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IMPORTANT NOTES ON FOREIGN REPRESENTATIVE OFFICE OPERATION IN VIETNAM

IMPORTANT NOTES ON FOREIGN REPRESENTATIVE OFFICE OPERATION IN VIETNAM

VIVA BUSINESS CONSULTING là công ty tư vấn doanh nghiệp được tín nhiệm bởi hằng ngàn khách hàng danh tiếng từ năm 2006. VIVA cung cấp nền tảng quản lý toàn diện và nguồn lực thực thi theo cách kết hợp đồng thời của: Luật pháp và thủ tục hành chính trong kinh doanh – Quản lý thuế và kế toán – Quản trị quan hệ lao động – Quản trị tài chính doanh nghiệp – Quản trị và kiểm soát nội bộ. Năng lực của chúng tôi giúp khách hàng lường trước các rủi ro, tối ưu chi phí, kiến tạo lợi thế kinh doanh.

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. We are creating added value for clients by offering one-stop business platform with exclusive and tailored-made services related to market entry and mandatory business compliances. We keep our client’s good standing in lawful and optimal manners whenever they are working and doing business in Vietnam.

Important notes on foreign representative office operation in Vietnam

Managing compliance procedures for representative office operation of foreign businesses, especially procedures such as labor relations management, insurance, personal income tax, invoices, income statement, license adjustment/ extension and annual report, etc, is an important task that should be closely monitored from the beginning & continuously during the operation. This article updates some important notes for representative office activities along with the latest penalties, as well as how to overcome and prevent them.

NOTES ON CASES WHEN THE LICENSE OF REPRESENTATIVE OFFICE MUST BE AMENDED

A foreign business must carry out the procedures for adjusting its representative office’s license in the following cases:

  • Change of the name or address of the foreign business (parent company).
  • Change of the head of the representative office.
  • Change the name of the Representative Office.
  • Change of the activities of the Representative Office.
  • Change of the address of the representative office in a province or city under central authority or in a geographical area under the management of a management unit.

Adjustment period: within 60 working days from the date of change, adjustment procedures must be carried out

*Penalties for violations: From VND 20,000,000 to VND 40,000,000.

Within 10 (ten) days from the date of change in information included in the License, the Representative Office must notify the tax authority of the changes.

*Penalties for violations: From VND 700,000 to VND 2,000,000.

NOTES ON PROCEDURES FOR LICENSE RENEWAL OF REPRESENTATIVE OFFICE OPERATION

A foreign business may extend its licenses of representative office upon expiry of the time limit specified in its license.

Renewal time: At least 30 days before the expiry of the License.

*Penalties for violations: From VND 60,000,000 to VND 100,000,000.

NOTES ON ANNUAL REPORTS IN MANAGEMENT OF REPRESENTATIVE OFFICE OPERATION

Before January 30 every year, representative offices must send reports in the form set out by the Ministry of Industry and Trade on their operations in the preceding year to the permit issuers.

Representative offices are obliged to report on the operations, supply documents or explain matters related to their operations at the request of competent state authorities.

In addition, representative offices need to collect valid invoices and make cashbooks for tax final settlement in the following years, especially in the procedures for dissolution.

Representative offices must actively manage foreign workers, register and extend work permits and temporary resident cards and cancel permits for their employees who have left the offices or when the offices are dissolved.

*Penalties for violations: From VND 20,000,000 to VND 40,000,000.

Failure to properly adhere to the basic regulations on representative office operation will lead to many potential risks later on. The heads of representative offices or parent companies can be completely assured about the management of licenses and compliance procedures of representative offices with the support of prestigious local consulting companies. Service packages include direct telephone or email consultation. Tailor-made packages are provided according to the scope and requirements of each client, on a case-by-case basis, including such services as risk review and remediation, completion of documentation systems, fulfillment of emerging requirements and application of new regulation in a cost-optimized manner.

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.

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“If you ask any successful businessperson, they will always have had a great mentor at some point along the road.”

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