As an inevitable law of the market, a company will at some point fulfill its mission and will cease its operations. The termination of operation of a company must ensure the legitimate rights and interests of all parties such as employees, creditors, customers, the State… and must follow the order and procedures of the law.
The procedures for company dissolution are specified and detailed in the Enterprise Law 2020 and the guiding documents. With practical experience in this field, LTS LAW always provide our clients with timely and effective support.
Dissolution procedures are carried out and completed as soon as possible as the number one priority for investors to save costs, effort, time and completely eliminate legal risks associated with the company and thereby allow investors to focus on other business projects.
More importantly, the company dissolution that is carried out legally and in due process will allow foreign investors to freely remit capital and profits abroad without any hindrance and this is also probably the point that foreign investors are most interested in.
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CASES WHERE DISSOLUTION MUST BE CARRIED OUT
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- End of the operating term specified in the company’s Charter without an extension decision;
- Pursuant to a resolution or decision of the company owners;
- The company no longer has the minimum number of members as prescribed by the Enterprise Law 2020 for a period of 06 consecutive months without carrying out procedures for conversion of the type of company;
- The Enterprise Registration Certificate is revoked.
CONDITIONS FOR DISSOLUTION OF A COMPANY
A company in Vietnam must meet the following conditions in order to be allowed to dissolve:
- The company guarantees the payment of all debts and other property obligations, and
- The company is not in the process of resolving disputes in court or arbitration.
PROCESSES AND PROCEDURES FOR DISSOLVING A COMPANY
Step 1: Returning the Investment Registration Certificate to the investment registration agency, if it was issued an Investment Registration Certificate;
Step 2: Sending a notice of dissolution of the company to the Business Registration Agency;
Step 3: Conducting public announcement of the company dissolution;
Step 4: Liquidating all its assets;
Step 5: Carrying out tax and social insurance finalization procedures;
Step 6: Paying all debts and property obligations to employees, the state, customers and partners;
Step 7: Sending a company dissolution dossier to the Business Registration Agency and receiving a notice of the dissolution status.
TIME FOR DISSOLUTION OF THE COMPANY IN VIETNAM
Legally speaking, the process of dissolving a company will take about 4-6 months. However, the actual time can be extended depending on the complexity of the company’s tax records or other legal compliance issues arising during its operations.
COMPANY DISSOLUTION SERVICES WITH LTS LAW
- Advising on the order and procedures for dissolving a company and planning the company dissolution;
- Advising on legal issues arising during the company dissolution process;
- Drafting documents and records necessary for the dissolution process;
- Representing clients to submit petitions and receive results of settlement of administrative procedures;
- Representing clients to deal with tax agencies, customs agencies, social insurance agencies, employees, other state agencies … to solve the relevant issues;
- Supporting clients to liquidate assets and transfer capital and profits abroad.
HOW LTS LAW CAN BE OF HELP
The person conducting the dissolution procedure must have the necessary knowledge and skills because this is a complex and challenging process. The dissolution process involves all aspects of finance and legality in the business that can take clients a lot of time and effort to complete.
Therefore, dissolving the company in Vietnam is a job in which clients should seek support from experts with proper expertise and experience.
That is why LTS LAW’s team of company dissolution experts was established to support our clients in this regard.
THE BENEFITS OF DISSOLVING THE COMPANY WITH LTS LAW ARE AS FOLLOWS:
Audit services: Foreign-invested companies must always carry out procedures for auditing financial statements when conducting dissolution. The licensed auditing firm that is a member of our group will provide comprehensive support to clients in auditing the company’s financial statements.
Accounting services: The settlement of taxes, social insurance, asset liquidation and debt payment always require the support of skilled accountants. The licensed accounting firm that is a member of our group will provide comprehensive support to clients in performing accounting work during the dissolution of the company.
Liquidator services: A liquidator is a licensed professional who manages and liquidates assets during the dissolution of the company. LTS LAW’s liquidators will provide all necessary support to complete the dissolution process.
Integrated solution: As a leading market entry consulting company in Vietnam, our services are not limited to dissolution services but also many other corporate support services. We are confident that we will be able to take charge of the entire process of dissolving our clients’ companies in Vietnam.
Quick, compact dissolution process: The total time it takes to dissolve a company depends on a lot of factors. However, with a team of experienced and skilled professionals, we ensure that the company dissolution process will be carried out as quickly as possible.