- According to the laws and regulations on tax management, anti-money laundering, foreign currency… since 2012, a representative office shall provide the cashbook, petty cash, bank statements of accounts, along with lawful invoices, employment records… to prove for its paid expenditures.
There will be tax final settlement or inspection on a representative office after every 3 – 5 years of its operation or in case of dissolution…
THE COMMON RISKS THAT YOU SHALL KEEP IN MINDS
- Paid expenditures without lawful invoices.
- Paid for the not allowed activities of an office.
- Paid for salary and allowances without lawful employee records.
- Receive incomes from resources other than the parent company.
- Using personal account for receiving / paying for the activities of the office.
- Improper cashbook and petty cash.
- Un-reasonable taxable incomes for the chief, expats and management position.
- Violation in calculation of personal income tax, compulsory insurances…
- Violation in preparing and summiting quarterly, annually tax reports.
- Violation and conflict data in the annual operation reports.
SOLUTIONS THAT YOU CAN AVOID AND PREVENT THE RISKS IN ADVANCE
- Manage the required compliance tasks in form of a checklist.
- Manage required business records that prove for the done compliance tasks.
- Annual internal audit for the required business records and compliance procedures.
- Do tax planning for your office and management positions.
- Manage any tax settlement or inspection in professional manner.
ABOUT VIVA BUSINESS CONSULTING
Who we are?
- 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.
- The insights and consistent backgrounds in Business Laws – Accounting and Corporate Finance – Tax Management – Labor Relations and Payroll – Secretarial services help us build trust and confidence in the entrepreneur's community.
- We have been successfully providing service for thousands of leading companies from Hong Kong, Japan, US, EU, Singapore, India, China, Korea…. in forms of FDI companies, Foreign representative offices, Foreigners working in Vietnam, Vietnamese SMEs, Chief Operation Officers.
What we do
- Services for Expats in Vietnam: Visa, Work Permit, Temporary residence card, Compulsory Insurances, Personal Income tax, Labor contracts, Employment Records and Relations, Other Secretarial Services.
- Services for Representative offices in Vietnam: Establishment, extension of representative office licenses. Required compliance procedures during operation. Rights and obligations of the chief of representative office. Closure of representative office risks management.
- Services for a company in Vietnam: Setting up a new company and licensing service. Business records management. Daily business transactions management. Tax management. Accounting and financial statements. Employments, payroll and compulsory insurances. Representative on behalf of competent state agencies for any business administration procedures.
Motivated by our core values of ceaseless improvement, our great insights in local business culture and regulations, as well as the exclusive services, promise to offer you one-stop and tailored-made solutions that optimize every of your business in Vietnam in the lawful manner.
We are looking to be your valued business partner and resources in Vietnam as we have been choosing since 2006.
- Taxable incomes from wages and remunerations
- Foreign employees: personal taxable income – methods of declaration
- Annual operation reports for foreign representative offices
- Risk management on representative office operation in Vietnam
- Open bank accounts of representative office in Vietnam
- Representative offices in Vietnam: Bank accounts
- Important notes on foreign representative office operation in Vietnam
- Foreign representative office: cashbook and lawful invoices for tax inspection
- Representative office vs subsidiary vs branch? How to transform business models in Vietnam
- How to closure a foreign representative office in Vietnam: tax final settlement and tax completion certificate