TERMINATION FOR INVESTMENT PROJECT IN VIETNAM

Legal foundations:

• Law on Commerce 2006;
• Decree No. 07/2016detailed regulations on the establishment, operation, rights and obligations of representative offices and branches of foreign traders in Vietnam under the law on Commerce;
• Circular No.11/2016 guidelines for the Law on Commerce in terms of Representative offices and branches of foreign traders in Vietnam

The crucial steps of terminating representative of foreign traders in Vietnam:

1. Performing the obligation of tax finalization with tax department; the obligation of insurance with social insurance agency for employees (if any), the obligation of finance with employees (if any);
2. Returning Representative office s’seal to Police agency;
3. Managing procedure to return License for establishing Representative at Department of Industry and Trade;

Documents that representative office needs to provide Viet An Law Firm:

1. Report of representative office s’ operation submitted Department of Industry and Trade from the establishing date to now (Notice: The critically described contents, such as: number of employees working at representative office, the amount of payment for medical insurance, social insurance, personal income tax (if any), operation of representative office in Vietnam;
2. License of establishment of representative office;
3. Certificate of representative office s’ seal;
4. Specification form of personal income tax of entire employees working at representative office from the establishing date;
5. Receipt of personal income tax payment of entire employees working at representative office from the establishing date;
6. Finalization of personal income tax payment of entire employees working at representative office from the establishing date;
7. Statement of representative office s’ bank account;
8. Representative office s’ fund in cash;
9. Payment statement form of entire employees working at representative office from the establishing date;
10. Contract of leasing office, receipt for in Vietnam;
11. Notification of the tax identification code of representative office;
12. Representative office s’ seal (Notice: only when revoking seal, representative office transfers it to Viet An);

Notice: If representative office is investigated by the state-authorized agency, comparison which discovers the dissimilarity between papers and reality, recognizes unspecified expenditure, representative office shall be dealt with as prescribed by law. The processing period could be extended and that period will not be counted in the period Viet An has committed.