Vaibhav Saxena from Vietnam International Law Firm The new Law on Enterprises (LOE) is expected to take effect next year with a number of positive changes in rights and responsibilities. For example, if there is more than one legal representative at a company, and if the charter does not specify the rights and obligations of each legal representative, any of them can be the fully authorised representative and all of them will jointly be responsible for any damages incurred by the company. There are also changes to enterprise registration and admin procedures. Besides minutes of annual general meetings, the new LOE further requires companies to keep records of votes and minutes of vote-counting in the company’s custody. The new LOE abolishes the requirement of reporting changes of the information of an enterprise’s managers. Currently, the licensing authority must be notified of changes to such personal details within five days. The law also allows the application dossier for enterprise registration to be submitted directly at the licensing authority, by post, or online via the National Business Registration Portal. The upcoming legislation confirms that both online and offline registrations have the same legal validity. It is understood that those who use the… Read full this story
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