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PROCEDURES FOR CHANGING THE TYPE OF BUSINESS

PROCEDURES FOR CONVERSION OF TYPES

Enterprises converting from limited liability companies to joint-stock companies or joint-stock companies to one-member limited liability companies, or 2 or more members, from private enterprises to limited liability companies to ensure the conditions as well as the provisions of law. Transforming the type of company will help businesses increase business efficiency, professionalize management, and solve legal difficulties, suitable for the size, development and business orientation of that business.

Enterprises must not voluntarily transform but must fully meet all conditions prescribed by law on establishment of enterprises to have the right to transform the type of enterprise. But still inherit all legitimate rights and interests, responsible for debts (bank accounts), including debts, labor contracts and other obligations of the transformed company.

Forms of transformation of enterprises

According to the provisions of current law, enterprises can convert from one type of company to another according to the following cases:

  • Change of type from a private enterprise to a one-member limited liability company
  • Change of type from private enterprise to two-member limited liability company
  • Change type from One Member Limited Liability Company to Two Member Limited Liability Company
  • Change of type from One Member Limited Liability Company to Joint Stock Company
  • Change type from Two Member Limited Liability Company to One Member Limited Liability Company
  • Change of type from two-member limited liability company to joint stock company
  • Change of type from joint stock company to two-member limited liability company
  • Change of type from a joint stock company to a one-member limited liability company

Completing procedures for registration of changes at the business registration office of the department of planning and investment of the province or city where the enterprise is headquartered, the dossiers to be prepared include:

  • Minutes of meetings on the conversion;
  • Decisions on the conversion;
  • A petition for change of the company's type;
  • List of Members/Shareholders of the Company;
  • Draft Charter of the Transforming Company
  • Other necessary documents

At the same time, businesses need to change the type of company seal when transforming the type of enterprise

If you have any questions regarding the above, please call us on (028) 38201 012 for specific advice.