It is important to find
and work with a capable and long-term partner to build confidence doing
business in a safely and effectively way for all parties, and avoid potential
risks. In order to be guaranteed their legitimate rights and interests,
individuals and organizations conducting business need to have a clear
understanding of their partner before cooperating, in order to start their
business cooperation most effectively.
In cooperation with a
partner lawfully established in Vietnam, individuals and enterprises could find
out information that has been registered at the competent state agencies.
Accordingly, information about the owner, legal representative, business lines,
head office address, tax code, charter capital, founding shareholder, business
registration certificate, corporate history of the last three to five years,
the latest business registration information, etc. could be checked on the
National business registration information system. The registered information
is the official information, valuable to determine the authority, position and
responsibility of organizations and individuals if there is a mistake in the
operation.
In addition, to find
out if an individual is an owner, manager or capital contributor of one or more
enterprises in Vietnam, organizations and individuals can also check the
information registered in the National business registration information
system. If an individual owns, manages, or contribute capital to any business
lawfully established in Vietnam within 3 years, it will be recorded. This is
the information which helps the organization and individual to verify the truth
of information provided by their partner.
In addition,
information related to the protection of trademarks of enterprises that have
been protected in Vietnam, enterprises and individuals can also be found on the
website of NOIP before cooperating.
The information that
has been registered at the competent authority, these are basic and public
information, so businesses and individuals can search. However, in the course
of operation, a number of enterprises have been carrying out illegal activities
that are not recorded on the registered information. Therefore, fact checking
or finding out at other sources of information for an enterprise is essential
to avoid cooperating with a party who is not capable of doing business.
Many businesses and
individuals neglect their partner information before signing contracts. During
the implementation of the contract, these partners were not able to continue to
perform the contract, leading to many negative impacts on the business of the
business. In addition, there are partners that commit fraud, provide inaccurate
information, in order to appropriate assets of businesses and individuals
through the signing of sales contracts. This makes businesses and individuals
take a lot of time and effort to reclaim lost assets, affecting their business.
Searching the
information of the partners before cooperating is very essential when doing
business in any case so that businesses and individuals can cooperate in a long
term. Cooperation with a good partner can help businesses and individuals
achieve economic benefits, save time and costs in business, thereby bringing
the best profit for themselves.
ANT Lawyers in a law firm in Vietnam, recognized by
Legal500, IFLR1000. We are an exclusive Vietnam member of Prea Legal, the
global law firm network covering more than 150 jurisdictions. The firm provides
a range of legal services to multinational and domestic clients. For advice or
services request, please contact us via email ant@antlawyers.vn, or call us +84
24 730 86 529.
