Temprorarily Closing Business Service

Business suspension

Your company wants to suspend business for a short time to change business strategy or restructure, get in touch with us!

Main content

Procedures for business suspension
Process for handling business suspension documents at INNO
Some notes when temporarily suspending business
When should you suspend your business, when should you dissolve your business?
Our commitments

Procedures for business suspension

Documents company submit to the Department of Planning and Investment (DPI) of the province/city where the company is headquartered include:

Notice of business suspension;

Decision on suspension of business;

Meeting minutes (for 2 or more members limited liability companies or joint stock companies);

Notarized copy of ID card of the person submitting the application;

Process for handling business suspension documents at INNO

Step 1: Receive information and advise customers on business suspension procedures

Step 2: Prepare and submit application

Step 3: Complete the application and handover the results

Some notes when temporarily suspending business

The application have to be submitted to DPI at least 03 working days in advance from the date business want to suspend.
According to the new regulations of the Enterprise Law 2020, businesses are not limited to the time of suspension (previous regulations were that businesses could only suspendfor a maximum of 02 years).
The maximum suspension period for one (01) application is one (01) year. After one year, if business want to continue suspend, business submit a new application to DPI.
In case the business suspension period has not yet expired and the enterprise wants to get back to business, the enterprise submit an application for reopening at least 3 working days in advance from the date it wants to resume operations.

Refer to INNO’s Re-opening business service

License fee (tax), and tax declaration obligations:

Obligation	Full-year suspending (From 1^st January to ^st December)	Non-full year suspending (Eg: from 4^th July to 31^st December)
License fee	Exempt	Must pay because there is activity during the year (time of not suspending business)
Monthly/quarterly tax return	No need to file a declaration	Must submit monthly/quarterly declarations for the months/quarters of business activities (not yet submitted for suspension)
Financial Statements and Annual tax finalization	No need to file a declaration	Must file because of business activities during the year

Finally, during the business suspension, company should still fulfill tax obligations if have tax debts, do not sign business contracts, and do not issue invoices during this time.

When should you suspend your business, when should you dissolve your business?

Suspension of business is when an enterprise stops operating, producing and doing business for a certain period of time, then returning to business after the expiration of the suspension.

Dissolution of an enterprise is the cessation of operations and existence of an enterprise.

=> Therefore, if you just want to temporarily stop your business for a while and then do business again, you should suspend your business. If you want to completely close your business to focus on other goals, you should Dissolve the business.

Reffer our dissolution service

Our commitments

Consulting and processing documents in accordance with the provisions of the current Enterprise Law.
Processing and results of business suspension within 3 working days.
Keep all customer information confidential.

Contact us!