REGULATIONS CONCERNING ENTERPRISES OF COMPULSORY RETENTION DOCUMENTATION REGULATIONS UNDER THE ENTERPRISE LAW 2020
I. Documents required by the enterprise for retention and duration:
Pursuant to Article 11 of the Law on Enterprises No. 59/2020 / QH14, enterprises are required to keep the following compulsory retention documents.:
- Place of storage: at the head office or at another location specified in the company’s charter.
- Duration of Retention: comply with relevant laws.
Specifically about the retention time of each document as follows:
|No.||Document||Duration of Retention|
|1||Company charter; The company’s internal management regulations; Register of members or register of shareholders.||forever|
|2||Protection title of industrial property; certificate of product, goods and service quality registration; licenses and other certificates||From the period of validity of the Protection License|
|3||Documents and papers certifying ownership of the company’s property||Real estate: Forever Other: 20 years|
|4||Voting cards, minutes of counting votes, minutes of meetings of the Members’ Council, General Meeting of Shareholders, Board of Directors; corporate decisions||10 years|
|5||Prospectus for offering or listing securities||– General report: forever – Facility report, survey questionnaire: 10 years|
|6||Report of the Control Board, conclusions of the inspection agency, conclusions of the audit organization||– General report: forever – Facility report, survey questionnaire: 10 years|
|7||Accounting books, accounting vouchers, and annual financial statements.||5 years, 10 years or forever|
II. Legal consequences of not keeping the above documents:
Pursuant to Article 34 of Decree No. 50/2020 / ND-CP stipulates: A fine of from VND 10,000,000 to VND 15,000,000 shall be imposed for failure to retain documents at the head office or at other specified locations stated in the company charter.
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