Have you ever wanted to verify the business registration of a Vietnamese company? If yes, you are not alone.
In this article, we will introduce some techniques that you can use to find out whether the business registration are legitimate or not, so that you can steer clear of the companies that hand out fakes.
Why Do You Need to Check Company Business Registration?
Fortunately, during the last over 20 years working as a business information provider in Vietnam, we have not faced many cases in which the companies use fake business registration. However, it still happens and may lead to severe commercial risks.
In addition, many companies are established only for scamming once, then disappear from the market without a trace. Investors, partners and customers who cooperate with these companies for the first time will face high risks.
The risks are mostly due to not evaluating and checking partner carefully. They only find the information of their partner through the website, brochure, annual report. They even visit the representative office. However, information from such sources is not enough.
Nevertheless, it is very difficult for a foreigner to verify the legality of a business registration certificate in Vietnam. This article is a basic guide for you to check whether such certificate is legitimate or not?
1. Understanding Enterprise Code Number (ECN)
ECN is a sequence of numbers created by the National Business Registration Offices, issued to the enterprise upon its establishment and recorded on the Enterprise Registration Certificate. Each business has a unique code and can not be reused for other businesses.
This code number is used to fulfill tax obligations, administrative procedures and other rights and obligations.
Enterprise Law 2014 stipulates that each enterprise is granted a unique code called enterprise code. This code is also the tax code of the business. Businesses established prior to July 1, 2015 have separate tax identification number and business identification number.
2. Searching of Company Information on Vietnamese National Business Registration Portal
After addressing the National Business Registration Portal, Enter tax code / business code into the search box in the upper left corner then click on the search button.
In the search results page, you can see the business name. Click on the name that you want to verify to view more information. It includes: Business Name (Vietnamese name, English name and Abbreviated name), Business / Tax Code, Internal Number, Enterprise Status, Legal Type, Founding Date, Representative, Head Office Address.
3. Double Checking the Enterprise Status
After checking the business registration information, you should check whether the business is still active or not? On average, there are 18 companies completing or having completed procedures for dissolution per day in Vietnam. You can check its status by looking up the taxpayer's portal at the General Department of Taxation. Unfortunately, this site is only available in Vietnamese language.
The article has showed you the best ways to verify whether the business registration certificate of a Vietnamese company is legitimate or not. VietnamCredit is the ﬁrst company in Vietnam to provide information on companies and industries. With its 20-year-long history, VietnamCredit has offered thorough evaluations of businesses, risk management reports and contributed largely on the promotion of international business. Our reports are of great support to clients on making prompt and precise decisions.
With our services, you can simply check business registration number, place an order and we will do the rest for you. It is fast, straight forward and cost-effective.