Procedures for establishing a Multimember Limited Liability Company (LLC)

Multimember Limited Liability Company

1. Legal basis:

  • Law of Enterprise 2020;
  • Decree No. 01/2021/ND-CP on enterprise registration promulgated by the Government on January 4, 2021;
  • Circular No. 01/2021/TT-BKHDT on enterprise registration promulgated by the Ministry of Planning and Investment on March 16, 2021.

2. What is a multi-member LLC?

A multi-member LLC is an enterprise with 2 to 50 members who can be organizations or individuals.

3. Procedures for establishing an multi-member LLC:

(1) Required documents:

  • Application for enterprise registration (according to the form in Appendix I-3 attached to Circular No. 01/2021/TT-BKHDT dated March 16, 2021 of the Minister of Planning and Investment).
  • Company charter.
  • List of LLC members with two or more members.
  • Copies of the following documents:

+ Legal documents of individuals acting as legal representatives of the enterprise;

+ Legal documents of individuals acting as members of the company; Legal documents of organizations acting as members; Legal documents of authorized representatives of organizations acting as company members and letters of authorisation.

For foreign organizations as organizations, copies of their legal documents shall be legalized by the consular authorities;

+ Investment registration certificate in cases where the enterprise is established or participates in the establishment by foreign investors or economic organizations with foreign investment capital as prescribed in the Law on Investment and guiding documents.

(2) Competent authority: the Business Registration Office under the Department of Planning and Investment.

(3) Methods of submission: The individual establishing the company or such individual’s authorized representative shall submit the dossier to the Business Registration Office through one of the following methods:

  • Direct submission at the Business Registration Office;
  • Submitting through postal services;
  • Online submission.

(4) Deadline for completing the register procedures for the establishment of a multi-member LLC: 03 working days from the date the Business Registration Office receives a valid application.

(5) Result: Enterprise Registration Certificate of a multi-member LLC

After completing the procedures for establishing a multi-member LLC at the Business Registration Office, the company shall carry out the following procedures to officially enter into operation:

  • Carve the company seal for the multi-member LLC.
  • Purchase a digital signature for the multi-member LLC.
  • Carry out procedures with the tax authority managing the multi-member LLC.
  • Proceed to open a bank account for the multi-member LLC.
  • Hang a company signboard at the main office.

This article is for informational purposes only. The content of this article does not constitute legal advice and should not be considered as detailed legal advice for specific cases. For more information on these issues, please contact us for specific support and advice.

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