Dissolution of the company
Strike Off a Vietnam Company
A Vietnam company may apply to strike its name off the register to Department of Planning and Investment, (Accounting and Corporate Regulatory Authority) in pursuant of the Vietnam Companies Act. Department of Planning and Investment may approve the application if the company meets certain reasonable causes or required conditions of striking off. We at Global Wits Consultancy Services provide professional assistance in striking off the Vietnam companies.
Vietnam Company Liquidation Requirements
- The company must have ceased the business operation or not started business since the day of incorporation
- The company must not have any outstanding/pending tax liabilities
- The company must not be indebted to any other government department or agency
- The company must not have any outstanding penalties/charges in the company’s charge register
- The company must not have involved any court proceedings inside or outside Vietnam
- The company director(s) must obtain the written consent of the majority of the shareholders regarding the strike off
- The company must not have current asset and liabilities
- Company limited by guarantee must submit their last set of audited report
Striking Off Procedure to Wind-up a Company
The process of Vietnam company liquidation starts with the submission of application to Department of Planning and Investment. Depending on the complication of the case, Department of Planning and Investment may take about 7 working days to process the application.
If Department of Planning and Investment is satisfied with the application and finds that the company meet the requirements of the strike off, the authority will send a ‘striking off notice’ to the registered office address of the company, residential address of the directors and company secretary and lastly to GDT (General Department of Taxation).
Any person who wishes to object to the company wind-up process can lodge an objection within a period of one month. A final notification will be send after a period of four months stating that the company has been struck off the Register. This date will be treated as the final date of striking off. The entire process takes about 5-6 months.
The process of closing a Vietnam company can be complex and time consuming at same time. Moreover, one must ensure to comply with the legal and statutory regulations. If you want to strike off your company, it is highly recommended you seek the assistance of professional service that can understand your situation, advise you on the best course of action, and assist you in accomplishing the liquidation process successfully.