Ministry of Planning and Investment has published the latest full text of the Proposal and the Draft Law on Enterprises (revised) on its website for agencies and organizations to comment. According to the draft content, the Law on Enterprises 2014 is revised with some notable contents as follows:
1. Provisions on enterprise seals:
– Removing the requirement that enterprises must send the seal specimen to the business registration authority before using;
– Clearly state that enterprise has the right to decide whether to have a seal or not.
2. Removing Article 12 stipulating that enterprises must carry out procedures for reporting on changes of information of enterprise managers.
3. Clarify the case that the company has more than one legal representative and the company’s charter does not provide or has other decisions on the division of rights and obligations of legal representatives, any of the company’s legal representatives is obliged to be a competent legal representative of the enterprise at request of court, arbitration or a third party.
4. Supplementing the provision that a single-member limited liability company owned by an organization must have at least one legal representative holding the title of Board of Members Chairman or company’s President; Director or General Director
5. Supplementing the provision: The name of the business location must have the phrase “Business location”
