According to the former Law on Foreign Investment, joint venture enterprises and wholly-foreign owned enterprise formed up in the form of limited liability companies (Article 6, Article 15 of the Law on Foreign Investment);
In Article 6 Decree 101/2006/ND-CP date 21/9/2006 on re-registration, conversion and registration for renewal of Investment Certificates by foreign investment business under the Enterprise Law and the Investment Law, the joint venture enterprises and wholly – foreign owned enterprises formed up under the former Law on Foreign Investment may re-register or convert as follows:
|Form of Enterprise under the Investment License||Form of Enterprise following re-registration or conversion|
|1. According to re-registration procedure|
|Wholly-foreign invested enterprises having one owned||One member Limited Liabilities Companies|
|Joint venture Enterprise |
Wholly foreign invested enterprises with at least 2 owners
|Limited Liabilities Companies with at least 2 member|
|2. According to the conversion procedures:|
|Wholly foreign invested enterprise with at least 2 owners||One-member Limited Liabilities Companies|
As such, in principle, foreign invested business set up in the form of Limited Enterprise Liabilities Companies under the former Law on Foreign Investment shall be considered as limited liabilities companies under the current Enterprise Law.
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