On February 14, 2014, the Ministry of Finance issued the Circular No. 21/2014/TT-BTC promulgating the Regulation on activities of authorized representatives for state capital invested in enterprises.
In particular, the most important contents are regulations are the standards and conditions for authorized representatives. Authorized representatives must satisfy the standards and conditions as: being a Vietnamese citizen permanently residing in Vietnam; having full civil act capacity; possessing good moral qualities and being physically fit for the post; possessing legal knowledge and a sense of law observance; possessing professional university or higher qualifications, ability and practical experience of three or more years in corporate finance management, business and organization of corporate management relevant to the requirements of the post of authorized representative.
In foreign-involved enterprises,the representative must have adequate foreign language skills to work directly with foreigners; not being a spouse, parent or adoptive parent, birth or adopted child or natural sibling of a manager or executive of the enterprise with state-contributed capital and of a person competent to decide on authorization of representatives.
In the case that the authorized representatives join in the Board of Directors or Members’ Council or hold the post of general director or director of an enterprise, a representative must satisfy all standards and conditions of such post as prescribed by the Law on Enterprises; the charter of the enterprise; standards of leading and managerial posts as prescribed by the Law on Cadres and Civil Servants for persons appointed to be representatives of enterprises with state-contributed capital.
This Circular takes effect on April 01, 2014.
