PROCEDURES OF REGISTRATION FOR BUSINESS TEMPORARY SUSPENSION

The economic recession is seriously affecting the production and business activities of businesses. High interest rates and inflation, shrinking production, etc. put many businesses at risk of not having enough economic resources to maintain operations. In that situation, many businesses made the decision to business temporary suspension.

What is business temporary suspension?

Temporary suspension of business is the legal status of an enterprise that is temporarily suspending business according to the provisions of law.

The time to switch to a state of business temporary suspension is the date the enterprise registers to begin temporary business suspension. The end of the business suspension is the end date of the business suspension period that the enterprise has announced or the date the enterprise registers to resume business before the announced deadline.

Business temporary suspension period

The law stipulates that if an enterprise is allowed to temporarily suspend business, it must send a notice to the competent Business Registration Office. The business temporary suspension period of each notification must not exceed 01 (one) year.

Application for registration of business temporary suspension

In case an enterprise wants to carry out the procedure for registering a temporary business suspension, the enterprise needs to prepare the following documents:

– Notice of business temporary suspension;

– Resolutions, decisions, copies of meeting minutes of the Board of Members for multiple-member limited liability, partnerships; Resolutions, decisions, copies of meeting minutes of the Board of Directors for joint stock companies; or Resolution or decision of the Owner for a single-member limited liability;

– Power of attorney for the individual/organization submitting the application;

– Certified copy of ID card/ID card/Passport of the individual submitting the application.

Method of application submission

After fully preparing the documents, enterprise can submit in two ways: online or in person.

– To submit directly: Enterprises submit documents at the Business Registration Office – Department of Planning and Investment of the province/city where the enterprise is headquartered.

– To submit online: Enterprises submit documents at the National Business Registration Portal.

Implementation procedure

Enterprises must send a notice of business temporary suspension to the Business Registration Office no later than 03 (three) working days before the date of business suspension.

After fully preparing the documents, the company sends the Business Cessation Registration dossier to the Business Registration Office where the company’s headquarters is located.

The Business Registration Office will consider and resolve within 03 working days from the date of receipt of valid documents.

If the application is valid, the Business Registration Office will issue a confirmation on temporary business suspension to the enterprise.