Investment in Vietnam: managing the required compliances for a company

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 facilitating effective and stable business administration.

Why should you keep good business records?

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 in 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, 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
You collect and store the compliance reports submitted to government agencies
VIVA coordinates with you to review, evaluate, complete each type of document and scans into e-files monthly, quarterly and annually to save on computers

MANAGE EMPLOYMENT RELATIONS

Relations between employees and company in signing and implementation of 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 client
Make salary payments to employees, distribute online pay slips to employees and paper slip for workers
Respond to employees’ questions

Relations between company and Insurances and Labor agencies in reporting and payments

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 payment of SHUI benefits to employees
Reconcile SHUI data with the social insurance agency
Make payment of SHUI to the social insurance agency
Register and follow up the status on SHUI declaring software/electronic signature.

Relations between company and 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 payment of PIT amount to the tax authorities
Register and follow up the status of PIT declaring software/electronic signature

ACCOUNTING – AUDITING

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 subjected to audits in accordance with relevant laws
Audits are also conducted at the request of customers, partners in bidding and business cooperation, etc

What are the benefits of the audit of financial statements?

Satisfying and complying with requirements of state authorities
Assisting in identifying risks and ineffectiveness in operation and usage of resources
Creating confidence for information users, including tax authorities, banks, partners, investors, etc. For example, with audited financial statements with an unqualified opinion, a business can be categorized as a highly credited customer and entitled to more preferential credit services and significantly reduced interest
Completing the business valuation documents and the business credit documents

BUSINESS CONTRACTS AND IMPORTANT TRANSACTIONS

Knowing your customer and due diligence
Preparing and implementing of business contracts
Managing deals

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.

Thanks to a unique combination of local expertise and global experiences, VIVA BUSINESS CONSULTING is the one-stop solution for the required compliance procedures in Vietnam for foreign investors and experts. We are still here since 2006s because of our thousands of satisfied clients and our employees. Our staying power is a testament to the professional resources, and so much more.

YOU WILL RECEIVE

“If you ask any successful businessperson, they will always have had a great mentor at some point along the road.”
Richard Branson

INVESTMENT IN VIETNAM REQUIRED COMPLIANCE PROCEDURES