for notifying changes in business lines.

1. The application includes the following documents:
   • Notice of change in business registration content (according to form).
   • Resolutions, decisions, and copies of meeting minutes of the Board of Members/General Meeting of Shareholders or resolutions and decisions of the company owner for single-member limited liability companies on change business.
2. The above documents will be submitted to the business registration office of the province/city where the business headquarters is located.
3. The result of this procedure is updating information about the business industry and profession of the enterprise in the National Business Registration Database (can be checked on the business registration page). The Business Registration Office will not issue a new business registration certificate for this application. However, if the company needs, the Department will issue a Certificate of change in business registration content.

If you still have questions, or need assistance, please do not hesitate to contact An Luat Vietnam. Our experienced lawyers and consultants will advise customers to complete their company’s charter.