The tasks to be done after establishing a business 

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The post-establishment tasks of a business are crucial steps to shape and initiate the development of the enterprise. From defining the business objectives to crafting a business plan, each step carries significant importance. Let’s now join Long Phan in reviewing the necessary tasks after the birth of a business, ensuring a strong and stable start in the upcoming journey of development.

After Business Establishment

After Business Establishment

Announcement of business registration content

Announcing the content of business registration is the process of informing basic information about your business to the community and government agencies. For newly established businesses, the announcement of business registration content is carried out in accordance with the provisions of the 2020 Enterprise Law

Specifically, within 30 days after being granted the Certificate of Business Registration, businesses must publicly announce the registered business content such as business sectors, lists of founding shareholders, lists of shareholders who are foreign investors for joint-stock companies, etc., on the National Business Registration Portal and must pay fees as required by law.

Registering a bank account for the business

After establishing a business, registering a bank account is a crucial step to effectively manage finances. This not only helps separate personal and business finances but also provides a platform for business transactions and payments. Currently, opening or changing bank accounts for businesses no longer requires notification to the Department of Planning and Investment or tax authorities. 

Tax procedures after business establishment

Initial tax registration 

Completing the initial tax registration procedures is a critical step that businesses need to undertake immediately after commencing operations. This serves as the foundation to establish accounting standards and principles throughout the business operations. Through initial tax registration, businesses can identify and update information about their business activities, aiding in optimizing accounting processes and meeting expectations regarding tax reporting and financial management.

Newly established businesses must prepare a complete set of documents for initial tax registration to submit to the Tax Office of the district/county where the business has its main headquarters. If the business is managed by the Tax Department, the documents should be submitted to the Tax Department of the province/city where the main headquarters of the business is located.

Initial Tax Filing

Initial Tax Filing

Submitting business license tax

The business license tax is a special type of tax that businesses must pay periodically each year to be allowed to operate. This is a mandatory fee collected by the tax authorities from organizations and individuals with income from business, production, and services.

According to current regulations for newly established businesses, they are required to declare the business license tax and submit the declaration form to the tax authority directly by January 30th of the year following the establishment.

Registering digital signature and electronic invoices

Firstly, registering a digital signature will facilitate online declaration and registration procedures more conveniently. It also supports the issuance of electronic invoices. When registering a digital signature, businesses need to prepare the Certificate of Business Registration and a valid copy of the legal identification document of the legal representative.

Secondly, regarding electronic invoices: According to current regulations, all businesses are required to use electronic invoices and transmit electronic data to the tax authorities. Therefore, one of the tasks that businesses need to do after establishment is to register for electronic invoices to avoid administrative penalties.

Hanging Company Signage

According to the regulations in the 2020 Enterprise Law, the name of the company must be displayed at the main office, branches, representative offices, and business locations of the company. Failure to display the company signboard may result in administrative fines or, in more severe cases, suspension of the tax identification number as stipulated by law. Therefore, to avoid penalties, newly established businesses need to hang their company signage.

Administrative Procedures – Human Resources After Establishment

Creating Personnel Management Forms

After a business is established, creating personnel management forms plays a crucial role in organizing and managing human resources for the business. Some specific forms include:

  • Contract management forms
  • Employee information forms
  • Lists of employees, departments, and units forms
  • Record management forms
  • Salary and bonus management forms
  • Work schedules forms, etc.

Constructing Contracts

Constructing contracts with personnel is an indispensable part of the process of organizing a new business. These contracts are not only legal documents but also tools to establish and maintain positive working relationships between the company and employees. Some types of contracts include:

  • Probationary contracts
  • Labor contracts
  • Business cooperation contracts
  • Service contracts
  • And more…

Additionally, during the operation and business activities, there are some common contract templates that businesses need to pay attention to in advance, such as:

  • Sales contracts
  • Power of attorney contracts
  • Capital contribution contracts
  • Transportation contracts
  • And more…

Developing a Business Plan for the Newly Established Business

Creating a business plan for a newly established business is not just about shaping goals and development strategies but also about reshaping the business’s image in the eyes of the market. It helps businesses understand the needs and desires of customers, analyze opportunities and challenges from the business environment, as well as identify resources and approach the market effectively. 

Administrative Procedures – Human Resources

Administrative Procedures – Human Resources

Registering Employment and Social Insurance for the Business

Regarding Employment Registration: According to Article 12, Clause 2 of the 2019 Labor Code,

  • Within 30 days from the commencement date, the Business must report the employment of workers to the Department of Labor, Invalids and Social Affairs, or the Department of Labor, Invalids and Social Affairs (if the business is located in an industrial park) where the headquarters, branches, or representative offices are located. The number of workers reported does not include those on probation.
  • Within 30 days from the establishment date, the business is responsible for sending the initial notice of the number of workers working at the unit (to the Employment Service Center where the business is head quarter).

Regarding Social Insurance Registration: According to the current Social Insurance Law, within 30 days from the signing date of the labor contract or work contract, businesses must register for social insurance for their employees.

The subjects of registration include:

    • Workers under fixed-term labor contracts
    • Workers under indefinite-term labor contracts
    • Seasonal workers or those engaged in specific jobs with fixed terms from at least 3 months to less than 12 months;
    • Workers under labor contracts with terms from at least 1 month to less than 3 months;
  • Business managers who receive salaries.

The above contents are some points that businesses need to do after establishment. However, these mentioned tasks are general and apply to all businesses. Depending on the type of business, there will be specific regulations. Therefore, if you need advice or support regarding your business, you can contact Long Phan via Hotline: 0906.735.386 or email: info@longphanpmt.com

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After Business Establishment

The tasks to be done after establishing a business