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미래전략 연구소2020-08-05T16:50:09+09:00

Vietnam How to Maintain the Company in Vietnam

2020-12-07 11:33
If the registration of the Vietnamese company has been completed for doing business in Vietnam, then company need to take note of things must be prepared in advance of its operation. Also, the company shall not miss for the annual government filing items which must be regularly reported to each government department.

In this issue, we would like to discuss Initial items must be prepared prior to operation of the company after its incorporation and information on government filing items must be reported periodically at the time of its operation.

Initial items must be prepared before operation
How to Maintain the Company in Vietnam
All procedures mentioned above must be carried out in accordance with Vietnamese law. Cost of office rental or land lease are not included in the above items since the cost scale applies differently depending on the area and location of the office and site.

Last but not least, the shareholders of the company must inject charter capital for Vietnam company fully within 90 days since the date of the ERC(Enterprise Registration Certificate).

Annual Government Filing Items of Vietnam Company
Business license fee – business license tax filing
Starting from the second year, company need to pay for business license fee before 30th of January annually. The amount of the license fee must be paid as follows:
• For the companies have the charter capital or investment capital is bigger than VND 10 billion: the fee is VND 3 million per year.
• For the companies have the charter capital investment capital is equal or less than VND 10 billion: the fee is VND 2 million per year.

VAT, PIT, CIT filing
The following are tax filing items that are commonly applied to Vietnamese companies and items that are required to be prepared for submission.
How to Maintain the Company in Vietnam

Yearly, the company need to submit the audited financial statements to the following State agencies, including:
• Tax authority
• Department of Planning and Investment
• Statistic Department
• Finance Department
• Board of Management of Industrial zone(only applied for the companies located in the industrial zones).

The tax declarations and the audited financial statements need submitting in timely manner to avoid the penalty from the State agency. Please be noted that the Government fee is free of charge for the above procedures. Company need to prepare the accounting books and the financial statements for the company before the audit. Company can also hire internal accountants or look for the accounting service firm.

Understanding the administration procedures required by the government is very important for the foreign investors. We hope that the above sharing is useful for you before making decision of investing into Vietnam.

* Source: Ministry of Planning Investment/General Department of Taxation - Ministry of Finance