FDI companies in Vietnam shall be always fully complied with local business laws and regulations, keep their business advantages and good standing for long-term operation.
THE YEAR-END REQUIRED COMPLIANCES OF 2021
What you shall keep in mind?
- Corporate income tax settlement and payment
- Personal income tax settlement for local and foreign employees
- Audited financial statements
- Price transferring documents
- Review and renew labor contracts
- Labor reports and investment project reports to related competent state agencies.
Please feel free to contact our experts for your one-stop solutions.
MORE REQUIRED COMPLIANCE PROCEDURES
BUSINESS RECORDS MANAGEMENT
Why should you keep good business records?
- Business records management is a mandatory requirement
- Helps to maximize all the expenses you claim and reduce your tax obligations
- Will help out, should you be investigated by local competent state agencies
- Makes it quicker to prepare your accounts at year-end
- Gives you the information you need to run your business and help it grow
How does VIVA help you in keeping good business records?
- VIVA creates a business records system in form of standard folders
- VIVA knows how to transfer, guide you to collect and store daily documents
- Based on these documents, the parties coordinate to prepare and submit compliance reports to tax authorities, insurance agencies, banks and partners
MANAGE THE EMPLOYMENT RELATIONS
- Relationsbetween employees with the company in signing and implementation of labor contracts.
- Relations between the company with Compulsory insurances and labor agencies in reporting and payments.
- Relations between the company with Tax Department in reporting, payments and annual settlement.
And other employment relations:
- Internal labor regulations,
- Salary scales and policy,
- Collective agreement…
- Employee profile,
- Performance of labor contracts,
- Modification, supplementation and termination of labor contracts,
- Payroll procedures,
- Working time and rest time,
- Labor discipline and material responsibilities,
ACCOUNTING – AUDITING
Accounting
- Business records management
- Chart of accounts: list, definition, policies
- Preparing accounting books according to VAS
- Preparing financial statements
- Independent auditing
- Submitting financial statements to the local competent state agencies
- Budgeting
- Internal management and risk management
Taxation
- VAT declaration
- PIT declaration
- CIT declaration
- Foreign Contractor tax, Avoid double tax, Anti price transferring, Investment capital tax…
- CIT finalization
- PIT finalization
- Representative on behalf for any query or requirement from local Tax Department
- Tax settlement, tax inspection, tax completion certificates
Auditing
According to the Independent Auditing Law, the following entities are required to have their annual financial statements audited:
- Foreign-invested businesses.
- Credit institutions incorporated and operating under the Law on Credit Institutions, including foreign bank branches in Vietnam;
- Financial institutions and insurance businesses;
- Public companies, issuers and securities traders;
- Other businesses and organizations are subjected to audits in accordance with relevant laws.
Audits are also conducted at the request of customers, partners in bidding and business cooperation, etc.
RESTRUCTURE – ACQUIRING AND SELLING A COMPANY
Acquiring and selling
- KYC and due diligence procedures
- Draft for the MOU and contracts
- Manage procedures of transferring
Transformation
- From representative office to subsidiary
- Between forms: One-member Limited liability company – More members Limited liability company – Joint-stock company – Incorporated partnership
Transferring shares
- From individual investors to individual investors
- From individual investors to entity investors
- From entity investors to individual investors
- From local investors to foreign investors or vice versa.
Dissolution of a company and transforming to others
There are 03 key steps in dissolution a business entity in Vietnam:
- Preparing for the official dissolution decision and applications, and submitting to the competent state agencies for closing any further obligation.
- To collect, complete the compliance business records and arrange for any certificate of obligations completion.
- Upon the certificates of obligations completion, the business entity will close the bank accounts, return the IRC, ERC, legal stamp as final step dissolution. This is the final paperwork as completed.
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