Question
My foreign company is going to open a subsidiary company in Vietnam, in the form of a limited liability company (LLC), fully owned by my foreign company. Could you advise me about the legal representative of a company in Vietnam ? Can a company have two legal representatives ? Is the legal representative required to live in Vietnam ?
Answer
Legal representatives of a company in Vietnam ?
Legal representative of an enterprise means an individual representing the enterprise to exercise the rights and perform the obligations arising out of transactions of the enterprise, and representing the enterprise to act as plaintiff, defendant or person with related interests and obligations in arbitration proceedings or courts and to exercise other rights and perform other obligations in accordance with law.
Limited liability companies and shareholding companies may have one or more legal representatives. The charter of a company shall specify the number, managerial positions and rights and obligations of the legal representative (s) of the enterprise.
An enterprise must ensure that there is always at least one legal representative residing in Vietnam. If the enterprise has only one legal representative, such person must reside in Vietnam and must authorize in writing another person to exercise the rights and perform the obligations of the legal representative when the former exits Vietnam. In such case, the legal representative shall remain responsible for the performance of the authorized rights and obligations (Clauses 1, 2 and 3, Article 13, Law on Enterprise No. 68/2014/QH13, dated 26 November 2014)./.
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Lawyer Do Minh Son
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