The Articles of Association serve as the foundation of a company’s internal governance structure. Over time, businesses may find it necessary to modify the content of these articles to adapt to changing circumstances or strategic shifts. Understanding the process of amending the Articles of Association is essential for maintaining legal compliance and ensuring that the company’s internal rules align with its evolving needs.
Question:
In our company’s charter (2 members), there is a provision stating that the operating period is 20 years. As this period is almost over, we want to extend the operating period. What documents do we need to prepare and where should we submit them?
Answer:
The Authority of Planning and Investment provides the following response to your question: According to Law on Enterprises 2020 and Decree 01/2021/NĐ-CP on business registration, there are no specific regulations regarding the procedure and documents for extending the operating period of a company. The adjustment of the operating period should be made in the company’s charter and kept on record within the company.
Conclusion
In conclusion, the process of amending a company’s Articles of Association is a significant step in its journey. Whether it’s altering the company’s objectives, organizational structure, or decision-making mechanisms, these amendments should be approached with careful consideration and adherence to legal requirements. By following prescribed procedures and maintaining transparency, businesses can adapt to challenges and opportunities. They uphold governance and accountability.
HMLF is always available to offer assistance in understanding the procedures with authorities.
Head office: 14th floor, HM Town building, 412 Nguyen Thi Minh Khai, Ward 05, District 3, Ho Chi Minh City.
Phone number: +84 937215585
Website: hmlf.vn Email: miller@hmlf.vn
