OUR ONE-STOP SERVICE
FOR THE REQUIRED COMPLIANCE PROCEDURES OF A COMPANY IN VIETNAM
CHIEF OF OPERATION OFFICER SERVICE
- Daily hand in hand for any query and requirement from business operation… We have plenty of practical solutions for most of your actual business cases, and you shall not pay for any lesson.
- Provide business forms and operations.
- Update and apply for any new regulations.
- Official representative to follow up and settle any query from competent authorities.
MANAGE REQUIRED BUSINESS RECORDS
Business records management is a mandatory requirement to manage and comply with the business’s compliance procedures required by the competent state agency as well as facilitate effective and stable business administration.
Why should you keep good business records?
- 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
- Helps you plan for tax payments
- Helps identify the strengths and weaknesses of your business
- Helps manage changes and improvements in your business
- Will help you plan to meet financial commitments such as paying creditors or employees
- Makes it easier to get a loan or sell your business
- Avoids over/under tax payments
- Helps identify if your business is liable for paying vat to the tax department
- Makes it easier to distribute profits to shareholders as dividends or for partnerships where both profits and losses have to be shared.
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 and guides 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…
- You collect and store the compliance reports submitted to government agencies.
- VIVA coordinates in reviewing – evaluating – perfecting each type of document and scans into e-files monthly, quarterly and yearly basis to save on computers.
MANAGE EMPLOYMENT RELATIONS
Relations between employees with company in signing and implementation of labor contracts:
- Internal labor regulations – Salary policies – Collective Labor agreements – Labor contracts
- Calculate salaries, allowances, bonuses, incentives and other payments
- Calculate salary for new and resigned employees
- Implement changes/adjustments (if any)
- Reconcile/confirm payroll with clients
- Make salary payments to employees, distribute online payslips to employees and paper slips for workers
- Respond to employees’ questions.
Relations between company with Insurance and Labor agencies in reporting and payments:
- Initial registration and declaration for newly established company
- Make and submit monthly SHUI increase/decrease reports
- Get employees’ SI booklet finalized/closed
- Register for new/adjusted SI documents, HI cards for employees
- Make and submit SHUI benefit reports: sick, maternity, labor accidents, occupational diseases, death
- Make a payment of SHUI benefits to employees
- Reconcile SHUI data with the social insurance agency
- Make a payment of SHUI to the social insurance agency
- Register and follow up on the status of SHUI-declaring software/electronic signature.
Relations between company with Tax Department in reporting, payments and annual settlement:
- Register PIT codes for new employees and their dependents (if any)
- Declare and submit monthly PIT reports
- Explain employees’ questions related to PIT
- Make a payment of PIT amount to the tax authorities
- Register and follow up on the status of PIT-declaring software/electronic signature
MANAGE TAXATION – ACCOUNTING
Tax management and tax planning on Value-added tax | Corporate income tax | Personal income tax | Foreign Contractor Tax | Capital Assignment Profits Tax | Natural Resources Tax | Property Taxes | Environment Protection Tax | Import and Export Duties | Social, Health and Unemployment Insurance Contributions | Tax Audits and Penalties | Other Taxes
- Prepare papers and dossiers for initial tax declaration: Accounting systems, add value tax method, VAT invoice…
- Prepare monthly, quarterly tax reports and submit them before the deadlines: License tax, VAT, CIT, PIT, withholding tax, capital invested tax… Manage all the required compliance procedures: Registration, declaration, settlement, explanation…
- Setting up the optimal structure of revenue and lawful expenses to optimize CIT, VAT, PIT the payable amount.
- Prepare lawful accounting books systems and financial statements. Supporting annual independent audit confirmation.
- Perform monthly, quarterly and annual internal audits for the proper business records, the trust and fairness of financial statements and compliance reports.
- Verify potential risks and exists with correction solutions and prepare a management letter to the BOD.
Under Article 15 of Decree No. 17/2012/ND-CP dated March 13, 2012, guiding the implementation of 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.
How does VIVA support you in managing the annual audit procedures?
- Providing you with comprehensive advice on matters of concern.
- Acting on your behalf and managing the entire process and related procedures until an auditor’s report is issued.
- Saving costs directly and indirectly related to the audit procedures, optimizing the benefits of the audit procedures.
- Giving instructions on how to manage, present, explain and provide information on financial statements, especially in working with credit institutions and investors.
- Formulating strategies to create and complete items and financial statements for the procedures of acquisition, merger, consolidation and privatization of businesses.
- Establishing strategies to build corporate credibility and conduct a business valuation.
BUSINESS CONTRACTS AND IMPORTANT TRANSACTIONS
- Know your customer and due diligence
- Preparing and implementing of business contracts
- Manage deals.
THE REQUIRED PROCEDURES FOR EXPATS IN VIETNAM
Who are the foreign employees in Vietnam?
- Executing the labor contracts
- Working as managers, chief executive officers, experts, technicians
- Internal reassignments
- Enforcing contracts or agreements
- Working for foreign non-governmental or international organizations in Vietnam
What are the required procedures that foreign employees in Vietnam shall keep in mind?
