Avoid Unnecessary Taxes and fees
First, closing your business can help you avoid unnecessary taxes and fees. If you are not operating your business anymore, you still have to pay annual patent tax and monthly tax returns, as well as other administrative costs. These can add up over time and drain your resources. By closing your business, you can save money and avoid penalties for late or missed payments.
Protect yourself from risks
Second, closing your business can protect you from legal liabilities and risks. If your business is still registered, you are still responsible for any debts, obligations, contracts, or disputes that may arise from your past or present activities. You may also face lawsuits or claims from creditors, customers, suppliers, employees, or competitors. By closing your business, you can terminate your legal relationships and obligations and reduce the chances of being sued or fined.
Have a fresh start
Third, closing your business can give you a fresh start and new opportunities. If you are not satisfied with your current business or want to pursue a different career path, closing your business can help you clear your mind and focus on your goals. You can also use the experience and skills you gained from running your business to start a new venture or find a new job. By closing your business, you can move on from the past and look forward to the future.
Help the Cambodian Economy
Fourth, closing your business can benefit the Cambodian economy and society. If your business is not profitable or competitive anymore, it may be taking up valuable resources and space that could be used by other entrepreneurs or investors. By closing your business, you can free up the market and allow for more innovation and growth. You can also contribute to the social welfare and development of Cambodia by paying your taxes and fulfilling your obligations before closing.
These are some of the reasons why closing your business in Cambodia is important and advantageous. It may not be an easy decision, but it can be a wise one in the long run.
If you decide to close your business, make sure you follow the proper procedures and regulations to avoid any complications or problems.
Making It easy has been doing business closures and registrations for more than 6 years. We have had a lot of testimonies how we have helped entrepreneurs have peace of mind in doing business here in Cambodia.
Contact us NOW for a free consultation on the step by step process of doing business here in Cambodia.