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IP liquidation

The decision to close an IP in Belarus can be made by an individual doing business, a tax office, or a judge in a case of bankruptcy or illegal financial transactions. Regardless of what caused the closure of a small business - family circumstances, a change in the field of activity, a transition to another legal form of organization, debts or insolvency, in the process of liquidating an individual entrepreneur, the entrepreneur is obliged to fulfill all legal and financial conditions under the concluded agreements. It is necessary to prepare financial statements in advance, resolve disagreements with counterparties and close debts to creditors, notify employees in a timely manner and pay them wages in accordance with the current labor code.

The cost of liquidation of IP
IP liquidation From 750 Euro (€)

 
Important! If a notice of dismissal of employees is not sent to the Committee on Labor, Employment and Social Protection of the Population in a timely manner, then the entrepreneur faces an administrative penalty.

Audit upon liquidation

If the entrepreneur is not able to put the documentation in order on his own, he can pay for the services of an auditor. Auditing services for the liquidation of individual entrepreneurs:
• verification of primary reporting documentation;
• identification of shortcomings in the financial statements;
• control over the timely payment of mandatory payments;
• preparation of tax returns.
By seeking the help of an auditor, an entrepreneur will not only save time, but also solve problems with the business, receive a prepared package of documents, and avoid penalties.

Procedure

In the absence of violations and timely submission of documents, the IP will be closed within three months. The procedure for liquidating an individual entrepreneur implies the fulfillment of a number of bureaucratic requirements, compliance with established deadlines and applicable regulations.

Familiarization with the inspection plan

In order to liquidate an individual entrepreneur in the Republic of Belarus at his own request, the entrepreneur is obliged to clarify with the State Control Committee whether a scheduled inspection of the individual entrepreneur is scheduled for the current year.

IP liquidation notice

The entrepreneur is obliged to notify the creditors of the liquidation of the IP by publishing a paid advertisement in the journal "Justice of Belarus". Within two months after the publication of the journal, it is necessary to resolve disputes with counterparties and creditors. After the closing of the company, claims for damages or payment of debts will be sent to an individual, a former individual entrepreneur, and the collection of funds will be possible only through the courts.

Application submission

The entrepreneur personally or with the help of a trustee is obliged to fill out and submit to the executive committee an application for closing the IP. From the moment of filing an application for closing an IP in Belarus, an entrepreneur has the right to make adjustments to the reporting and perform calculations on debt obligations within nine months. In private, this period can be extended up to 1 year.

To apply, you must have an identity document, title documents and a receipt for paying for the advertisement in the magazine. From the moment the application is registered with the executive committee, it is prohibited to conduct financial transactions, take new loans, conclude or renew contracts for the provision of services. Any financial activity will be illegal.

Tax reporting

The next step is to submit to the tax service, within 5 days from the date of filing an application for the liquidation of an individual entrepreneur in the Republic of Belarus, a declaration for the entire period of activity and for the past tax period. If an audit company is involved in closing the IP, the deadline for submitting documents can be extended up to 20 business days. Based on the results of the tax audit, the entrepreneur or his authorized representative will be issued an inspection report. Identified erroneous information or incomplete data in the declarations, it is necessary to correct and re-submit the documents for verification. If an entrepreneur cannot confirm the accuracy of tax calculations, he is obliged to pay tax on the entire amount of income received.

In case of disagreement with the opinion received, the entrepreneur can appeal it by writing to the management of the tax department. If the complaint is not satisfied, it should go to court. During the consideration of the appeal, the activity and the liquidation process will be suspended.

Financial calculations

The entrepreneur is obliged to pay severance pay to employees, pay off debts under civil law contracts and fulfill all existing obligations to counterparties. If there are not enough funds in the company's accounts, there are no personal savings, then it is possible to close the IP only after the bankruptcy procedure.

Archive

At the end of all checks, it is necessary to transfer payrolls with notes on the completed settlements of obligations and existing employment contracts to the archive, as well as to hand over the transfer of title documents and seal to the local registration authority.

Individual entrepreneurial activity is considered completed from the moment the relevant entry is made in the Unified State Register (USR). In order to avoid penalties, for example, for late filing of documents, payment of fees or for violation of applicable legal regulations, the entrepreneur should:
• observe the established deadlines for submission of documents and the bureaucratic sequence of actions;
• pay off debts, if necessary, use personal funds, for example, sell movable and immovable property, and use the proceeds from the sale to pay off debts to creditors, customers or to pay severance pay to employees;
• timely provide reliable information to inspection organizations.

After the exclusion of the IP from the USR, the former entrepreneur will be issued a certificate of the appropriate form on the liquidation of the IP.

The closure of an individual entrepreneur in Minsk can be carried out quickly and without legal consequences. The lawyers of our company are always ready to provide advice, provide services and help entrepreneurs avoid economic risks and costs when closing a business.

For professional legal advice, call +375291102388 or e-mail: info@legaltime.by.

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