- Visa for experts and investors
- Work permit
- Temporary residence card
- Personal income tax
- Compulsory insurances
- Labor contracts, Employment records and relations
- Direct investment in Vietnam
- Rights and obligations of Legal representatives of a business entity
- Legalized and notarized translations of overseas papers | Local bank accounts and remittances | Manage contracts | Buy, rent and purchase housing | Other procedures at the local competent state agencies.
Foreigners shall comply with the local laws and regulations to avoid and prevent violations in advance, keep their good standing in optimal manners whenever they are working and doing business in Vietnam.
LEGAL REPRESENTATIVES AND INVESTORS
MANAGE THE LOCAL REQUIRED RECORDS AND PROCEDURES
Foreign investors or legal representatives shall comply with the local laws and regulations to avoid and prevent violations in advance, keep their good standing in optimal manners whenever they are working and doing business in Vietnam.
VIVA Business Consulting will provide local regulations and instant solutions for most of the concerns of a foreigner who are working in Vietnam. Under our management, the required compliance procedures shall be reviewed and managed properly:
Professional employee profile and establish local employment relations:
- Know your employer and your title position
- Local job descriptions that shall be inlined and consistent with the position
- Establish lawful employment relations in form of appointment letters, labor contracts, internal assignments…
- Required papers to meet local conditions on foreign employment in Vietnam.
- Manage your work permits, residency.
Manage your personal income tax and compulsory insurance:
- Taxable incomes and tax exemption, methods of tax declaration and payment.
- Review and identify your sources of income, and tax deductions to avoid potential violations that may impact your good standing.
- Calculate your tax payable amount and compulsory insurances in lawful and optimal manners.
- Review your tax reports and annual final settlement, apply for insurance benefits and avoid double tax payment according to the tax agreements.
- Representative on behalf to manage and settle any query or requirements from the local competent state agencies.
Other support for foreigners
- Private banking services: Manage required papers and procedures for every transaction as per local laws. Overseas remittance and loans.
- Direct or In-direct Investment in Vietnam.
- Buy, rent and purchase housing
- Business records management for any of the required papers so that you will be always ready to provide information and protect your interests during your work in Vietnam.
- Exclusive counsel of the Chief of representative office and Legal representatives of a business entity.
STANDARD OPERATION PROCESS – SERVICE FEE AND TERM OF PAYMENT
Our operation process:
- Listing technical goals upon business required and expected from the BOD.
- Manage technical processes to guarantee every goal in optimal and legal ways.
- Provide lawful and sufficient business forms and documents.
- Maintain professional teams to support and take care of the goals.
- Every job will be treated and managed in a tailored and bespoke manner. The Client shall be free from any local compliance requirement.
Our service fee:
For ensuring the service, and keeping your good standing in Vietnam at the local competent state agencies, we must maintain a team of 05 expertise in Business Law | Labor relations | Tax management | Accounting | Administration who are always in ready mode. Our goals are not only fully managed and optimized to local required compliance procedures by local laws and regulations, but also continuously offer outstanding solutions that help create added value and inspire your business advantages.
Service fees can be customised based on your business demand and actually scopes of service. This service fees is excluded VAT 10% and annually audit fee while fees of transportation, courier, tell & fax charge, miscellaneous, vouchers by the agencies are included. This service fee includes counseling but will not be included in direct procedures of application for work permit, temporary resident card, amending IRC or ERC…
With 01 year service contract, we offer free of-charge internal audit service from the previous year that can help to verify internally the tax and compulsory insurances amounts and collate the balance figures with the tax department for any difference and solution:
- Review the submitted tax-labor reports according to the required compliances;
- Review tax and employment records including employee profiles, payroll, tax and compulsory insurances payable amounts;
- Request official balance status from the tax department and labor department.
- Collate the balances of tax with the tax and labor department for any differences and solutions;
- Identify any tax compliance risks and verify correction solutions;
- Prepare a management letter to the board of directors for the risks and correction suggestions.
ABOUT VIVA BUSINESS CONSULTING
VIVA is the local expertise for local business compliance procedures, has been trusted by thousands of foreign investors, multinational companies from Europe, Japan, Singapore, India, Korea, USA… for the required business compliance procedures by local laws and regulations since 2006.
Thanks for consistent of practice expertise in Business laws - Employment relations – Tax and accounting – Corporate finance – Corporate services, VIVA has been successfully providing service for thousands of leading companies in such industries: Garment, energy, pharma, advertising, agricultural…
VIVA keeps its signature by offering one-stop business platform with regard to market entry and the mandatory business compliances. We ensure for our client’s good standing, in lawful and optimal manners whenever they are working and doing business in Vietnam.
- Using business management advisory services to manage risks and create competitive advantages
- DUNS number: standard worldwide and unique numeric identifier for business
- Approval for investment guidelines of new factory in Vietnam
- Types of employment contracts – probationary – cases of termination
- Manage employment relations in Vietnam
- Labor compliance procedures – registration internal labor regulations
- Why registration of internal working regulations ?
- Doing business in Vietnam – business records management
- Managing the required business records in Vietnam
- Internal audit
- Doing business in Vietnam – statutory audit of financial statements
- Notice on financial statement audit for fdi companies
- Taxable incomes from wages and remunerations
- Company in Vietnam- lawful cash-flows and required compliances
- Corporate financial management
- Vietnam employee books – regulations on preparation, update, management and use