The procedure to suspend the operation of a private enterprise is not difficult, but if the business does not understand the procedures and documents; it will face many difficulties and take time. The following article will provide detailed instructions on the procedure to suspend the operation of a private enterprise in the correct order, and the most economical manner according to the new provisions of the Enterprise Law.
Legal grounds
Enterprise Law 2020
Circular 65/2020/TT-BTC
Procedures for announcing the suspension of operation of a private enterprise
The order of execution
– The private enterprise shall send a notice to the Business Registration Office where the enterprise has registered at least 03 days before the time of temporary cessation of operation. The notice content includes name, head office address, enterprise code, and date of issuance of the certificate of business registration or other equivalent papers for the enterprise; business suspension period: start date and end date of suspension period; reason for suspension.
– After receiving the application, the Business Registration Office will give a receipt of the application to the enterprise after receiving the notice of temporary cessation of operation. Within 03 working days from the date of receipt of a valid application, the Business Registration Office shall issue a Certificate of the enterprise’s registration to suspend its business operations.
How to perform
The representative of the private enterprise shall submit a complete application for enterprise registration by regulations at the Business Registration Office where the enterprise is located.
Notes when carrying out procedures for business suspension
– When carrying out the procedures for temporary suspension of business operations; the enterprise shall also send a notice of temporary cessation of operation of the registered branch.
– Regarding tax obligations based on Clause 4, Article 2 of Circular 65/2020/TT-BTC:
– In case a private enterprise suspends business for the whole calendar year (from January 1, 2021, to December 31, 2021), it does not have to pay a license tax for 2021. The schedule to pay a license tax for the whole year of 2021 is before January 31, 2021.
– A private enterprise during the period of business suspension is not required to submit a tax return for the period of suspension. In case of stopping not for the whole calendar year or the fiscal year of 2021, the tax finalization dossier for 2021 must still be submitted.
– At the end of the temporary shutdown, the owner of a private business must declare tax as prescribed.
– During the period of temporary shutdown, the enterprise still has to pay debts; and complete the contracts signed with customers and employees, except for cases where the enterprise and its creditors, customers, and employees otherwise agreed.
We invite you to learn more:
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Procedures for business suspension for businesses facing difficulties due to Covid-19 in Vietnam
Frequently asked questions:
Notice of business suspension of the enterprise (form in Appendix II – 19, Circular 01/2021/TT-BKHDT)
The decision to suspend the business of the owner of a private enterprise.
Power of attorney if the applicant is not the legal representative.
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