Question: I am UK citizen and chief of representative office in Vietnam, at the moment, I have two questions for you?
1. Can I take over the representative from other representative office in Vietnam without any problem? If so, how long it will take and what is your service fee?
2. If I hire a staff, can the person transfer and/or withdraw money via the company bank account instead of me? If so, what I should do? As you may know, I stay in UK, so I need a accountant role there. Can I use a outsourced accounting company in Vietnam to handle money, tax and insurance?
Answer: Under Vietnam Law, a Chief of Representative Office could not be legal representative of any other entities. In this case, you are chief of one R.O in Vietnam. Then, you could not act as Chief of Representative Office for other R.O.
If you hire a staff to act as Chief of Representative Office, he is entitled to transfer money from bank account of the Representative Office instead of you. If you wish to restrict his/her right, you should register competent signatures with the Bank. For example, for transferring an amount of 1,000USD upward, it shall need at least 02 signatures, Chief of Representative Office and you. Otherwise, for any transaction regarding to the bank account, he shall need your signature.
You can use an independent accounting company to handle money, tax and insurance.
It shall take us about 15 days from submission of the application dossier to competent authority for updating change of Chief of Representative Office.
The former chief of R.O shall be required to settle all pending obligation regarding to social insurance and Personal Income
Tax before submission of the documents. Our fee shall be 600USD (Six hundred US Dollar). The fee is exclusive of 10% VAT and actual cost for translating documents from English into Vietnamese (if any).
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