Shutdown and dissolution is legal procedures to terminate the existence of an enterprise under a resolution or decision of the owner (for sole proprietorships), the Board of Partners (for partnerships), the Board of Members and the owner (for limited liability companies) or the GMS (for joint stock companies);
Shutdown and dissolution an enterprise is more and more complicated than procedures of registration for establishment, management, reorganization, and shall be followed the conditions and procedures:
APPLICATION FOR SHUTTING DOWN AND DISSOLUTION
An application for Shutdown and dissolution of an enterprise shall consist of the following:
- The notification of the enterprise’s dissolution;
- The report on liquidation of the enterprise’s assets; list of creditors and paid debts, including tax debts, social insurance, health insurance, unemployment insurance of employees after the dissolution decision is issued (if any).
- Members of the Board of Directors (for joint stock companies), members of the Board of Members (for limited liability companies), the owner (for sole proprietorships), the Director/General Director, general partners and legal representatives shall be responsible for the accuracy and truthfulness of the application.
- In case the application contains inaccurate or false information, the owners or management persons shall jointly provide the outstanding employees’ benefits, taxes and other debts and bear personal responsibility for the consequences that occur within 05 years from the day on which the application is submitted to the business registration authority.
One of the most challenging procedures in the shutdown and dissolution of an enterprise in Vietnam is tax inspection, tax settlement and tax completion certificate prior to the final step at the licensing department.
The enterprise keeps accounting records in accordance with accounting laws, tax reports, lawful invoices for investments, revenues, expenses during its operation and is ready to prove any tax obligation and fully pay tax arrears upon tax inspection decisions.
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VIVA BUSINESS CONSULTING, the one-stop solution for foreign investors and experts in Vietnam about the required business compliance procedures, based on our unique combination of local expertise and global experiences. Our staying power is thanks to our deep insights, and consistent backgrounds and practice in local business laws and regulations.
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VIVA not only manage business required procedures by laws but firstly places client’s compliance and good standing, in the optimal methods when offering any solution, and integrated with our intensive resources that allow us to prevent most of the risks in advance, create more benefits, advantages and business inspiration for entrepreneurs.
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Read more relevant content enterprises dissolution in Vietnam:
- Shutdown and dissolution procedures – of enterprises and branches in Vietnam
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- Shutting down and dissolution procedures – of enterprises and branches in Vietnam
- Application for shutting down and dissolution – of enterprises and branches in Vietnam
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