Legal situation: I contributed capital to establish a two-member limited liability company. I have completed the charter capital contribution in accordance with the enterprise registration certificate. However, it has been over a month since the completion of the capital contribution, and I still have not received the certificate of capital contribution. I would like to ask about this matter: If a member has fully contributed capital, is the failure to issue a capital contribution certificate considered a violation of the law? Furthermore, how does the law regulate and handle this situation?
FDVN’s Opinion:
Pursuant to Clause 2 and Clause 5 of Article 47 of the Law on Enterprise 2020 regarding the issuance of the certificate of capital contribution:
“2. The members shall contribute sufficient and correct assets as promised when applying for enterprise registration within 90 days from the issuance date of the Certificate of Enterprise Registration, excluding the time needed to transport or import the contributed assets and for completing ownership transfer procedures. During this period, the members shall have rights and obligations that are proportional to their promised contribution. The members may only contribute assets that are different from the promised ones if the change is approved by more than 50% of the remaining members.
5. In the cases specified in Clause 2 of this Article, the capital contributor will become the company’s member from the day on which capital is fully contributed and information about the capital contributor prescribed in Points b, c, and dd of Clause 2, Article 48 of this Law has been fully recorded in the member register. On that day, the company shall issue the capital contribution certificate to the member.”
Accordingly, the enterprise is required to issue the certificate of capital contribution to the member at the time of the contribution to the company, except in cases where the member has not fully contributed or has not contributed the agreed-upon type of assets.
In the case where the company fails to issue the certificate of capital contribution, it may be subject to penalties as stipulated in Point a, Clause 2 and Point c, Clause 3, Article 52 of Decree No. 122/2021/ND-CP dated December 28, 2021, that range from VND 30,000,000 to VND 50,000,000. Additionally, remedial measures are applied, requiring the company to issue the certificate of capital contribution to its members as per the regulations.
FDVN Lawyer
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