When setting up company in Vietnam, one crucial step that cannot be overlooked is managing and updating company information, especially when foreign investors are involved as shareholders. Changing shareholder information and authorized representatives directly impacts the company’s legality and transparency. In this article, together with FTA LAW, we will explore in detail the process of changing foreign investor shareholder information, as well as the procedures to update authorized representatives during the company setup process.
Image: Guide to changing business registration information for foreigners
1. When Does a Company Need to Notify Changes to Foreign Investor Shareholders?
When you set up company and include foreign investors as shareholders, notifying changes to shareholder information is an essential step. According to Article 60 of Decree 01/2021/ND-CP, joint-stock companies must notify and update enterprise registration information within 3 working days from the change. This ensures transparency and legality in all business transactions.
The information that must be updated includes:
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Information of individual foreign shareholders: full name, nationality, passport number, contact address, and number of shares owned. This is especially important during company setup to protect foreign shareholders’ rights.
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Information of foreign corporate shareholders: company name, business registration number, head office address, number and type of shares owned.
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Information of authorized representatives of foreign corporate shareholders: this identifies the person responsible for legal matters relating to the foreign shareholder, a necessary step when you set up company.
Timely notification of changes not only helps avoid legal risks but also allows authorities to update company records accurately.
2. Procedure to Register Changes of Foreign Investor Shareholders and Authorized Representatives
To smoothly perform procedures for changing foreign investor shareholder information or authorized representatives during the process of setting up company, businesses need to prepare complete documents and comply with legal regulations.
2.1. Required Documents
According to Articles 11, 12, and 60 of Decree 01/2021/ND-CP, the documents include:
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Notification of supplementation and update of enterprise registration information (Appendix II-5 issued with Circular 01/2021/TT-BKHDT).
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Authorization letter for the person submitting the dossier and receiving results if they are not the company’s legal representative. This letter does not require notarization or authentication.
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Certified copy of identity documents of the authorized person (if any):
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For Vietnamese citizens: Citizen Identification Card, ID Card, or valid Vietnamese passport.
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For foreigners: Valid foreign passport or substitute documents recognized as equivalent.
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Ensuring the dossier is complete and accurate helps avoid delays and complications during the company setup.
2.2. Submission Location
Documents must be submitted to the Business Registration Office under the Department of Finance where the joint-stock company’s head office is located. This agency is authorized to receive and process changes during the company setup.
2.3. Processing Time
Generally, the Business Registration Office processes the application within 3 working days from receiving a valid dossier. This enables businesses to complete necessary procedures promptly during the company setup.
Important Note:
After receiving the dossier, the Business Registration Office will issue a receipt, verify dossier validity, and update the national enterprise registration database.
Public Disclosure: After shareholder and representative information is changed, the company must publicly announce the updates on the National Business Registration Portal to ensure transparency during the company setup.
Image: Process of registering changes to foreign investor shareholder information
3. Conclusion
Changing foreign investor shareholder and authorized representative information is a vital step in ensuring legality and transparency when you set up company in Vietnam. To guarantee the process is fast, accurate, and compliant, contact FTA LAW for detailed consultation and support in completing procedures. With extensive experience advising domestic and international businesses, FTA LAW commits to helping you overcome legal challenges and successfully complete all company setup formalities. Contact FTA LAW today for professional and dedicated support from our experienced legal team.
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The above content is for reference only and does not constitute official legal advice from FTA LAW’s legal team. For any questions or case-specific advice, please contact us at support@ftalaw.vn – We are always ready to listen and assist you.