ANNOUNCEMENT OF CHANGES OF MANAGEMENT

Law on Enterprise is one of the most important acts passed last year by Vietnam National Assembly which will take effect in 2015. In the newly released Law on Enterprises, several significant changes include: the company is required to inform changes in manager identity to the licensing authority if there is any changes in name, address, nationality, Identity Card number, Passport of the manager.

The manager of the company comprises:

1. Member of Management Board if the company is joint-stock company

2. Member of Control Board or controller

3. Director or General Director

The company shall report to the licensing authority (i.e Department of Planning and Investment) within 05 days from the date of change. Limited company, joint-stock company may have more than one representatives. Article 13 of the law states that limited company or joint-stock company may have one or more than representatives. The number of representatives, titles, rights and obligations of each representative are set out by the Company’s Charter. The company must ensure that at least one representative lives in Vietnam and that representative, if leaving Vietnam, must authorize another person in writing to perform on behalf of him. If the only representative of the company has been absent in Vietnam for more than 30 days, Mebers’ Council or Management Board must appoint another person to be the representative.

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