4 Cases of Enterprise Registration Certificate Revocation from January 01, 2021

Four cases of enterprise registration certificate revocation from January 01, 2021 - Illustration

According to Article 212 of the Law on Enterprises 2020, enterprises will have their registration certificates revoked in the following five cases:

1. The information declared in the enterprise registration dossier is falsified.

2. Enterprises are established by individuals who are prohibited from establishing enterprises under the Law on Enterprises 2020.

3. Enterprises cease business activities for one year without notifying the Business Registration Authority and the tax authority.

4. Enterprises do not submit reports on compliance with the Law on Enterprises 2020 when necessary; do not comply with the obligation to report to the Business Registration Authority within 6 months from the deadline for submission of the report or following a written request.

5. Other cases as decided by the court or as requested by competent authorities in accordance with the law.

Additionally, under Article 209 of the Law on Enterprises 2020, enterprises must carry out dissolution procedures when their enterprise registration certificates are revoked as follows:

- The Business Registration Authority must announce the status of enterprises undergoing dissolution procedures on the national business registration portal simultaneously with the issuance of the decision to revoke the enterprise registration certificate. The announcement must include the decision to revoke the certificate.

- Within 10 days from the date of receiving the decision to revoke the enterprise registration certificate, the enterprise must convene a meeting to decide on dissolution. The resolution or decision on dissolution and a copy of the decision to revoke the enterprise registration certificate must be sent to the Business Registration Authority, the tax authority, the employees in the enterprise, and must be publicly posted at the enterprise's head office, branches, and representative offices.

In cases where the law requires publication in newspapers, the resolution or decision on dissolution must be published in at least one printed or electronic newspaper continuously for three issues.

If the enterprise still has outstanding financial obligations, it must simultaneously send the dissolution resolution or decision, along with the debt repayment plan, to creditors and those with related rights and obligations. The notification must include the names and addresses of the creditors; the amount of debt, timing, location, and method of payment; and the methods and timing for resolving creditor claims.

- Payment of the enterprise's debts shall be carried out in accordance with the Law on Enterprises 2020.

- The enterprise's legal representative must submit the dissolution dossier to the Business Registration Authority within 5 working days from the date of settling all debts.

- If no objections are received from related parties in writing within 180 days from the date of notification of the dissolution procedures, or within 5 working days from the date of receipt of the dissolution dossier, the Business Registration Authority will update the legal status of the enterprise in the national business registration database.

For further details, refer to the Law on Enterprises 2020, issued on June 17, 2020.

Le Vy

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