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- 05 / 04 / 2022 -
Enterprise restructuring process to transform into a Joint Stock Company

From April 1, 2022, Circular 05/2022/TT-BTC of the Ministry of Finance officially takes effect (“Circular 05”), the content of Circular 05 is the guidance: (1) Restructuring enterprises that are not eligible for equitization and; (2) Transferring lots of shares with receivables of enterprises in which 100% charter capital is held by the State and has the function of buying, selling and handling debts issued by the Minister of Finance.

According to Circular 05, the Enterprise restructuring process to transform into a joint-stock company includes the following basic steps:

1. Formulate restructuring plan: Implement a restructuring plan, transforming state-owned enterprises into joint-stock companies; Complete the restructuring plan and submit it to the owner’s representative agency for approval.

2. Organize the implementation of the restructuring plan.

3. Complete the transformation of the enterprise into a joint-stock company: Hold the first General Meeting of Shareholders and register the enterprise; Organize the settlement and handover between the restructured enterprise and the joint-stock company. Handling unsold shares.

Circular 05 takes effect from April 1, 2022. Replace Circular 69/2018/TT-BTC and Circular 50/2019/TT-BTC.

* This newsletter is only for informational purposes about newly issued legal regulations, not used to advise or apply to specific cases.

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