Company Liquidation in Vietnam

When establishing a company, the ultimate aim is for it to be successful. However, the dynamic nature of the business world means success is not always guaranteed. When a company underperforms and fails to reach its target, liquidation often becomes the most probable scenario. At Double M, we offer to assist your company with the liquidation process swiftly, allowing you to focus on future plans to get back in business. Here is how you can process company liquidation in Vietnam.

Reasons of Company Liquidation in Vietnam

  1. The company’s operating period expires.
  2. The company is liquidated as a consensus from the owners and the board of directors.
  3. The company fails to keep around adequate numbers of members for a certain period of time.
  4. The company’s licenses are revoked for violations of the law and regulations.

Procedures of Local Company Liquidation in Vietnam

In this phase, the company’s board will need to issue a liquidation statement which includes information such as the company name, business registration number, and reasons for liquidation.
When the company is liquidated, it means that its assets will also be liquidated. It is the responsibility for the owners, board, and shareholders to figure out what to do with the remaining assets. They are entitled to take various measures like selling the assets or transferring it to another company.
A company that’s being liquidated will need to submit its final tax returns and clear all tax liabilities including its corporate income tax. This will all need to be submitted no later than 45 days from the date of liquidation.
When a company is liquidated, the owners have the responsibility to clear up the situation for their employees. If the contracts are to be terminated, the company most sort out the financial compensations such as severance payment.
In this phase, the company will need to submit their liquidation form to the Vietnamese Department of Planning and Investment.
After the debts and liquidation responsibilities are all carried out. The Vietnamese Department of Planning and Investment will review the liquidation application. Once everything is approved, the company will officially be liquidated.

How can Double M Help?

Company liquidation in Vietnam has intricate procedures. Double M strives to assist our clients conduct the process with our expertise. Should you have any inquiries, please contact us.

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Contact Us

    Double M – Vietnam Office
    The Sun Avenue, SAV5-02.21 28 Mai Chi Tho Street, An Phu Ward District 2. HCMC.