It is incredibly important for foreign companies to establish a representative office (RO) in Vietnam when investing to Vietnamese market. A RO can directly recruit employees and perform the contract signing by the parent company and businesses or organizations in Viet Nam. Beside that, a RO also provides business opportunities for the parent company. It can research into Vietnamese market and interested sectors in order to evaluate effectively business environment. Therefore, what are needed to establish a RO in Vietnam?. In this article, Sunday Corp will help your enterprises answer that question.
Licensing Procedures for establishing a RO in Viet Nam
Firstly, a foreign company has to submit an application dossier for a license to the Provincial Department of Industry and Trade.
The document includes:
- An application for setting up RO and chief representative appointment letter. They are confirmed by the legal representative and the company chop or seal.
- Certificate of establishment or commercial registration certificate of the parent company.
- Certified translation the most recent year company’s report of audited finance.
- Certified translation of passport or identity card or citizen identity card (if Vietnamese) or copy of passport (if foreigner) of the leader of RO.
- Documents of the RO’s office location, including:
- Certified copy office leasing contract;
- The location of the head office of RO must be consistent with Vietnamese law on security, order, labor safety and other conditions as prescribed.
Note: All documents for setting up RO are signed and sealed by the parent company. In case the parent company in foreign countries has no mark, the whole dossier must be consular legalized.
Establish a representative office in Viet Nam
Some steps of establishing RO in Vietnam.
- Issuance of License for establishment of RO of foreign company.
Time to complete: 7 – 10 working days;
- To mark the seal and register the seal sample of the RO of foreign company. Time to complete: 5 working days;
- To sign up for the Tax Code Notification of RO of foreign company.
Time to complete: 5 – 7 working days.
The following procedures after establishing RO in Vietnam
- To open a specialized account in foreign currency and one in Vietnamese Dong with a foreign currency origin at a bank. Which are licensed to operate in Vietnam and to use this account only for the operation of the RO.
- The RO must create a written report on its activities in the year. Then sending it to the Department of Industry and Trade every year, before January 30 of the following year.
- To make a cash fund to record all revenues and expenditures during the operation of the RO.
- To apply work permit for foreign workers working at the RO (if any).
- To sign labor contracts with the Chief Representative and employees of the RO.
- Annually, foreign companies must certify salaries and incomes to the chief representative and employees of the RO.
- To pay personal income tax, insurance for the Chief Representative and employees of the RO (if any).
- Other obligations in accordance with current law.
The benefits of choosing Sunday Corp to establish RO in Vietnam
- Pre-established consultancy on establishment-related issues of RO in Vietnam.
- To type the dossier of setting up a RO in Vietnam according to the provisions of law.
- To get a license to establish a RO in Vietnam.
- To register of granting seals to RO in Vietnam;
- To register and complete the procedure for granting tax code notices.
- To provide the following procedures to establish RO in Vietnam
SUNDAY CORP – Establishing representative office service in Viet Nam
Phone number: 02363.623468
Mobile Phone number: 0905.909639
Website: www.danangbusiness.com – www.facebook.com/sundaycorp.vn