Source: Vientiane Times
The government has introduced the three-step Business Start-up process for registration of enterprises that will facilitate entrepreneurs, and reduce time and unnecessary costs.
The three basic steps for starting a business are registration of the establishment of the enterprise, which will take no more than 10 business days, sealing and requesting seal permission, which will take no more than five business days, and social security registration, which will take no more than two business days, according to the Ministry of Industry and Commerce recently.
Business Start-up is a process that involves only registration of individuals or entities and which does not include investment or business licences.
According to the Business Start-up Notification No 0115/PSO.DERM, dated January 29, 2020, several procedures and modifications have been amended. This includes the elimination of office or branch certificate forms for registration of enterprises in the services sector of the banking sector.
The registration of the Companies Act has been postponed to the next step after the business has been made operational.
The taxpayer identification number will be provided together with the enterprise licence.
The orientation and delivery of the taxpayer identification number has been postponed to the next step, after the business has been made operational.
Registration of VAT and the enterprise’s licence plate have been cancelled, and seal registration has been incorporated into the sealing procedure.
The improvement of the steps for registration of enterprises to make them shorter was the outcome of agreement among relevant sectors, especially the ministries of Industry and Commerce, Finance, Information, Culture and Tourism and Labour and Social Welfare.
The Lao government is improving different business regulations to provide better facilities and reduce time in order to help the business sector and encourage more investors.
This improvement also helps to boost the number of enterprises in Laos and eases the registration service for legal business operations.