Posted 7.12. 2020 by Cekindo
Instead of closing a company or dissolving a company in Vietnam, there is an alternative to consider: suspending a business. A business suspension means a company decides to temporarily delay or terminate its business operation without closing their company in Vietnam.
The process of a business suspension is less complicated than a company dissolution and the total allowed duration for a business suspension is two years.
The procedure of business suspension in Vietnam is free and below are the critical steps to undertake for business suspension under the country’s latest law:
1. At least 15 working days before the business suspension, the company shall submit a notification along with the required documents to Vietnam’s business registration office and tax office. The notification must have the following details:
2. Once the authorities receive the submission, the business registration office will process the application within 3 working days.
3. If the submission is approved, the company will obtain written certification of the suspension from the authority. If the submission is rejected, the company needs to make an amendment to the submitted documents or supplement additional documents.
Submission for suspending a business in Vietnam requires business owners to prepare the following documents:
There is more to do once your business suspension application is approved. During the suspension, you will have to fulfill certain obligations to ensure compliance:
Cekindo provides business suspension services in Vietnam for all legal entities – local limited liability companies, foreign limited liability companies, joint-stock companies, representative offices, branches, and others – in any sector.
We also assist in preparing a power of attorney, audit report, the Board resolution, liquidator’s statement, and all other compulsory documents needed for suspending a business in Vietnam.
The business suspension process involves various steps that will require you to have close monitoring before you proceed with the final decision. If you find it challenging to go through the entire process and the involvement with several authorities, please contact our experts at Cekindo.
If you prefer to dissolve your company, we also provide company closing and liquidation services in Vietnam.
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