ANNUAL OPERATION REPORTS FOR FOREIGN REPRESENTATIVE OFFICES

Foreign representative offices in Vietnam must comply with the annual operating reporting regime that by January 30th of each year, every representative office and branch shall submit operation status reports using the form stipulated by the Ministry of Industry and Trade to the licensing agency by post. Representative offices and branches shall submit reports, documents and explanations for their operation upon the request of competent state regulatory authorities.

Your representative office shall be complied with regulations on the required annual operation report as follows:

LEGAL GROUND

1. 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.
2. 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?

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

YOU SHALL AVOID AND PREVENT THE RISKS THAT MAY HAPPEN

1. Failure to submit the operation reports on time may lead to a penalty amount of up to 40 million VND.
2. There will be special inspection on many other required compliance procedures from local competent state agencies such as: Tax department, Labor Department, Licensing Department…
3. Last but not least, the contents in the report may conflict with the office’s functions, especially may show violations on labor declaration, personal income tax declaration and settlement.. and also impact to your good standing, your office license renewal and other procedures in years ahead.

HOW VIVA SUPPORT YOU IN MANAGING THE REPORTS

• Review the general activities.
• Review business records and required compliance reports on labor use and employment relations.
• Review business records and required compliance reports personal income tax.
• Review business records and required compliance reports for the chief and expats.
• Identify the risks and solutions.
• Prepare an 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.

 

Read more:

• Representative Office in Vietnam – Company’s Lawful Registered Business Address
• Representative Office in Vietnam – Extending Your License
• Representative Office in Vietnam – Business Records Management
• Representative Office in Vietnam – Tax Due Deligence
• Representative Office in Vietnam – Cases of Adjustments to Licenses for Establishment
• Representative Office in Vietnam – Allowed Activities
• Representative Office in Vietnam – Manage the Cashflow and Required Compliances
• Representative Office in Vietnam – Internal Audit
• Representative Office in Vietnam – Cashbook and Lawful Invoices for Tax Inspection
• Representative Office in Vietnam – Manage Employment Relations
• Representative Office in Vietnam – Bank Accounts
• Chief of Representative Office in Vietnam – The Required Compliance Procedures that You Shall Keep in Mind