Chương I Nghị định 38/2018/NĐ-CP: Quy định chung

Chapter I

GENERAL PROVISIONS

Article 1. Scope and regulated entities

1. Scope:

This Decree provides guidelines for investments in small and medium-sized startup companies (hereinafter referred to as “startups”), the establishment, management and operation of venture capital funds, and use of local government budgets to make investments in startups.

2. Regulated entities:

a) Entities making investments in startups as prescribed in Clause 1 Article 18 of the Law on assistance for small and medium-sized enterprises;

b) Startups as defined in Clause 2 Article 3 of the Law on assistance for small and medium-sized enterprises;

c) Authorities, organizations and individuals involved in the implementation of this Decree.

Article 2. Interpretation of terms

For the purposes of this Decree, the terms below are construed as follows:

1. “venture capital” refers to financing that investors provide to do business via contribution of capital to establishment of startups or purchase of shares or stakes of startups which are not public companies.

2. “venture capital fund” means the fund which is established from investments made by private investors to invest in startups.

3. "paid-in capital” means the total amount of assets contributed by investors to the venture capital fund.

4. “fund management company” refers to the company which is established under the law on enterprises and engages in management of venture capital funds.

Article 3. Venture capital

1. Investors prescribed in Clause 1 Article 18 of the Law on assistance of small and medium-sized enterprises are entitled to make investments in startups under the forms stipulated by law, including:

a) Contribution of capital to establishment of startups, or purchase of shares or stakes of startups;

b) Establishment or contribution of capital to establishment of venture capital funds to make investments.

2. Enterprises are entitled to use their science and technology development funds to invest in startups in accordance with regulations of the Law on technology transfer and regulations herein. State-owned enterprises shall make investments in startups in accordance with regulations on management and utilization of state capital invested in enterprises’ manufacturing and business operations, and relevant laws.

3. Venture capitalists must ensure that the money they use to make investments is legal and in consistent with Vietnamese and international laws on anti-money laundering.

Article 4. Enterprises making investments in startups

1. Enterprises that are established under the Law on enterprises are entitled to make investments in startups in accordance with regulations herein.

2. When making investments in startups, these enterprises must apply for registration of additional business sectors regarding venture capital in accordance with the law regulations on company registration.

3. Company registration offices shall consider the validity of applications and certify the registration for venture capital by enterprises in accordance with the law regulations on company registration.

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