TinLaw’s comprehensive company dissolution services help clients navigate the challenges of completing legal procedures, as this process is relatively complex and time-intensive. Learn more about TinLaw’s company dissolution services through the details below.
When is a company eligible for dissolution?
According to the Enterprise Law, a company may undergo dissolution in the following cases:
- Expiration of operational duration as stated in the company’s charter, without an extension;
- Voluntary decision of the business owner (for sole proprietorships), the Members’ Council (for partnerships), the Members’ Council or owner (for LLCs), or the General Meeting of Shareholders (for JSCs).
- Failure to maintain the minimum number of members as required by law for six consecutive months without converting to another business type;
- Revocation of the business registration certificate, except as otherwise provided under the Tax Administration Law.
Cases eligible for company dissolution
If a company falls under any of the above circumstances, it may proceed with the dissolution process. However, the dissolution must also comply with all other applicable legal procedures.
What are the conditions for company dissolution?
To initiate the dissolution process, a company must meet the following conditions:
- Ensure all debts and other financial obligations are fully settled.
- The company must not be involved in any ongoing disputes at court or arbitration centers.
- Related managers and the company must jointly bear responsibility for the company’s outstanding debts.
These conditions are stipulated by law to safeguard the rights of all related parties, especially creditors and employees, during the company dissolution process.
Challenges in current company dissolution procedures
Company dissolution requires completing a series of internal procedures and engaging with state authorities, leading to significant challenges for business owners:
- The framework for company dissolution lacks coherence and consistency;
- The most significant hurdle often lies with tax-related documentation;
- The need to engage with various government agencies prolongs the process;
- Many business owners resort to “brokers” to expedite the process.
Challenges in company dissolution procedures
At TinLaw, we understand the difficulties clients face during this process. Our comprehensive company dissolution services are designed to help clients optimize both costs and time when dealing with complex legal procedures.
Cost and timeline for company dissolution services at TinLaw
The cost for TinLaw’s comprehensive company dissolution services starts at VND 1,500,000, depending on whether the company has issued invoices or not. The estimated timeline ranges from 5 to 15 working days.
For each case, TinLaw prepares and provides a customized quotation tailored to the client’s specific needs. Contact us today for a detailed quote for your business!
Comprehensive company dissolution services at TinLaw
With over 12 years of experience in corporate legal services, TinLaw is committed to delivering the best service experience to its clients. Here are some key reasons to choose TinLaw’s company dissolution services:
- Legal compliance assurance: TinLaw’s team of experts possesses in-depth knowledge of legal regulations. We ensure that every step of the dissolution process complies with the law, minimizing the risk of legal issues arising during the process.
- Time and effort savings: The company dissolution process is highly complex and time-consuming. TinLaw’s services handle all necessary procedures on your behalf, saving you significant time and effort.
- Professional and dedicated support: TinLaw’s team of experienced professionals provides detailed guidance and support to ensure a smooth and efficient dissolution process.
- Risk and error reduction: Improper handling of the dissolution process can lead to financial or legal risks. TinLaw mitigates these risks by accurately managing all procedural requirements.
- Comprehensive consultation: TinLaw’s comprehensive services not only complete the dissolution process but also provide advice on related issues that may arise during the process.
- Transparent costs: TinLaw offers services with clear and transparent pricing, allowing clients to budget effectively and avoid unexpected expenses.
Comprehensive company dissolution services at TinLaw
Opting for TinLaw’s comprehensive company dissolution services simplifies the process while providing peace of mind. Our expertise ensures your business completes the dissolution process swiftly and seamlessly.
Information clients need to provide for TinLaw’s company dissolution services
For TinLaw’s comprehensive company dissolution services, clients only need to provide a scanned copy of their business registration certificate. TinLaw will handle the preparation of all remaining legal documents on their behalf.
Company dissolution service process at TinLaw
To deliver the highest-quality services, TinLaw has developed a professional and comprehensive process. This ensures a smooth and efficient experience throughout the procedure, from document preparation to completion of all legal formalities.
- Step 1: Initial consultation and client intake – TinLaw’s team contacts the client to confirm the dissolution request, provide detailed guidance on the procedures, address any inquiries, and present a detailed quotation.
- Step 2: Document preparation – The client provides TinLaw with a scanned copy of their business registration certificate. TinLaw then assists in drafting the necessary documents, including Notice of Company Dissolution, Asset Liquidation Report, Employee List, etc.
