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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