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Operating a BusinessTuesday, 03/29/2005, 11:02

Transfer of Shares Owned by Foreign Founding Shareholders

According to Government Decree 38/2003/ND-CP dated April 15, 2003 on conversion of foreign-invested enterprises into joint-stock companies, foreign founding shareholders can transfer their shares to foreign individuals and entities.
Transfer of Shares Owned by Fore


Transfer of Shares Owned by Foreign Founding Shareholders


According to Government Decree 38/2003/ND-CP dated April 15, 2003 on conversion of foreign-invested enterprises into joint-stock companies, foreign founding shareholders can transfer their shares to foreign individuals and entities. Article 15 of the decree states that the transfer of foreign founding shareholders� shares to Vietnamese individuals and entities must be approved by the Ministry of Planning and Investment and must abide by stipulations in Item 1 of Article 10 and Item 3 of Article 12 in this decree. The proceeds from share transfer must be used to re-invest in Vietnam. If they are remitted out of Vietnam, the remittance must be approved by competent Vietnamese authorities.
 

 


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