21 Nov FOREIGN REPRESENTATIVE OFFICE IN VIETNAM THE ANNUAL OPERATION REPORTS 2022(Last Updated On: November 22, 2022)
Any foreign representative office in Vietnam shall be complied with the regulations on annual operation report as follows:
LEGAL GROUND ON THE ANNUAL OPERATION REPORTS
- By January 30th of the following year, every foreign 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 THE ANNUAL OPERATION REPORT?
Labor use and employment relations:
- Reports on local employees.
- Reports on foreign employees.
- Total incomes.
- Compulsory insurances
- Personal incomes tax.
- Newly join and termination of labor relations.
Operations of the representative office:
- Commercial activities
- Manage and promote local business contracts,
- Market research
- Develop products,
- Seeking opportunities for the purchase or sale of goods and provision of services…
- Other activities
WHAT ARE THE RISKS THAT MAY HAPPEN AND SHALL BE AVOID IN ADVANCE?
- Failure to submit the annual operation reports on time may lead to a penalty amount of up to 40 million VND and impact to the good standing of the representative office in Vietnam.
- The contents in the report may conflict with the office’s functions, especially may show violations on labor declaration, foreign employees, local bank accounts and foreign currency, declaration and settlement of personal income tax …
- According to the good standing, there will be special inspection on many other required compliance procedures from local competent state agencies such as: Tax department, Labor Department, Licensing Department…
- And also according to the good standing, the representative office license could not be extended at the expired date.
HOW VIVA SUPPORT YOU IN MANAGING THE REPORTS
- Review the general activities of the office regarding to its allowed function.
- Review business records and required compliance reports on labor use and employment relations.
- Review business records and required compliance reports on personal income tax.
- Review business records and required compliance reports for the chief of representative office and expats.
- Identify the risks with correction solutions.
- Prepare a proper and optimal reports, prevent any violation in advance, keep your good standing, enhance more incentives for licensing renewal and other required compliances during office operation.
- Representative on behalf to explain and settle for any query or requirement from the related competent state agencies.
ABOUT VIVA BUSINESS CONSULTING
Who we are?
- VIVA is a business consulting company, specializes in business compliance procedures according to local business laws and regulations since 2006. VIVA has been continuously trusted by thousands of well-known clients since 2006.
- The insights and consistent backgrounds in Business Laws – Accounting and Corporate Finance – Tax Management – Labor Relations and Payroll – Secretarial services help us build trust and confidence in the entrepreneur's community.
- We have been successfully providing service for thousands of leading companies from Hong Kong, Japan, US, EU, Singapore, India, China, Korea…. in forms of FDI companies, Foreign representative offices, Foreigners working in Vietnam, Vietnamese SMEs, Chief Operation Officers.
What we do
- Services for Expats in Vietnam: Visa, Work Permit, Temporary residence card, Compulsory Insurances, Personal Income tax, Labor contracts, Employment Records and Relations, Other Secretarial Services.
- Services for Representative offices in Vietnam: Establishment, extension of representative office licenses. Required compliance procedures during operation. Rights and obligations of the chief of representative office. Closure of representative office risks management.
- Services for a company in Vietnam: Setting up a new company and licensing service. Business records management. Daily business transactions management. Tax management. Accounting and financial statements. Employments, payroll and compulsory insurances. Representative on behalf of competent state agencies for any business administration procedures.
Motivated by our core values of ceaseless improvement, our great insights in local business culture and regulations, as well as the exclusive services, promise to offer you one-stop and tailored-made solutions that optimize every of your business in Vietnam in the lawful manner.
We are looking to be your valued business partner and resources in Vietnam as we have been choosing since 2006.
- Representative office in Vietnam: Business records management
- Representative office in Vietnam: Manage tax declaration and settlement
- Representative office in Vietnam: How to manage the annual operation reports
- Representative office in Vietnam: Risk management on operation
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- Representative office in Vietnam: Business compliance advisory services