Temporary suspension of business | Doing business in Vietnam

Temporary suspension of an enterprise means no more new business transactions within a specific period, the legal status still remains and the owners can re-activate normal business operations upon actual demands.

Enterprises have the right to temporarily suspend business but must notify in writing the time and duration of suspension or resumption of business to the Business Registration Authority no later than 03 days before the date of suspension or resumption of business.
During the temporary suspension of business, the enterprise must pay the full tax debt; continue to pay debts, complete the implementation of contracts signed with customers and employees, unless otherwise agreed upon by the business, creditors, customers and employees.
After completing the business cessation procedure, the enterprise does not have to incur compliance obligations regarding taxes, labor, wages, and insurance, and is also an important basis to reduce many obligations with state agencies in countries, customers, partners…
Enterprises have the right to re-register their business activities whenever possible, without wasting much time or expense.

In conclusion, this is a quick and inexpensive way to temporarily withdraw from the market, avoid potential damages, preserve legal entities, assets, minimum business information and help entrepreneurs return to the market in the fastest time.

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