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
- 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?
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
- Failure to submit the operation reports on time may lead to a penalty amount of up to 40 million VND.
- There will be special inspection on many other required compliance procedures from local competent state agencies such as: Tax department, Labor Department, Licensing Department…
- 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.
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.
VIVA not only manage business required procedures by laws but firstly places client’s compliance and good standing, in the optimal methods when offering any solution, and integrated with our intensive resources that allow us to prevent most of the risks in advance, create more benefits, advantages and business inspiration for entrepreneurs.
The insights and consistent backgrounds in Business Laws – Accounting and Corporate Finance – Tax Management – Labor Relations and Payroll – Serectarial and consistent with our exclusive standard operation processes, consisting of consultation – implementation – pratice operation help us fully protect client interests as one-stop solution.
- An email and a phone call from us
- A copy of our Confidentiality Commitment
- An appointment with our experts
- A suitable solution for your concern
“If you ask any successful businessperson, they will always have had a great mentor at some point along the road.”
Read more:
- Representative office in Vietnam – What you need to know
- Representative office in Vietnam – Risk management
- Representative office in Vietnam – Extending of license
- Chief of representative office in Vietnam – Role and responsibility
- Representative office or subsidiary or branch? – how to transform business models in Vietnam
- Payroll services in Vietnam
- Personal income tax in Vietnam – Comprehensive guide to finalization procedures 2023
- Vietnam e-visa – What you need to know
- Expat in Vietnam – What you shall keep in mind
- Expat in Vietnam – Work permit – Regulation and guidances
- Expat in Vietnam – Compulsory insurances
- Expat in Vietnam – Temporary residence card
- Legal representative in Vietnam – Role and responsibility
