Investors may choose to change their company name in Vietnam due to various reasons, which can be challenging and time-consuming. However, understanding Vietnam’s regulations on business name changes can help alleviate some of these challenges.
Some common reasons for changing a company name include:
Investors will also need to notify the relevant government agencies as well as update official documents, which include:
Typically, the general procedure to update the company name is:
(1) amend the enterprise registration certificate (ERC); and
(2) amend the investment registration certificate (IRC). This is true, especially if the company name is indicated on the IRC as well.
In the case of the M&A process, a pre-approval for the M&A is required before going through steps (1) and (2) as aforementioned.
In this article, we will highlight how to change the company name in the ERC as a base for updating the IRC in a general case.
Investors must prepare the following documents when changing the business name for registration:
According to Decree 78/2015 ND-CP, the business registration process can be implemented online on the National Business Registration Portal launched by the Ministry of Planning and Investment (MPI), and the hard copy of all the documents must be submitted to the local Business Registration Division (BRD) once the application for change is approved.
However, as noted in Decree 01/2021/ND-CP, the application for change in the company name can be conducted online without physical copies required to be submitted.
This digitization of the application process is part of Vietnam’s digital transformation and administration reform, bringing in a synchronous legal system for greater transparency and efficiency.
A point to note is that despite a change in the business name, the rights and obligations of the business do not change.
Investors should note that while there are no charges for the online application for a new ERC, a small fee may be associated with the announcement of the change on the business registration portal.
Businesses may change their name when they have outgrown their products or brand. Businesses may want to reposition themselves on the market or there is a change in the service or products.
Changing a company name is common, even for major firms like Google – formerly known as BackRub, Nike, and Facebook. However, it is advisable to weigh up the pros and cons before implementing such a major change.
Branding and reputation are important factors for investors and a company name is significant as it can influence customer perception setting a foundation for a business’s products or services.
ASEAN Briefing is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia and maintains offices throughout ASEAN, including in Singapore, Hanoi, Ho Chi Minh City, and Da Nang in Vietnam, Munich, and Esen in Germany, Boston, and Salt Lake City in the United States, Milan, Conegliano, and Udine in Italy, in addition to Jakarta, and Batam in Indonesia. We also have partner firms in Malaysia, Bangladesh, the Philippines, and Thailand as well as our practices in China and India. Please contact us at email@example.com or visit our website at www.dezshira.com.
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