Look Office: Pay attention when opening a representative office in Vietnam

pay-attention-when-opening-a-representative-office-in-vietnam - lookoffice

What do you need when the open a representative office in Vietnam? In this post, we will answer the question of what it takes to open a representative office in Vietnam

1. Application for an RO License includes:

Application for an RO License includes - lookoffice.vn
RO registration form and chief representative appointment paper signed and sealed by the legal representative;
Notarized copies of the parent company’s establishment certificate, business registration certificate (if any), or other documents certified by the Government about the business lines of the parent company (if applicable). registration file does not have business lines);
Notarized copy of the Company Charter (ie Memorandum and Articles of Association);
The notarized copy and Vietnamese translation of the audited financial statements or other legal substitutes representing the most recent fiscal year of the parent company issued by the independent auditor;
The original copy or copy of the official office lease in Vietnamese, certified by the owner
All copies of these documents must be notarized by the Vietnamese Embassy in the host country of the foreign investor. Documents in foreign languages must be translated into Vietnamese, notarized or authenticated by competent Vietnamese agencies. If the application is not valid, the parent company will receive a written notice within three working days from the date the application is received.

2. Procedures after licensing

2.1 Activity announcement

Activity announcement - lookoffice.vn

Within 45 days from the date of issuance of the business license, the new business establishment must make a public announcement on the press, on electronic media permitted to publish in Vietnam. Additionally, the RO will notify its official start date to the licensing authority.

2.2 Open a bank account

Open a bank account - lookoffice.vn

RO is allowed to open bank accounts in VND and foreign currency accounts at authorized banks in Vietnam for payment. These accounts will be used only for RO operations. Due to the RO’s legally limited scope of activity, accounts are not used for profitable activities. In case the RO wants to transfer money overseas, a reasonable purpose should be given. Last but not least, all activities related to RO accounts including opening, using and closing must comply with the regulations of the State Bank of Vietnam (SBV).

2.3 Taxes and Reports

Taxes and Reports - lookoffice.vn

RO is not subject to Vietnamese corporate income tax (CIT). However, value-added tax (VAT) is still required when using goods and services of other Vietnamese enterprises and is responsible for declaring personal income tax (PIT) of employees.

The RO is to submit a written annual report of the previous calendar year activity on the last working day of January.

Source: gbs

To find more about guide for business and investment in Vietnam, you can click here: https://lookoffice.vn/economy-business-investment/guide/

Foreign companies want to start or expand businesses and look for an office in Vietnam: