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Business conditions for debt trading services is an issue that needs to be known to ensure that debt trading service business activities take place legally and effectively. This is an area attracting the attention of many investors. The article below by Long Phan will provide detailed information about the latest debt trading service business conditions and procedures for establishing a debt trading company.
Debt purchase and sale is a written agreement on the transfer of debt claim rights for debts arising from lending transactions, payments in lieu of guarantee transactions, according to which the debt seller transfers ownership of the debt to the debt buyer and receives payment from the debt buyer.
Previously, debt trading service business was a conditional business line, according to the provisions of Decree No. 69/2016/ND-CP. However, according to Law on Investment No. 61/2020/QH14 and Decree No. 31/2021/ND-CP, debt trading business is no longer a conditional business.
Decree 31/2021/ND-CP abolished Decree 69/2016/ND-CP, meaning the abolition of previous conditions for debt trading services. Therefore, currently, the debt trading business is carried out as a normal service business. This creates favorable conditions for businesses to participate in the debt trading market, contributing to promoting bad debt handling activities.
To establish a debt trading service company, customers need to prepare complete documents as prescribed in Decree 01/2021/ND-CP. Profile includes:
The process of establishing a debt trading company includes the following steps:
Step 1: Submit documents to establish a debt trading company
Applications can be submitted directly to the Business Registration Office under the Department of Planning and Investment where the company is headquartered.
Step 2: Receive, process documents and issue certificates
Step 3: Announce business registration information
After receiving the Business Registration Certificate, the company publishes the business registration content on the National Business Registration Portal within 30 days.
Step 4: Engrave the company seal
The company seal must ensure the name and business code. After engraving the seal, the company publishes the seal sample on the National Business Registration Portal.
Step 5: Register a bank account
Registering a bank account helps companies conduct financial transactions conveniently.
Step 6: Make and hang company signs
After being established, a debt trading company needs to order and hang a company sign. The main information of the sign includes company name, address and contact hotline phone number. Hang signs at the headquarters or branch offices in accordance with the provisions of law.
Step 7: Declare and pay taxes
The company needs to declare and pay taxes according to regulations, including value added tax, corporate income tax and license tax. However, license tax will be exempted for newly established businesses in the first year.
Step 8: Buy a digital signature
Digital signatures are used to perform electronic transactions, such as paying taxes, declaring taxes online, and signing contracts.
Step 9: Complete the capital contribution to establish the company
Members/shareholders need to complete capital contribution within 90 days from the date of issuance of the Business Registration Certificate.
Long Phan is a professional consulting unit with extensive experience in the field of debt trading services. We provide comprehensive consulting services, including:
Debt trading business is increasingly developing in Vietnam. The abolition of business conditions for this service has created favorable conditions for businesses to participate in the market. However, to operate effectively, customers need to master legal regulations, build strict business processes and choose reputable partners. Please contact Long Phan’s hotline: 0906735386 for the best advice and support.
Note: The content of the articles published on the website of Long Phan Investment Consulting Company is for reference only regarding the application of legal policies. Depending on the time, subject, and amendments, supplements, and replacements of legal policies and legal documents, the consulting content may no longer be appropriate for the situation you are facing or need legal advice on. In case you need specific and in-depth advice according to each case or incident, please contact us through the methods below. With our enthusiasm and dedication, we believe that Long Phan will be a reliable solution provider for our clients.
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