The Law on Enterprises Definition | Law Insider - EU-Vietnam Business Network (EVBN)

The Law on Enterprises is not specific as to the exact percent level of significant shareholding and therefore of a related party.

The Law on Enterprises also specifies the Government’s commitment to encourage, support and promote the development of social enterprises, and to give special treatment when it grants post-licensing certificates.

The Law on Enterprises had entered into force on 1 January 2000 and had been considered an important milestone in Viet Nam’s economic reform process.

The Law on Enterprises (“LE”) and the Law on Investment (“LI”), both dated 17 June 2020 and effective from 1 January 2021, constitute the principal legal base for foreigners to buy stakes or shares of local enterprises.

The legal basis for SOEs were established in 1988 with the promulgation of ” The Law on Enterprises Owned by the Whole People” which defined SOEs as a legal person with the state as the sole (or majority) owner.

The Law on Enterprises was revised in 2014 and now provides a legal framework for social enterprises.

The Law on Enterprises stipulates “the State recognizes the long-term existence and development of all forms of enterprises as provided for in this law and ensures the equality among enterprises before the law, including private enterprises” (Article 4).

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The Law on Enterprises and the RS Accounting Law (refer to paragraph 24 below) state that all persons who have participated in the production of false financial statements are subject to jail sentences ranging from three months to five years or to fines ranging from KM5,000 to KM50,000 (US$3,250 to US$16,230).

Licensing and registration requirements The Law on Enterprises determines that the following activities will be prohibited without a licence issued in accordance with the procedure established by the government.

means the Law on Enterprises No. 59/2020/QH14 passed by National Assembly of the Socialist Republic of Vietnam on June 17th, 2020;

public enterprise means a public enterprise as defined in Part V of the Handbook.
other enterprises shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on a person with respect to any employee benefit plan; references to “serving at the request of the Company” shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he or she reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.
Micro-enterprise means an enterprise, which at the time of conclusion of the payment service contract, is an enterprise as defined in Article 1 and Article 2(1) and (3) of the Annex to Recommendation 2003/361/EC in the version of 6 May 2003;
Restricted Enterprise means any Person that is actively engaged in any business which is either (i) in competition with the business of the Company or any of its Affiliates conducted during the preceding twelve (12) months (or following the Term, the twelve (12) months preceding the last day of the Term), or (ii) proposed to be conducted by the Company or any of its Affiliates in the Company’s or Affiliate’s business plan as in effect at that time (or following the Term, the business plan as in effect as of the last day of the Term); provided, that (x) with respect to any Person that is actively engaged in the refinery business, a Restricted Enterprise shall only include such a Person that operates or markets in any geographic area in which the Company or any of its Affiliates operates or markets with respect to its refinery business and (y) with respect to any Person that is actively engaged in the fertilizer business, a Restricted Enterprise shall only include such a Person that operates or markets in any geographic area in which the Company or any of its Affiliates operates or markets with respect to its fertilizer business. During the Restriction Period, upon request of the Company, the Executive shall notify the Company of the Executive’s then-current employment status. For the avoidance of doubt, a Restricted Enterprise shall not include any Person or division thereof that is engaged in the business of supplying (but not refining) crude oil or natural gas.
Business enterprise means a firm, sole proprietorship, partnership, association, corporation, company, or other business entity of any kind including, but not limited to, a limited liability corporation, incorporated professional association, joint venture, estate, or trust.
Black enterprise means an enterprise that is 50,1% owned by black persons and where there is substantial management control. Ownership refers to economic interest while management refers to the membership of any board or similar governing body of the enterprise.
Indian-owned economic enterprise means any Indian-owned (as determined by the Secretary of the Interior) commercial, industrial, or business activity established or organized for the purpose of profit, provided that Indian ownership constitutes not less than 51 percent of the enterprise.
Black empowered enterprise means an enterprise that is at least 25,1% owned by black persons and where there is substantial management control. Ownership refers to economic interests. Management refers to executive directors. This is whether the black enterprise has control or not.
joint enterprise means any lottery activity in which the bureau participates pursuant to a written agreement between the state of Michigan and any state, territory, country, or other sovereignty as executed by the commissioner. Joint enterprise does not include the state lottery created pursuant to this act.
Black woman-owned enterprise means an enterprise with at least 25, 1% representation of black women within the black equity and management portion.
Urban Enterprise Zones means a zone designated by the New Jersey Enterprise Zone Authority pursuant to the New Jersey Urban Enterprise Zones Act, N.J.S.A. 52:27H-60 et. seq.
Foreign nonprofit corporation means an entity:
Investment Enterprise means an enterprise to which the Borrower proposes to make or has made an Investment Sub-loan;
Disabled Business Enterprise means a business owned by a person with a disability that is a continuing, independent, for-profit business that performs a commercially useful function, and is at least fifty-one (51%) owned and controlled by one (1) or more persons with a disability, or, in the case of any publicly-owned business, at least fifty one percent (51%) of the stock of which is owned and controlled by one(1) or more persons with a disability and whose management and daily business operations are under the control of one (1) or more persons with a disability.
small enterprise means a separate and distinct business entity, together with its branches or subsidiaries, if any, including cooperative enterprises, managed by one owner or more predominantly carried on in any sector or sub-sector of the economy mentioned in column 1 of the Schedule to the National Small Business Act No. 102 of 1996 which is contained in Annexure B to this policy and classified as a micro-, a very small, a small or a medium enterprise by satisfying the criteria mentioned in columns 3, 4 and 5 of the said schedule;
Danish Financial Business Act means the Danish Financial Business Act (Consolidated Act No. 1140 of 26 September 2017, as amended);
state enterprise means an enterprise that is governmentally-owned or controlled through ownership interests by a government;
Canada Business Corporations Act means the Canada Business Corporations Act, R.S.C. 1985, c. C-44, as amended, and the regulations made thereunder, and any comparable or successor laws or regulations thereto;
Community or broad-based enterprise means an enterprise that has an empowerment shareholder who represents a broad base of members such as a local community or where the benefits support a target group, for example black women, people living with disabilities, the youth and workers. Shares are held via direct equity, non-profit organisations and trusts.
Nonprofit corporation means a nonprofit corporation, duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation and (if a foreign corporation) in good standing under the laws of the State of California, which corporation has established and maintains valid nonprofit status under Section 501(c)(3) of the United States Internal Revenue Code of 1986, as amended, and all rules and regulations promulgated under such Section.
Women Business Enterprise (WBE) as used in this policy means a business enterprise that meets all of the following criteria:
Women Owned Business Enterprise or “WBE” means a firm awarded certification as a women owned and controlled business in accordance with City Ordinances and Regulations as well as a firm awarded certification as a women owned business by Cook County, Illinois. However, it does not mean a firm that has been found ineligible or which has been decertified by the City or Cook County.
Corporations Act means the Corporations Act 2001 (Cth).
Microenterprise means an enterprise which employs fewer than 10 persons and whose annual turnover and/or annual balance sheet total does not exceed EUR 2 million as defined in Article 1 and Article 2(1) and (3) of the Annex to
Regulated Entities means to include the following:
Business Corporations Act means the Business Corporations Act (British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act;