“Suspension of business” means the legal status of an enterprise that is in the process of suspending its business as prescribed in Clause 1, Article 206 of the Enterprise Law. The date of changing the legal status of “Suspended from business” is the date the enterprise registers to start suspending its business. The end date of the legal status “Suspended from business” is the date of the end of the business suspension period announced by the enterprise or the date the enterprise registers to resume business before the notified time limit.

Therefore, when the business faces many difficulties and many businesses cannot continue to operate, business suspension is an option worth considering if the business does not want to be dissolved. The following article will introduce more specifically the documents that businesses need to prepare and the steps to carry out the “business suspension procedures” in 2021 as follows:

1.Dossier for carrying out procedures for temporary cessation of business operation

Notice of business suspension;
Decision on business suspension (of the owner of a one-member limited liability company, of the Members’ Council of a limited liability company with two or more members, of the Board of Directors of a joint-stock company, etc.);
A valid copy of the meeting minutes of the Members’ Council, for limited liability companies with two or more members, of the Board of Directors, for joint-stock companies, of general partners, for partnerships.
Power of attorney (in case of authorizing another person to submit the application).

2.Sequence of carrying out procedures for temporary suspension of business operations

The enterprise must send a notice to the business registration office where the enterprise has registered at least 03 days before conducting business suspension. The content of the notice includes:

Name, head office address, enterprise code and date of issuance of the Certificate of Business Registration or other equivalent documents for an enterprise.
.Term of business suspension: start date and end date of suspension period.
Reason for suspension.

After receiving the enterprise’s application, the Business Registration Department will process the application within 3 working days to give the following results:

Certificate of enterprise registration of business suspension if the application is valid;
Notify about the amendment and supplement of the dossier if the dossier is not valid.

3. Time to suspend the operation of the enterprise

The duration of business suspension shall not exceed 01 (one) year. Before the suspension period ends, the enterprise can extend the suspension for an unlimited number of times. This is the most outstanding new point of the Enterprise Law 2020 on business suspension.

For legal support, please contact DHP Law Firm with the following information:

DHP . Law Firm
Address: L4-09.OT06 Landmark 4 Building, Vinhomes Central Park 720A Dien Bien Phu, Ward 22, Binh Thanh District, City. Ho Chi Minh.
Hotline: 0986.938.627 VND
Zalo, Viber, Line: 0986.938.627 VND

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