Procedures need to do after establishing Representative Office in Vietnam. Procedures for opening an account for a representative office. Let us learn about this topic with LSX Law firm below:
Seal engraving procedures and seal sample notification for Representative Office in Vietnam
The first procedures need to do after establishing Representative Office in Vietnam is carrying out the seal engraving procedure and notify the seal sample. Before using the seal, the company only needs to send a notice of the seal sample to the business registration office for public posting on the National Business Registration Portal. After receiving the notification file of the seal sample, the Business Registration Office hands over the receipt to the enterprise. It publishes the notice of the seal sample of the representative office of the enterprise on the National Registration Portal of the enterprise; and issues a Notice on the publication of information about the seal sample of the representative office.
Enterprises shall engrave their seals at a competent authority. The contents of the seal must contain the following contents:
Firstly, the business owner shall decide on the quantity, content; seal sample, and use of the representative office’s seal under the provisions of the company’s charter.
Secondly, they must write the name of the representative office on the content of the representative office seal sample.
Thirdly, they can add the seal sample with appropriate languages; and images except for the national emblem, national flag, party flag of Vietnam; symbols that violate its traditions, culture, morality, good customs, and practices.
Procedures for notifying the use of seal samples to representative offices are carried out as follows:
Specifically, submit the application set to the business registration office where the representative office is headquartered, including the following documents:
Firstly, a notice of using the seal sample of the representative office
Secondly, Information and legal papers certifying the applicant’s status
Thirdly, the business registration office will hand over the receipt and publish information about the representative office seal sample on the national business registration portal.
Hanging the sign at the representative office in Vietnam
One of the procedures after establishing a representative office is to hang a signboard at the representative office. Accordingly, the representative office conducts the hanging of signs at the office. Signs need to meet a number of requirements such as:
The signboard of the representative office must ensure the provisions of the law on the location of the signal; the size of the sign
Also, they must write the name of the representative office’s signboard in Vietnamese. If there is an abbreviated or a foreign word, they must write it more diminutively than the Vietnamese name.
Procedures for opening an account for a representative office in Vietnam
After the establishment, the representative office needs to carry out the procedures to open an account for its office. The opening of a bank account for the representative office and notification to the competent authority must comply with law provisions.
Firstly, Certificate of business registration.
The application form for opening an account is made according to the paper the representative office bank chooses to open.
Secondly, Certificate of operation registration of the representative office.
Moreover, A certified copy of the people’s identity card or citizen identity card of the head of the representative office.
In addition, a certified copy of the identity card and citizen identification of the person who transacts with the bank (if any).
The order of execution:
After preparing all documents, the representative opening a bank account brings the documents and seal of the representative office to the bank and follows the instructions of the bank staff.
After completing the procedures and obtaining a bank account; the representative office must carry out the procedures for notifying the bank account to the Department of Planning and Investment.
The procedure for notifying the account of the representative office must be done within 10 days from the date of confirmation of successful account opening.
Tax procedures of representative offices
The procedure for tax declaration and payment of a representative office is one of the procedures after establishing a representative office. Accordingly, representative offices carry out activities such as representing the parent company; researching the market, not participating in commercial activities; buying and selling goods and services, so they do not have to pay a license tax. However, the representative office needs to carry out the personal income tax declaration procedures for the representative office’s personnel. Accordingly, the representative office is responsible for withholding, declaring; and paying personal income tax for the income from wages and salaries of employees operating and working in the representative office.
Announcement of representative office activities
In addition to the procedures mentioned above, a representative office of a foreign enterprise should note several procedures as follows:
The representative office of a foreign enterprise needs to issue a notice that it may publish in Vietnam in 3 consecutive issues within 45 days from the date of granting the operation registration license of the representative office.
Within 45 days from the date of being granted the operation registration license by the competent authority, the representative office must officially operate; and notify the Department of Industry and Trade of the opening of the representative office at the head office as registered.
Finally, hope this article about Procedures need to do after establishing Representative Office in Vietnam is helpful for you!
For a representative office, the main activities include:
Not carrying out activities with a direct profit role in Vietnam but conducting trade promotion under the provisions of the law.
Do not amend or supplement the signed contract, except in exceptional cases with a lawful power of attorney.
Entering into contracts in the following cases: renting, buying necessary equipment, renting office space, recruiting…
When there is any change related to the content recorded in the business registration; or the operation content of the representative office; the office needs to carry out the change procedures under what is specified in the business registration—the law.