What is the compliance activities of an enterprise?

BY Legal Counselor

The Enterprise Law regulates the obligations of the enterprise, also known as compliance activities. Business activities bring a lot of economic benefits and also affect to the state and society. Therefore, Enterprises must be in the State’s supervision from the time of business registration to the completion of dissolution procedures

See more: 6 things to do after establishing a business

compliance activities

Legal basis

– Law on enterprises 2014 of Viet Nam

– Other relevant legal documents

compliance activities

enterprises need to comply with the provisions of law, specifically as follows:

  1. Meet the conditions of conditional business lines and ensure that the conditions are maintained throughout the course of business operation

Conditional business investment industries need to comply with the corresponding licenses, facilities and personnel.

  1. Prepare and submit financial statements truthfully, accurately and on time according to the law on accounting and statistics.

Enterprises need at least one accountant or hire accounting services to ensure that the accounting work takes place according to regulations and time. Business activities also need to be fully and accurately declared, avoiding false declaration, omission, … will be sanctioned in accordance with the law.

  1. Declare, pay taxes and other financial obligations in accordance with the law.

Some types of taxes that businesses often encounter such as license tax, value added tax, corporate income tax, …

  1. Ensuring legitimate rights and interests of laborers in accordance with the law on labors

Workers’ rights are specified in the Labor Code 2019 of Viet Nam

  1. Take responsibility for the quality of goods and services according to the standards prescribed, promulgated or announced.
  2. Fully and promptly fulfilling obligations on enterprise registration, registration of changes in enterprise and other obligations in accordance with the Law

For the change or addition of business registration information, enterprises need to register changes and notify the business registration agency.

  1. Take responsibility for the truthfulness and accuracy of the information declaration; In case of discovering inaccurate or incomplete declared information or reporting, they must be promptly amended and supplemented.
  2. Comply with regulations of law on national defense, security – social, gender equality, protection of historical and cultural relics and scenic places,….
  3. Fulfill the obligations of business ethics to ensure the legitimate rights and interests of customers.

We hope this article has been helpful to you.

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