Manage the annual operation reports 2021

Vietnam-based representative office of a foreign investor means a dependent unit, a lawful office in Vietnam, allowed to recruit staff to manage and promote sale contracts with local business partners, research and develop products, seeking opportunities for the purchase or sale of goods and provision of services. A foreign representative office is a simple form of investment in Vietnam to enhance business from overseas, with multiple advantages while fewer risks regarding the required business compliance procedures such as investment capital, tax, accounting, and auditing. And it is easy to be extended or terminated or dissolved. The expatriate employees who work for representative office can obtain work permit and two years multiple visa (temporary residence card) for themselves and their family in Vietnam.

Many foreign representative offices in Vietnam have been paying for serious penalties, being delayed for office license extension, and special inspection from the tax department… due to violations or improper annual operation reports.

THE ANNUAL OPERATION REPORT 2021 | LEGAL REQUIREMENTS:

The report shall be completed and submitted by January 30th of 2022
Labor use and employment relations
Operations of the representative office
Notes on special activities and situations.

WHAT ARE THE MAIN CONTENTS OF THE ANNUAL OPERATION REPORT?

1. Labor use and employment relations:

Reports on local employees.
Reports on foreign employees.
Total incomes.
Compulsory
Personal incomes tax.
Newly join and terminate labor relations.

2. 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.
In case of violation information, there will be a 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 allowed activities, especially may show violations on foreign employees, labor declaration, personal income tax declaration and settlement.. and also impact to your good standing, your office license renewal and other procedures in following years.

HOW DOES 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 on personal income tax.
Review business records and required compliance reports for the chief and expats.
Identify the risks and solutions.
Prepare 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.

VIVA has been advising and supporting thousands of foreign representative offices, keeping our clients be fully complied with local laws and regulations, in proper and optimal manners, creating business advantages and keeping their good standing in Vietnam.

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LEGAL EXPERT

VIVA BUSINESS CONSULTING

WHO WE ARE?

VIVA is the premium business consulting firm in Vietnam for market entry procedures, tax management, employment relation, corporate finance and local business procedures at local competent state agencies since 2006.
Our staying power thanks for the deep insights and integrated backgrounds in business laws – tax management – accounting – corporate finance – employment relations enhance us build trust and confidence and chosen by thousands of local and international clients from Hong Kong, Japan, US, EU, Singapore, India, China, Korea…. for their confident partner and successful business in Vietnam.

WHAT WE DO

VIVA offers one-stop platform, fully complied in optimal ways by local laws, for whole circle life of any enterprise in Vietnam:

Market entry and business regulations
Tax management
Accounting and Corporate Finance
Management of labor relations and payroll
Corporate – secretarial services
Local business procedures at any local competent state agencies
Mergers and Acquisitions.

WHERE WE ARE

With over 20-year journey in a single industry, our name valued by expanding list of successful and loyal clients:

We are recognized and selected by thousands of multinationals – foreign direct investment companies and investors in Vietnam
We are recognized and selected by thousands of global enterprise – foreign representative offices in Vietnam
We are recognized and selected by thousands of famous local companies in Vietnam

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.

* VIVA Business Consulting is strictly complied with regulations on protection of personal data, according to Decree No.13/2023/ND-CP dated April 17, 2023, issued by Viet Nam government. VIVA use and keep your info for NO other purposes but providing exclusive service for you.

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