Company Dissolution Procedures in Vietnam
In general, to start implementing the process of dissolving as the resolutions and decisions on dissolutions of the company, the following steps must be taken:
Send the notice of dissolution of the enterprise to the Business Registration Office, with relevant documentation, within 7 days from the date of adoption of the resolution or decision on dissolution.
Within 1 working day from the date of receipt of the Notice, the Business Registration Office will post on the Portal, and change the legal status of the enterprise to the status of “In progress of dissolution procedures” and transfer information to Tax Authorities.
Enterprises hereby must carry out the procedures for completing tax obligations to the Tax Authorities.
Enterprises liquidate debts in the following order:
- Unpaid salaries, severance pay, social insurance, health insurance, unemployment insurance premiums and other benefits of employees under the collective bargaining agreement and concluded employment contracts
- Tax debts
- Other debts
Note: An enterprise may only be dissolved after all of its debts and liabilities are fully paid off and it is not involved in any dispute at local courts or arbitration. Therefore, this step can be done at the beginning, or, at any time, as long as its done before submitting the application for registration in Step 4.
Submit the application for business dissolution to the Business Registration Office, including:
- Notice of dissolution
- Report on liquidation of corporate assets, list of creditors and paid debts, etc.
Note: Before proceeding to Step 4, businesses must close related branches or offices at the local Business Registration Office. Simultaneously, return the seal and certificate to the police during dissolution if using their seal.
After receiving the Registration, they shall send information to the Tax Authorities and the tax authorities shall reply within 2 working days to confirm the fulfillment of the tax payment obligation.
In case The Business Registration Office does not receive a refusal from the Tax Authorities, they shall change the legal status of the enterprise to “Dissolved” and issue a notice of dissolution.