Credit Rating Enterprises: Adjusting the Business Eligibility Certificate

How long does a credit rating enterprise have to adjust its Business Eligibility Certificate when its contents change?

Adjusting the Business Eligibility Certificate of a credit rating enterprise is governed by Article 23 of Decree 88/2014/ND-CP as follows:

Adjustment of the Business Eligibility Certificate

1. A credit rating enterprise must carry out the procedure to adjust the Business Eligibility Certificate within fifteen (15) working days from the date of any change to the contents of the Business Eligibility Certificate prescribed in Article 17 of this Decree.

2. The dossier requesting adjustment of the Business Eligibility Certificate includes:

a) The request for adjustment of the Business Eligibility Certificate in Form No. 4 in the Appendix to this Decree, stating the reason for adjustment;

b) The original Business Eligibility Certificate most recently issued;

c) Documents proving the contents proposed for adjustment of the Business Eligibility Certificate.

3. Within ten (10) working days from receipt of a complete valid dossier, the Ministry of Finance appraises and reviews the dossier to adjust the Business Eligibility Certificate. In case of refusal, the Ministry of Finance notifies the enterprise in writing stating the reason.

Accordingly, when the contents of the Business Eligibility Certificate change, a credit rating enterprise must carry out the adjustment procedure within 15 working days from the change.

Must a credit rating enterprise whose enterprise registration certificate is revoked notify state management authorities?

Notification by credit rating enterprises is governed by Article 24 of Decree 88/2014/ND-CP as follows:

Changes that must be notified to state management authorities

Within ten (10) working days from the date of any change to the following contents, a credit rating enterprise must notify the Ministry of Finance and the business registration authority in writing:

1. No longer meeting one of the conditions prescribed in Article 14 of this Decree;

2. Name, head office address, website address of the credit rating enterprise;

3. Legal representative of the enterprise;

4. Dissolution, bankruptcy or self-termination of credit rating service business;

5. Revocation of the Enterprise Registration Certificate.

Accordingly, a credit rating enterprise whose enterprise registration certificate is revoked must notify the Ministry of Finance and the business registration authority in writing.

Is the decision revoking a credit rating enterprise’s Business Eligibility Certificate published on the Ministry of Finance’s website?

Revocation of a credit rating enterprise’s Business Eligibility Certificate is governed by Article 25 of Decree 88/2014/ND-CP as follows:

Revocation of the Business Eligibility Certificate

1. A credit rating enterprise’s Business Eligibility Certificate is revoked in the following cases:

a) Failing to meet one of the conditions at clauses 1 to 6, Article 14 of this Decree for six (06) consecutive months;

b) Committing one of the prohibited acts at clauses 1 to 9, Article 7 of this Decree;

c) Being dissolved, bankrupt or self-terminating its credit rating service business;

d) Having its Enterprise Registration Certificate revoked.

2. The Business Eligibility Certificate automatically expires in the cases at points c and d, clause 1 of this Article.

3. The Ministry of Finance issues the decision to revoke the Business Eligibility Certificate in the cases at clause 1 of this Article.

4. The decision to revoke the Business Eligibility Certificate is published on the Ministry of Finance’s website.

5. The enterprise must immediately cease credit rating activities and related services from the time the Business Eligibility Certificate automatically expires; or from the time the Decision revoking the Business Eligibility Certificate takes effect.

Accordingly, the decision revoking a credit rating enterprise’s Business Eligibility Certificate is published on the Ministry of Finance’s website.

Notes on applying current legal provisions

This article belongs to the Enterprise & M&A Knowledge group and is presented for reference, helping readers understand the legal issue at an overview level before preparing dossiers or conducting transactions.

Legal provisions may change depending on timing, locality, dossier type and specific circumstances. Where it is necessary to determine the exact legal basis applicable to your dossier, you should contact an ANT Legal lawyer at 0966.475.966 for review and advice before proceeding.

Common risks to note

• Applying legal texts that have been amended, supplemented or replaced.
• Preparing incomplete dossiers, documents or evidence.
• Misunderstanding the applicable conditions, procedures, time limits or competent authority.
• Signing, filing or conducting transactions without fully assessing legal risks.

How can ANT Legal help?

ANT Legal assists in reviewing specific situations, checking dossiers, identifying the applicable legal basis, advising on handling plans, and representing you in working with individuals, organizations or competent authorities when necessary.

For quick advice, you may contact a lawyer at 0966.475.966.

Related articles

• Participants of the cooperative union establishment conference under the law
• Conditions for individuals performing insurance loss assessment
• When are cooperative members granted capital contribution certificates?
• Form of the representative office establishment license for foreign traders in Vietnam