"Annually, before the last working day of the January in next year, the representative office must submit a written report about its operation in the year to the agency which issued the license for the establishment of the representative office"
Therefore, the Representative Office is obliged to make the report and provide documents or clarify matters related to the operation which meet the requirement of the competent state management agencies.
When Annual Report submitting should be done?
No later than January 30 of the following year, the representative office is required to submit the Annual Operation Report to the Department of Industry and Trade at the issued place of licensing.
What is Annual Report about?
Labors of The Representative Office (included Chief Representative Office and employees)
- Number and information of current employees.
- Number and information of resigned employees.
Representative Office operations:
- Commercial activities (Main activities and results in the year);
- Other activities.
Attention and avoid the following risk situations:
- Failure to submit the report on time will result in a fine of up to VND 40 million and it will have a critical impact on future office license renewals.
- If there are indications of infractions and misreporting operations in accordance with regulations, the Competent Authority may conduct an inter-branch inspection, involving the Tax Office, the Department of Labor, and the Department of Industry and Trade.
- The report's presentation content will serve as the basis for employees' labor declarations and personal income tax declarations. The report's content will also influence the number of years for which the Office can renew an office license (one (01) year, two (02) years, or five (05) years).