PROCEDURES FOR CONVERSION OF ENTERPRISE TYPE

PROCEDURES FOR CONVERSION OF ENTERPRISE TYPE

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I. WHAT IS CONVERSION OF ENTERPRISE TYPE?

Conversion of enterprise type is a form of reorganization and restructuring of an enterprise without completely terminating its operations. In other words, that company will operate under a different type of enterprise. The enterprise is not allowed to voluntarily convert but must meet all conditions according to the law to be entitled to convert the enterprise type. However, the enterprise still inherits all legal rights and interests, and is responsible for debts, including tax debts, labor contracts, and other obligations of the company before conversion.

II. REASONS FOR CONVERTING ENTERPRISE TYPE?

Each type of enterprise will have its own characteristics. The owner chooses the type of enterprise suitable for the scale and orientation of that enterprise. However, an enterprise will proceed to convert its type in cases such as:

Conversion according to the needs of the enterprise;

Conversion according to the provisions of law.

III. CASES OF ENTERPRISE TYPE CONVERSION

Converting a limited liability company with 2 or more members into a joint-stock company;

Converting a joint-stock company into a limited liability company with 2 or more members;

Converting a joint-stock company into a single-member limited liability company;

Converting a single-member limited liability company into a joint-stock company;

Converting a single-member limited liability company into a limited liability company with 2 members;

Converting a limited liability company with 2 members into a single-member limited liability company;

Converting a private enterprise into a limited liability company, joint-stock company, or partnership company.

IV. PROCESS OF ENTERPRISE TYPE CONVERSION

Step 1: The enterprise chooses the type of enterprise intended for conversion.

Step 2: Prepare and draft a dossier for conversion of enterprise type corresponding to the type of enterprise being converted.

Step 3: Submit the dossier on the National Business Registration Portal.

Step 4: Receive results from the Business Registration Agency

V. NOTES WHEN CONVERTING ENTERPRISE TYPE

Converting the type of enterprise will lead to changes in some information about the enterprise such as enterprise name, seal, other related documents... Therefore, to ensure future operations, when performing the conversion, the enterprise needs to note the following issues:

Implement changes to information on papers and dossiers of the company;

In case the company name is changed, the enterprise needs to make a new company sign and hang it at the head office, representative offices, and business locations (if any);

Proceed to carve a new seal sample in case the old seal contains information that changes upon conversion; the old seal is replaced by the new seal (seal content includes tax code and enterprise name);

Procedures for changing enterprise information (address, name, business lines...) and type conversion procedures can be carried out simultaneously;

Change information on assets owned by the enterprise such as Land Use Rights Certificate, house ownership rights, and other assets attached to land...

Notify the conversion of enterprise type to relevant agencies, organizations, and individuals (partners, customers, tax authorities, specialized management agencies...);

Update information on bank accounts, customs accounts, electronic tax accounts, digital signatures (if any).

VI. IMPLEMENTATION COST

From 1,500,000 VND (Including the announcement fee on the National Business Registration Portal).