Question

The Law on Enterprises deals with the establishment, organization, restructuring, dissolution, and relevant activities of enterprises in Vietnam, including limited liability companies, joint-stock companies, partnerships;

Answer

Law on Enterprises in Vietnam 

Law on Enterprises in Vietnam No. 68/2014/QH13 dated November 26, 2014 takes effect on July 01, 2015 (Replaces the Law on Enterprises No. 60/2005/QH11 dated November 29, 2005 and the Law on Enterprises No. 37/2013/QH13 dated June 20, 2013), contains many new provisions in order to create favourable environment for investment, business activities that are in line with international common practice, such as:

Limited liability companies and shareholding companies may have one or more legal representatives;

A shareholding company may select either of the two models of organization of management and operation;

Voting to elect members of the Board of Directors and of the Inspection Committee must be implemented by the method of cumulative voting;

Enterprise Code Number also serves as the Tax Identification Number, or TIN;

 Enterprise Registration Certificate  (Certificate of Incorporation in Vietnam) shall only write four categories of content;

An enterprise has the right to decide on the form, number and contents of its seal;

Foreign investors who want to set up an enterprise in Vietnam must be issued an Investment Registration Certificate (IRC) in Vietnam prior to establishing the enterprise in accordance with regulations of the Law on Enterprise in Vietnam;

Abolish provisions on the election of the Chairman of the  Board of Directors directly elected by the General shareholders’ meeting;

Division, separation, consolidation, merger of enterprises: Do not require involving companies have to be in the same categories;

Cases lead to withdrawal of Enterprise Registration in Vietnam;

State-owned Enterprises, Social Enterprises in Vietnam and many other provisions.

DMS Law firm’s services:

Law on Enterprises in Vietnam

Attorneys and experts at DMS Law office in Danang, Vietnam have +20 years of work experience in management consulting from small, medium companies to large groups, corporations, foreign invested companies in Vietnam, multinational companies in Vietnam.

DMS Lawyers and Members in Danang, Vietnam have an in-depth understanding of Law on Enterprises and related laws, such as: Law on Tax Administration, Law on Value-Added Tax, Law on Corporate Income Tax, Foreign Contractor Tax, Law on Excise Tax, Law on Personal Income Tax, The Labour Code, Law on Social Insurance and specialized laws applicable to different types of enterprise./.

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Director

(Signed)

Lawyer Do Minh Son