I should clarify that as a representative office we would not be actually selling any financial products in Vietnam so would not need to be regulated by any ministry.
We are solely looking at marketing purposes and probably setting up a call centre as an operations hub that would be calling into other countries other than Vietnam.
This should bring the costs down dramatically. Can you please therefore base a quote on setting up an RO without regularity bodies involved. We are regulated by Labuan financial services authority here in Malaysia as asset managers and therefore with liabilities stopping with our parent company also here in Malaysia.
The issue here is not whether your representative office shall sell financial product or not.
Under Vietnam Law, all representative office shall be allowed to act as contact point and to conduct market research only.
Thing make the case different is the main business activities of the parent company.
Otherwise, you must declare that you are the trading company and during the operation of the representative office in Vietnam, the representative office shall not conduct any activities to support financial products of the parent company, including contact point or market research or promotion.
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