Requirements for Vietnamese legal person’s eligibility for becoming members of cooperatives

Requirements for Vietnamese legal person’s eligibility for becoming members of cooperatives are specified in Article 3 of Decree No. 193/2013/NĐ-CP of Vietnam’s Government as follows:

- Vietnamese legal persons defined by the Civil Code wish to cooperate with other members and have demands for products or services supplied by cooperatives.

- Vietnamese legal persons submit applications for voluntary accession to cooperatives and accept cooperatives’ statutes before being admitted to these cooperatives. Signatories of such applications must be the legitimate representatives of these legal persons.

- Representatives of legal persons at cooperatives are the legal representatives (legitimate representatives or authorized representatives) of these legal persons.

- Vietnamese legal persons make capital contributions in accordance with Clause 1 Article 17 of the Cooperative Law of Vietnam and cooperatives’ statutes.

- Vietnamese legal persons meet other requirements prescribed by cooperatives’ statutes.

Regarding the requirements for foreign individual’s eligibility for becoming members of cooperatives, notwithstanding the requirements of Clause 1 Article 13 of the Cooperative Law of Vietnam, if individuals who are foreigners wish to participate in cooperatives in Vietnam, they must meet the following requirements:

- They are legally residing in Vietnam, aged 18 or over, and have full civil capacity in accordance with Vietnamese laws.

- If they wish to participate in employment-generating cooperatives, they must fully meet Vietnamese laws on foreign workers.

- With respect to cooperatives operating in business sectors or industries subject to limits on capital ownership rates imposed upon foreigners, in order to be eligible to participate in cooperatives, they must comply with regulations enshrined in laws related to these sectors or industries.

- Foreign individuals must meet other requirements prescribed by cooperatives’ statutes.

View details at: Decree No. 193/2013/NĐ-CP of Vietnam’s Government takes effect from January 27, 2014.

Thu Ba

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