In order to raise the standard of business environment in Vietnam, Law on Enterprises 2015 reduced many administrative procedures of establishing and running a business, including the representative authorization of the member or shareholder of the company.
One of the distinguished amendments: authorized representative of the member or shareholder which is legal entity is not required to inform the licensing authority (i.e. Department of Planning and Investment).
Law on Enterprises 2015 provides that the appointment of an authorized representative must be made in written, notified to the Company and take valid from the receipt date of the Company while under Law on Enterprises 2005, the same must be registered at the licensing office.
In addition, any restrictions by the authorizing member on his/her authorized representative in the performance as member in the Members’ Council or shareholder in the Shareholders’ Meeting shall not enforce against the third party.
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