Less multiple conditions for investment and business in finance (Part 1)
13:30 | 14/12/2018

VGP - The Government issued Decree 151/2018/ND-CP dated November 7, 2018 amending and supplementing a number of decrees for investment and business conditions within the state management scope of the Ministry of Finance ("Decree 151").

Question: What are remarkable amendments and supplements as stipulated in Decree 151?

Answer: Decree 151 takes effect from the date of its promulgation and features the following:

Field of accounting and auditing

Decree 151 repeals the condition on obtaining the Certificate of Eligibility for audit service business along with four other conditions as stated in Decree 84/2016/ND-CP for an auditing Organization to be approved for auditing a unit related to the general public’s interests.

As opposed to Decree 174/2016/ND-CP and Decree 17/2012/ND-CP, foreign auditing and accounting enterprises are now exempted from three conditions, especially including the voluntary coverage of professional liability insurance for accountants and auditors practicing in Viet Nam.

In addition, the regulation that the representative for the organization’s capital contribution at an auditing limited liability company must be the auditor practicing in such audit company pursuant to Decree 17/2012/ND-CP has also been abolished by Decree 151.

Field of lottery and electronic prize games for foreigners

Decree 151 abrogates the previous provisions of Decree 78/2012/ND-CP on operation models, management and organization structure and standards of managers of lottery enterprises.

For the business of electronic prize games for foreigners, Decree 151 amends Decree 86/2013/ND-CP on the conditions that all business points of an enterprise must meet. In addition, Decree 151 also amends the conditions for any enterprise engaged in dealing in electronic prize games for foreigners to be granted the Certificate of business eligibility, including the conditions on registered business lines, requirements on managers, executives and business plan.

Field of credit rating

Annulling the regulation that a credit rating enterprise wishing to be granted the Certificate of business eligibility must have the Certificate of enterprise registration; undertake to implement professional processes; plans of business and personnel as stipulated in Decree 88/2014/NDCP.

At the same time, a number of conditions and criteria to become General Directors, members of the credit rating Committee, analysts are also cut./.  

(to be continued)

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