Are there limits on the number of term of office of a controller in limited liability companies in Vietnam?
Are there limits on the number of term of office of a controller in limited liability companies in Vietnam? What are requirements for holding the position of Director in limited liability companies in Vietnam?
Hello, my company is a limited liability company that has just been established for 5 years, has elected the company's Board of Controllers, next year will plan to re-elect the members of the Board of Controller, but I don't know if the old members of the supervisory board be reappointed? And are there limits on the number of term of office of a controller? Please advise.
Are there limits on the number of term of office of a controller in limited liability companies in Vietnam?
Pursuant to Article 65 of the Enterprise Law 2020 stipulates that controllers and the Board of Controllers are as follows:
1. The Board of Controllers shall have 1 – 5 Controllers. The term of office of a controller shall not exceed 05 years and without term limit. In case the Board of Controllers only has 01 controller, he/she shall be the Chief Controller and shall satisfy corresponding conditions.
2. The Chief Controller and Controllers shall satisfy the requirements specified in Clause 2 Article 168 and Article 169 of this Law.
3. Rights, obligations, responsibilities, dismissal and works of Controllers and the Board of Controllers are specified in Articles 106, 170, 171, 172, 173 and 174 of this Law.
4. The Government shall elaborate this Article.
Thus, the Board of Controllers shall have 1 – 5 Controllers. The term of office of a controller shall not exceed 05 years and without term limit. Therefore, your company can re-appoint the old members of the Supervisory Board without limiting their number of terms in Vietnam.
What are requirements for holding the position of Director in limited liability companies in Vietnam?
According to Article 64 of the Enterprise Law 2020, requirements for holding the position of Director/General Director are as follows:
A person may hold the position of Director/General Director if he/she:
1. Is not in one of the persons specified in Clause 2 Article 17 of this Law.
2. Has professional qualifications and experience of busines administration and satisfies other conditions specified in the company's charter.
3. If the company is a state-owned enterprise prescribed in Point b Clause 1 Article 88 of this Law or a subsidiary company of a state-owned enterprise prescribed in Clause 1 Article 88 of this Law, is not a relative of the executives and controllers of the company and the parent company, of the representative of enterprise’s investment or state investment in the company and the parent company.
According to this Article, in order to be a Director/General Director of a limited liability company in Vietnam must meet the above criteria and conditions in Vietnam.
Best Regards!
