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Business information and its importance

Business information and its importance

Thursday 07, 05 2020
Any business, since its establishment, must provide specific, detailed, and legal information. However, what business information consists of or how important it is are not known to many people.

In this article, VietnamCredit will help you answer these questions, and create the strongest foundation for those who want to set up their own business.

What does business information consist of?

Everyone needs a birth certificate, national identity card, and passport to prove their independence, and so do businesses. Businesses need to have specific information about themselves to make their mark in society, create their own brand and impression. So, what is included in business information?

General information

The first thing you need to pay attention to when learning about a business is its most basic information. This is considered as the "birth certificate" of the enterprise, making it possible for anyone who has this piece of information to distinguish the company or business from other organizations. The information covers the followings:

  • Company's name in Vietnamese; Company’s name written in foreign language (normally English); Company’s abbreviated business name;

  • Operation status;

  • Business code;

  • Legal form;

  • Date of establishment;

  • Name of the legal representative;

  • Address of the Head office;

  • Business lines according to Vietnam standard industrial classification.

The mentioned above are all basic information about businesses that the public can easily find in many different ways.

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Information of the manager

Heads of every business are the ones who bear full responsibility. The success or failure of their business will affect them a lot, and they also have the supreme decision-making right in their businesses. Therefore, when publishing business information, it is necessary for businesses to provide details of the top-level managers, creating a solid "guarantee" for businesses to the public and customers.

According to Article 12 of the 2014 Enterprise Law, enterprises must report to the business registration agency full information of their managers, including: full name, contact address, nationality, identity number of those who hold the following positions:

  • Member of the Board of Directors (for joint stock companies);

  • Member of Supervisory Board or Supervisor;

  • Director and General Director.

Information on the business registration certificate

Article 33 of the Enterprise Law stipulates that, after being granted a business registration certificate, the business information stated therein must be publicly announced on the national information portal on business registration such as information about business lines, list of founding shareholders or foreign investors of joint stock companies, etc.

In particular, the seals used by businesses also need to be notified to the business registration agency so that the image of the seal can be publicized to everyone. Therefore, every time there is a change in the content of the business registration certificate or when the seal is eliminated, businesses must notify the business registration office of posting the changed information on the national portal.

>> How To Check The Legitimation Of Business Registration In Vietnam?

Financial reports, number of employees or project implementation schedule

The provision of reports related to the operation of businesses will be used as obvious evidence to show that businesses are still active and really have development potential if the performance seems to be positive.

On a quarterly or yearly basis, non-public companies must submit certain annual financial statements, employment situation or project implementation schedule to the licensing agency, labor management, as well as tax authorities as prescribed by law.

​>> Company Financial Ratios: The Key To Strengthen Your Decision! (Part 1)

Why is it important to get business information?

Business information and its importance

Business information needs to be disclosed to the public to prove that the organization is real and it does exist. At the same time, detailed information about businesses across the country also creates a data system for domestic as well as foreign customers and partners to look up information about the companies and businesses they have business relations with.

There are many practical reasons for people to look up information of a business, such as to know whether the business they intend to set up coincides with the name of another business, in what business field the business they are interested in is operating, whether the business still exists or has been dissolved, gone bankrupt, or suspended, or they may need to know who the legal representative of that business is.

Reasons for looking up business information may also be classified by users of information as follows:

  • For customers: Businesses often provide customers with specific products and services. Having information about a business will help customers know the origin of the products and services they are using, from which they may decide whether or not to place trust in that product or service.

  • For job seekers: business information will help these people verify what they see on the recruitment page, and having in their hands detailed information about businesses will make them feel confident and perform well in interviews.

  • For partners: business information helps businesses to know their partners' business situation to make the most accurate judgment and find the most appropriate way of cooperation and development for both sides

  • For investors: information of businesses is essential for investors to identify strengths and weaknesses of an enterprise, and they will promote investment if there are good opportunities.

For any one, checking business information is of practical and important significance. Knowing the business will make it easier for people to reach out, while helping to validate the issues around the organization in the clearest and most complete way.

In such information disturbance situation as in Vietnam, it is very important to look for a business information supplier when entering this market, especially for foreign investors.

VietnamCredit is proud to be the first business information provider in Vietnam. We provide comprehensive company reports with detailed information about a business including general information, financial information, position of the business in the industry, etc.

Please click here to get a report of the company you are interested in.

>> Top 10 business information platforms in Vietnam

Alice Hoang Thao - VietnamCredit


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