Under Vietnam Enterprise Law, Legal Representativemust reside in Vietnam. Therefore, in case, the New Legal Representative of the Company is a foreigner, the Company must provide sufficient documents to prove that he/she satisfies this condition of Vietnam Law.
In order to show that the New Legal Representative of the Company satisfies the condition of residence in Vietnam, the Company should provide either of following documents:
– A certified copy of Passport;
– A certified copy of Temporary or Permanent Residence Card issued by the Competent Authority in Vietnam. In case the New Legal Representative fails to provide such document, a certified copy of registration certificate of temporary residence issued by Police of the Ward of his/her residence shall be required.
It is further noted that all above said documents must be still in validity termat the time of submission to Hanoi Department of Planning and Investment and the certified copy must be obtained no more than 6 months before the submission date.
Other prerequisite to be considered
Under Vietnam Law on Investment, at the time of applying for amendment of Investment Certificate, Provincial Department of Planning and Investment will review the actual operation of the Company up to the submission date. Therefore, approval for amendment of Investment Certificate of the Company may be subjected to following factors:
– Business operation results from the most recent year must be positive. FIC having negative business operation results in many continuous years may be subjected to inspection against price transfer;
– Registered business activities which have been not carried out within 12 months after the granting date of Investment Certificate can be withdrawn or removed;
– Compliance with Vietnam regulatory of the Company during the operation in Vietnam shall be also significant factor to secure the possibility of the case.