Legal basis:

– Commercial Law 2005;

– Decree No. 07/2016/ND-CP.

Foreign traders mean traders established and making their business registrations according to the provisions of foreign laws or recognized by foreign laws. Foreign traders are entitled to set up their representative offices or branches in Vietnam and to establish in Vietnam foreign-invested enterprises in the forms provided for by Vietnamese law.

1. Termination of operations of foreign traders

Foreign traders shall terminate their operations in Vietnam in the following cases:

– Upon expiration of the operation duration stipulated in their licenses;

– At the request of traders, which is approved by competent state management agencies;

– Under decisions of competent state management agencies as a sanction against their violations of law and their licenses;

– The foreign traders are declared bankrupt;

– Foreign traders terminate their operations according to foreign laws, for representative offices, branches or foreign parties to business cooperation contracts with Vietnamese parties;

– Other cases provided for by law.

Before terminating their operations in Vietnam, foreign traders are obliged to pay debts and fulfill other obligations toward the State, concerned organizations and individuals in Vietnam.

2. Documents for termination of operations of foreign traders

– Notice of termination of representative offices or branches signed by the authorized representative of the foreign traders, except in cases the License to establish a Representative Office or Branch is revoked;

– Copy of the document of the Licensing Agency not to renew the License to establish a Representative Office, License to establish a Branch or a copy of the Decision to revoke the License to establish a Representative Office, License to establish a Branch of the Licensing Agency (if any);

– List of creditors and unpaid debts, including tax debt and social insurance payment debt;

– List of employees and their current corresponding benefits;

– Original License to establish a Representative Office, License to establish a Branch.

In addition, other documents may be required by the State agencies such as a commitment to fulfill tax and customs obligations, debt payment plan,…

3. About Us, Hankuk Law Firm

■ Hankuk Law Firm – Introduction

The goal of the legal services provided by HANKUK LAW FIRM is to support businesses, investors, and people. Our organization employs skilled Korean lawyers, partners, and professionals to provide legal services to businesses related to corporations and litigation.

To support the startup process, our lawyers and staff provide a wide range of services, including business law consulting, tax and immigration law consulting, real estate services, business consulting, marketing and communications, human resources, product distribution, franchise options, etc. We provide expert advice on every aspect of your business needs.

To protect the legitimate rights and interests of our clients and achieve the best results, we provide legal advice and participate in civil lawsuits related to business, labor, marriage, family, and inheritance.

■ Contact us now

For reliable and effective legal advice, please contact HANKUK LAW FIRM now. We are committed to providing you with the best possible answers and our team of experienced lawyers has extensive knowledge in many legal fields. We are always here to provide the most competent and dedicated support, whether you are dealing with contractual issues, commercial disputes or need guidance on foreign investment. HANKUK LAW FIRM is honored to have assisted hundreds of domestic and international clients in skillfully resolving complex legal issues as their trusted legal partner. Do not let legal issues hinder your success. Let us accompany you towards legal achievement and comfort. For prompt guidance and support to ensure your rights are always maintained at the highest standards, contact HANKUK LAW FIRM now.

■ Contact Hankuk Law Firm

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