New establishment of consolidated company as One member limited liability company

a) Implementation order:

·      Two or more companies (hereinafter referred to as consolidating companies) can consolidate into a new company (hereinafter referred to as the consolidated company), at the same time, terminate the existence of consolidating companies.

·      Consolidating companies prepare Consolidation Contract.

·      The members and owners of the company, the shareholders of consolidating companies aprrove the consolidation contract, the charter of the consolidated company, elect or appoint Chairman of the Board of Members, Director or General Director of consolidating companies and conduct enterprise registration for consolidated company. Consolidation contract must be sent to all creditors and notified to employees within 15 days from the date of approval.

·      After enterprise registration, consolidating companies terminate the existence; consolidated company is entitled to the legitimate rights and interests, responsible for unpaid debts, labor contracts and other property obligations of the consolidating companies.

b) Implementation method: The company or authorized representative directly submits documents to the Business registration office where the company registered its head office or submits enterprise registration documents via electronic network.

c) Documents, including:

·      Consolidation Contract;

·      The Resolution and meeting record approving consolidation contract of consolidating companies;

·      A valid copy of the enterprise registration certificate or other equivalent documents of the consolidating companies;

·      Enterprise registration documents of One member limited liability company for consolidating companies.

d) Number of documents: 01 (set).

đ) Time limit for settlement: Within 03 (three) working days, after receipt of full valid documents.

e) Implementing agency: Business registration office - Department of Planning and Investment.

g) Subjects of administrative procedures: Individuals, organizations.

h) Results of administrative procedures: The enterprise registration certificate/ Notice on amending and supplementing enterprise registration documents.

i) Fees: VND 200,000/ time (Circular No. 176/2012/TT-BTC) (Payment at time of filing).

k) Name of form, declaration:

·      Request for registration of One member limited liability company (Annex I-2, Circular No. 20/2015/TT-BKHDT);

·      List of authorized representatives (Annex I-10, Circular No. 20/2015/TT-BKHDT).

l) Requirements and conditions for procedure implementation: Defined in Article 28, 194 of the Enterprise Law and Article 24 of Decree No. 78/2015/ND-CP.

m) Legal basis of administrative procedures:

·      The Enterprise Law of the Assembly of the Socialist Republic of Vietnam No. 68/2014/QH13 dated 26/11/2014 (The Enterprise Law);

·      Decree No. 78/2015/ND-CP dated 14/9/2015 of the Government on enterprise registration (Decree No. 78/2015/ND-CP);

·      Circular No. 20/2015/TT-BKHDT dated 01/12/2015 of the Ministry of Planning and Investment guiding the enterprise registration (Circular No. 20/2015/TT-BKHDT);

·      Circular No. 176/2012/TT-BTC dated 23/10/2012 of the Ministry of Finance providing for the collection level, collection regime, payment, management and use of fees of enterprise registration, business household registration and enterprise information supply fee  (Circular No. 176/2012/TT-BTC).