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Termination of a Business [Guide 2023].


Table of Contents

All about how to terminate a company in the SII and how to dissolve your company in Your Company in a Day

Sometimes companies are unable to continue operating for various reasons.

In these cases, to avoid administrative costs, it is advisable to do the following:

  • Close bank accounts
  • Dissolve the Company or Partnership
  • To complete the termination of the transfer in the SII.
  • Liquidate assets

In this guide we will look at the process of winding up and dissolving or terminating the partnership or company.

Definition: What is the term "giro"?

The Termination of Business corresponds to a notice that must be filed with the SII by any individual or legal entity that, due to the termination of its commercial or industrial business, or of its commercial activities, ceases to carry out taxable activities.

There may be several reasons for this:

  • Will of the shareholders or partners.
  • Fulfillment of the company's term.
  • Insolvency or bankruptcy of the company.
  • Death of a partner in the case of partnerships.
  • Termination of business.

Who must perform the termination of the turnaround?

As a general rule, any person, natural or legal, that ends its commercial or industrial activity or ceases its activities and for this reason ceases to be subject to taxes, must carry out the procedure for the termination of its activity.

First Category Taxpayers

Second Category Taxpayers

Presumptive Income Taxpayers

Other Taxpayers, Review Circular N60 SII of October 29, 1998.

What is the deadline for completion of the Giro?

Taxpayers must give notice of termination of business to the Internal Revenue Service within two months following the termination of their activities. This two-month period begins to run from the day following the day on which the termination of the business or activities took place.

What are the penalties for not giving notice of termination?

The delay or omission in the presentation of the Termino de Giro, when it does not constitute the immediate basis for the determination or liquidation of a tax, will have a fine of one UTM to one UTA. Otherwise, the fine will be 10% of the taxes resulting from the liquidation, provided that such delay or omission does not exceed 5 months. After this term, the fine will be increased by 2% for each month or fraction of a month of delay, not exceeding 30% of the taxes owed.

Step by Step

How to make a draft termination in SII

  1. Login to Portal SII with RUT and Taxpayer ID and Password

  2. In Online Services, go to Payment Termination


  3. Enter the option "Declare Termination of the Draft".

  4. Complete Form Termino Giro SII and Send Declaration - Form 2122

  5. Obtain Certificate of Income Processing - Enter SII Review

    If not validated, the SII will request additional documents to be attached.

  6. Wait for a response from the SII approving the documents (in cases where the review of documents is pending).

    Once the documents have been reviewed, the electronic F2121 declaration must be resubmitted again.

  7. Obtain Certificate of Termination

    If the information entered in the F2121 was correct and supported by the attached documentation, and there are no differences in taxes receivable or payable, the SII issues the "Certificado de Término de Giro".

Non-Motion Turn Term

Frequently Asked Questions

How is the term of rotation made?

How long does it take for the draft term to become effective?

What happens if I don't make the term turnaround?

How long can I stay without movement?

How do I declare without movement?

Dissolution of a company in Your Company in a Day

Once we obtain the certificate of Termino de Giro from the SII, it will be possible to dissolve a company in your company in one day.

To do the above, the following must be done:

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