13 Dec FOREIGN REPRESENTATIVE OFFICES IN VIETNAM MANAGE THE ANNUAL OPERATION REPORTS 2021(Last Updated On: January 17, 2022)
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.
- 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.