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.
THE MANDATORY COMPLIANCE PROCEDURES ON OFFICE OPERATIONS
After the establishment procedures completed, you can operate the office with allowed activities and shall be proper complied with local regulations on tax, accounting, employment relations, commerce…
Based on local laws and regulations, to manage the mandatory compliance procedures of your representative office in Vietnam from 2021, we would like to offer our outstanding service package – one stop solution for your Office in Vietnam with scopes as follows:
The general required compliance procedures:
- Business record management: Standard folders |Daily records | Scan into soft files | Records completion…
- Manage the labor relations: Employee profile | Labor contract | Payrolls | Compulsory insurances | PIT
- Tax management and Accounting: Bank statements | Cashbook | Petty cash | Complete the reports and risk management
- Expat management: Employee profile | WP | TRC | PIT
- Office license and other secretary services: Office license | Electronic signature | Amending and adjusting the license | contracts | documentations…
Some typical tasks for daily transactions:
Management of employment relations:
- Employee profile.
- Labor regulations, labor contracts, labor agreements with employees.
- Implement and manage the labor contracts.
- Payrolls service.
- Internal Labor rules and codes of conduct.
- Compulsory insurances, labor regimes, labor disputes.
- Monthly and quarterly reports of Social and medical declaration.
- Representative, on behalf to manage and settle with the competence state agencies for any query or requirement.
- Other required relations between employees with company in signing and implementation of labor contracts.
- Other required relations between company with Insurances and Labor agencies in reporting and payments.
- Other required relations between company with Tax Department in reporting, payments and annual settlement.
Accounting and Tax management:
- Monthly and quarterly reports on tax declaration.
- Preparing Personal Income tax declaration, tax settlement, and obtaining certificate of tax completion of the chief or expat when they leave from Vietnam.
- Preparing cashbook, petty cash, vouchers and records for tax inspection. Transactions review, complete legal documents for every transaction. Optimize tax payable amount, risk management.
- Business record management: Standard folders | Daily records | Scan into soft files | Records completion…
- Representative, on behalf of clients to manage and settlement with the competence authorities for any query or requirement.
Required compliance reports:
- Annual operation reports and periodic reports for the Department of Industry and Trade of HCMC.
- Monthly, quarterly and annually reports and procedures at the Department of Labour and Social Welfare Services.
- Monthly, quarterly and annually reports and procedures relating to personal income tax for staff at the Department of Taxation.
- Manage for all business records and make them ready for any inspections from authorities.
- On behalf of clients to settle any query or requirement from local competent state agencies.
Consultation service for expats:
- Work permit | Labor contracts | Employee profile according to local labor laws
- Temporary resident card
- Personal income tax
- Compulsory insurances
- Driving license
- Exclusive advice for Chief of representative office and Legal representatives in Vietnam.
Consultation service for none resident chief of representative office:
Professional employee profile and establish local employment relations:
- Know your employer and your title position
- Local job descriptions that shall be in lined and consistent with the position
- Establish a lawful employment relations in forms of appointment letter, labor contract, internal assignment…
- Required papers to meet local conditions on foreign employment in Vietnam.
- Manage your work permits, residency.
Manage your personal income tax and compulsory insurances:
- Taxable incomes and tax exemption, methods of tax declaration and payment.
- Review and identify your sources of incomes, and tax deduction to avoid potential violations that may impact to your good standing.
- Calculation tour tax payable amount and compulsory insurances in lawful and optimal manners.
- Review your tax reports and annual final settlement, apply for insurances benefits and avoid double tax payment according to the tax agreements.
- Representative on behalf to manage and settle any query or requirements from the local competent state agencies.
Consultancy local business rules and regulations:
- Procedures for setting up representative offices / foreign invested companies.
- Procedures for amendment, supplementation, termination of office license.
- Labor rules and regulations, forms and procedures.
- Personal income tax declaration and settlement.
- Requirements and queries from competent state agencies.
- Business records and internal reports.
- Managing establishment licenses, annual operation reports, renewal and adjustment.
- Optimizing – Managing employment relations – salaries – compulsory insurances.
- Optimizing – Managing personal income tax and inspection procedures from the tax department.
- Management Accounting.
- Visas, work permits and temporary residence cards for expats.
- Extension or termination of representative office license.
- Exclusive advice for the Chief of representative office and Legal representatives in Vietnam.
- Updating new laws and regulations on foreign representative office and expat. Closuring and upgrade representative office in to subsidiary.
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.
- Setting up a foreign representative in Vietnam – What you need to know
- Representative office in Vietnam: Conditions and required papers for setting up
- Representative office in Vietnam: Typical rights and obligations
- Representative office in Vietnam: Manage 08 compliance procedures
- Why foreign representative offices must open bank accounts in Vietnam?
- Representative office in Vietnam: Annual budget and running cost
- Representative office in Vietnam: Annual operation report
- Representative office in Vietnam: Risk management on operation
- Representative office in Vietnam: Chief of representative office or head of branch – role and responsibility
- Representative office in Vietnam: Cashbook and lawful invoices for tax inspection
- Representative office in Vietnam: Cases of re-grant of licenses
- Representative office in Vietnam: Taxable incomes from wages and remunerations
- Representative office in Vietnam: Internal Audit Plan