Newest guidance on termination of operations of branch or representative office of cooperatives in Vietnam

Newest guidance on termination of operations of branch or representative office of cooperatives in Vietnam (Image from Internet)

Newest guidance on termination of operations of branch or representative office of cooperatives in Vietnam

According to the provisions of Article 54 Decree 92/2024/ND-CP, the termination of operation of branch, representative office, and business location in Vietnam is carried out as follows:

- Before notifying the termination of branch, representative office, or business location activities, the cooperative, union of cooperatives, branch, or representative office must register with the tax authority to fulfill tax obligations as required by tax law in Vietnam.

- Within 10 days from the date of the decision to terminate branch, representative office, or business location activities, the cooperative or union of cooperatives shall send a registration dossier for the termination of branch, representative office, or business location activities to the district-level business registration authority where the branch, representative office, or business location is situated.

The registration dossier for terminating branch, representative office, or business location activities includes the following documents:

+ Notification of the termination of branch, representative office, or business location activities;

+ A copy or original of the meeting minutes of the Board of Directors (for full governance organization) or General Assembly of Members (for simplified governance organization) regarding the termination of branch or representative office activities in the case of terminating branch or representative office activities;

+ A copy or original of the decision of the Board of Directors (for full governance organization) or resolution of the General Assembly of Members (for simplified governance organization) regarding the termination of branch or representative office activities in the case of terminating branch or representative office activities.

- After receiving the registration dossier for terminating branch, representative office, or business location activities, the district-level business registration authority sends information on the termination of branch, representative office, or business location activities to the tax authority. Within 02 working days from the date of receiving the information from the district-level business registration authority, the tax authority sends information regarding the fulfillment of tax obligations by the branch, representative office, or business location to the district-level business registration authority.

Within 05 working days from the date of receiving the registration dossier for terminating branch, representative office, or business location activities, the district-level business registration authority changes the legal status of the branch, representative office, or business location to terminated if no objection is received from the tax authority, and simultaneously issues a notification of the termination of branch, representative office, or business location activities.

- The termination of overseas branch or representative office activities of cooperatives or unions of cooperatives is in accordance with the laws of the respective country. Within 30 days from the official termination of the overseas branch or representative office activities, the cooperative or union of cooperatives shall send a written notification of the termination of the overseas branch or representative office activities to the district-level business registration authority where the cooperative or union of cooperatives is headquartered.

The district-level business registration authority updates the information of the cooperative or union of cooperatives in the Cooperative Registration Database within 03 working days from the date of receiving the notification.

- At the end of a 06-month period from the date the district-level business registration authority announces the status of the branch, representative office, or business location undergoing termination procedures on the National Business Registration Portal without receiving a registration dossier for terminating branch, representative office, or business location activities and without written objections from the tax authority or other related organizations, individuals, the district-level business registration authority proceeds with the termination of the branch, representative office, or business location in the Cooperative Registration Database, and simultaneously issues a notification of the termination of branch, representative office, or business location activities.

Information on the termination of branch, representative office, or business location activities is transmitted from the Cooperative Registration Information System to the taxpayer registration application system for updating.

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