Free 3-year business license for businesses to "upgrade" their businesses

The above content is stipulated in Decree 39/2018 detailing a number of articles of the Law on Support for Small and Medium Enterprises, which took effect from the beginning of this year. Accordingly, hThe business registration unit to convert into an enterprise is assigned by the People's Committee of the province or centrally run city to provide free consultation and guidance.

Small and medium-sized enterprises converted from business households are exempted from many types of fees: initial business registration; publication of initial business registration contents on the National Business Registration Portal; appraisal and initial business licensing fees for conditional business lines and business license fees within 3 years from the date of issuance of the initial Business Registration Certificate.

Business households that convert to small and medium enterprises receive many incentives. Illustrative photo

Also according to this Decree, small and medium enterprisesFree access to information on the National Portal to support small and medium enterprises managed by the Ministry of Planning and Investment and the websites of ministries, ministerial-level agencies, People's Committees of provinces and centrally run cities.

The State budget will also support at least 50% of the cost of a training course on business start-up and business administration for small and medium-sized enterprises. Trainees of small and medium-sized enterprises in areas with special socio-economic difficulties and small and medium-sized enterprises owned by women will be exempted from tuition fees to attend the training course.

In addition, the State has many policies to support small and medium-sized enterprises to start innovative businesses, such as supporting intellectual property consultancy; exploiting and developing intellectual property; supporting the implementation of procedures on standards, technical regulations, measurement, quality; testing, perfecting new products, new business models...

The Law on Support for Small and Medium Enterprises takes effect from January 1, 2018. With 4 chapters and 36 articles, the Law stipulates criteria for determining small and medium enterprises, including: micro enterprises, small enterprises and medium enterprises, with an average number of employees participating in social insurance of no more than 200 people per year. These enterprises must also meet one of two criteria: total capital of no more than 100 billion, or total revenue of the previous year of no more than 300 billion.

Small and medium-sized enterprises transformed from business households or creative start-ups are also among the enterprises receiving support in principle, the State's support is focused, time-limited, consistent with the support goals and the ability to balance resources.