According to 2014 Investment Law, an establishment of foreign invested company in Vietnam must be proceeded with the steps as follows:…
Procedures after fulfilling an establishment of Representative Office in Vietnam
1. After fulfilling procedures on establishing representative office of overseas business in Vietnam, the followings must be taken:
– Open an account in foreign currency and Vietnamese currency at a legal bank in Vietnam and use only this account for business of the representative office;
– Every year, before the last working day of January of next year, the representative office and its branch(es) should send documented operation report to the Department of Industry and Commerce (by form);
– Develop a cash book to record every spending and collection during operation term of the representative office;
– Apply for the work permit for the overseas employees to work at the representative office (if any);
– The representative office should prepare yearly operation report (form) with the confirmation by the Department of Industry and Commerce to send to overseas enterprises;
– Sign labour contracts with the director and employees of the representative office;
– Annually, the overseas enterprises should confirm salary and income (by form) for the director and employees of the representative office;
– Pay personal income tax for the director and employees of the representative office (if any). It should be noticed that after paying tax, it requires to save every statement and receipt issued by the state authorities well as settle yearly income tax for the director and employees of the representative office;
– Other obligations in accordance with current legal regulations.
2. Following legal documents should be saved during term of operation of the Representative Office of overseas enterprises in Vietnam:
- Establishment License;
- Seal, Certificate of seal pattern;
- Notice of tax code of the tax payer.