Annual Operation Reports For Foreign Representative Offices

Annual Operation Reports For Foreign Representative Offices

Annual Operation Reports For Foreign Representative Offices

Annual Operation Reports For Foreign Representative Offices

Annual Operation Reports For Foreign Representative Offices

Regarding the annual operation report of a representative office of a foreign trader in Vietnam, VIVA would like to provide you with the relevant regulations as follows:

GENERAL REGULATIONS

  • A representative office of a foreign trader established in Vietnam, operating under the Operation License issued by Ho Chi Minh City Department of Industry and Trade must have an official stamp and a tax code for its legal operation;
  • A representative office is a dependent unit of a foreign trader which acts as a liaison office, investigates the market and promotes investment opportunities for the trader that it represents;
  • A representative office is required to mail the annual report on its operations during the year in the form issued by the Ministry of Industry and Trade to the licensing agency;
  • A representative office shall be obligated to report, provide documents on or clarify matters relating to its operations at the request of competent state regulatory authorities.

WHEN IS A REPRESENTATIVE OFFICE REQUIRED TO SUBMIT ITS ANNUAL OPERATION REPORT

  • By January 30th  of the following year, every representative office shall deliver in person or mail the annual report on its operations using the form issued by the Ministry of Industry and Trade to the licensing agency.
  • Also, upon the request of competent state regulatory authorities, a representative office shall submit operation reports, documents and other explanatory information, which are kept at its office for its license renewal/revision during its operation.

WHAT ARE THE MAIN CONTENTS OF A REPRESENTATIVE OFFICE’S ANNUAL OPERATION REPORT

  • Personnel of the representative office (including the chief representative and employees working at the representative office):
    –  Employees working at the representative office (at the reporting time);
    – Personnel changes during the year (only for persons who work or terminate their employment at the representative office).
  • Operations of the representative office:
    – Commercial operations (Major operations during the year, actual operating results during the year);
    – Other operations (Trade promotions, etc.)

TO AVOID AND PREVENT RISKS COULD HAPPEN

  • Failure to submit the operation reports on time may lead to a fine of up to 40 million VND and adversely affect the future office license renewal and other procedures, as well as require supplementary reports.
  • Last but not least, the presentations and contents of a representative office’s report on its operation also function as the basis for comparison with the labor declaration, personal income tax declaration and settlement of each employee and the chief of the office and affect the next extensions of the validity of the office license (one, two, or five years) .

 

VIVA has been an in-depth consultant on business compliance procedures in Vietnam since 2006, based on our professional - integrated background in Business laws - Accounting and corporate finance - Tax management - Labor relation and payroll – Business administration procedures. VIVA offers exclusive services in an integrated tailor-made, consist of 5 specialized-expertise platforms and the inheritance experience up to hundreds of years for every job.

Our extensive expertise and management system that facilitates us to connect local resources and be ready to deliver exclusive solutions that exceed all standard limits and satisfy all expectations of our clients.

 

Consult Us


Read more:

Preparing and managing business records in 2020

Risk management on representative office operation in Vietnam

Representative office in Vietnam – typical rights and obligations

Operating representative office in Vietnam manage your 08 compliance procedures

Representative office in Vietnam – manage the end year 2020 compliance requirements

Representative office vs subsidiary vs branch? How to transform business models in Vietnam

Summary
Annual Operation Report For Foreign Representative Offices
Article Name
Annual Operation Report For Foreign Representative Offices
Description
By January 30th of the following year, every representative office shall deliver in person or mail the annual operation report using the form issued by the ...
Author
Publisher Name
VIVA BUSINESS CONSULTING
Publisher Logo