- Step 3: Filing the company dissolution application – TinLaw submits the dissolution application to the Division of Business Registration where the company is headquartered. Additionally, we send a dissolution request to the Tax Authority to obtain approval for deactivating the company’s tax code.
- Step 4: Filing the dissolution announcement – TinLaw assists clients in submitting the dissolution announcement online to the Department of Planning and Investment (DPI). Once approved, we file the physical dissolution documents and deliver the final dissolution results to the client.
Company dissolution service process at TinLaw
TinLaw’s comprehensive company dissolution services save clients time and effort while ensuring all procedures comply with legal requirements, avoiding potential future legal issues.
Benefits of using TinLaw’s comprehensive company dissolution services
When choosing TinLaw’s comprehensive company dissolution services, clients will receive the following benefits:
- Free consultation on legal regulations prior to initiating the dissolution process;
- Assistance with drafting all required documents and paperwork related to the dissolution;
- Representation for filing documents and retrieving results at the Department of Planning and Investment (DPI);
- Execution of seal cancellation procedures with the police department;
- Completion of tax code deactivation and fulfillment of other tax obligations with the Tax Authority;
- Handling the publication of the company dissolution announcement on the National Business Registration Portal;
- Representation for settling any outstanding financial obligations with state agencies;
- Delivery of the final company dissolution results to the client’s location.
What does TinLaw’s comprehensive company dissolution services include?
TinLaw’s comprehensive company dissolution services ensure that clients can legally and efficiently terminate their business operations. We are committed to resolving all procedural challenges and administrative hurdles professionally and effectively.
Important legal requirements for company dissolution
When dissolving a company, several critical legal requirements must be followed to ensure the process complies with the law. Below are key points to note:
- The company must notify the Division of Business Registration where its headquarters are located within 7 working days from the date the dissolution resolution is passed by the Board of Shareholders/Members.
- The company must submit dissolution documents to the Division of Business Registration within 5 days after settling all debts.
- For companies with branches, representative offices, or business locations, these dependent units must be dissolved before the company submits its dissolution documents.
- After completing the dissolution procedures, the company must notify stakeholders in writing within 7 working days. Additionally, dissolution information must be publicly disclosed at the company’s headquarters and any dependent units (if applicable).
- If the company is forced to dissolve due to business license revocation, the dissolution decision must be approved by the Board of Shareholders/Members within 10 working days from the license revocation date.
Important legal requirements for company dissolution
Compliance with these legal requirements ensures a smooth dissolution process and helps prevent potential legal complications in the future. TinLaw’s professional company dissolution services guarantee that all procedures are executed properly and in accordance with the law.
Frequently asked questions about company dissolution services
When using company dissolution services, many businesses often have common concerns. Below are frequently asked questions and their answers regarding the dissolution process:
What is company dissolution?
Company dissolution is the process of terminating the existence of a company that no longer meets or qualifies as a functioning entity. In such cases, the business owner must carry out legal procedures to terminate the company’s legal status, rights, and obligations with the Division of Business Registration.
Can I check the status of a dissolved company?
Yes, you can check the status of a dissolved company on the General Department of Taxation’s information portal. To do so, you need to provide one of the following details: Tax Identification Number (TIN), Name of the entity or individual taxpayer, Business address
Where should company dissolution documents be submitted?
Dissolution documents must be submitted to two authorities: The tax authority directly managing the company and the Department of Planning and Investment (DPI).
Is it mandatory to complete company dissolution procedures?
The answer depends on the type of dissolution. In cases of mandatory dissolution, failure to complete the required procedures may result in administrative penalties (if there is no indication of tax evasion) or criminal liability (if tax evasion is involved).
Do Invoices need to be cancelled during company dissolution?
If the company being dissolved has issued invoices and generated revenue, you must submit a notification of invoice cancellation along with related reports to the tax authority managing your company.
When should the company seal be returned during the dissolution process?
The procedure for returning the company seal to the police authority occurs during the step of submitting documents to the Department of Planning and Investment (DPI).
Is it necessary to file declarations if the company had no revenue?
Even if the company being dissolved has not generated any revenue, you are still required to reconcile tax declarations and outstanding tax obligations. This includes documents such as business license tax declarations, quarterly VAT declarations, and others.
Conclusion
Choosing a professional company dissolution service is a crucial step in ensuring a fast and efficient dissolution process. With over 12 years of experience, TinLaw provides comprehensive solutions, from document preparation to completing the process in full compliance with legal regulations. Contact us today for detailed advice and dedicated support!
