KMC will assist in preparing the documents related to the termination of the Resident Representative Office (RRO) of foreign traders, including:
- Proposing a notice of operation termination.
- Completing procedures regarding labor and insurance.
- Finalizing personal income tax (PIT) for the Chief of the Representative Office and local staff.
- Explaining all activities of the RRO to the Tax Department.
- Returning the office seal.
- Officially announcing the termination of operations.
- Receiving the decision from the competent authorities.
When Will the Resident Representative Office Cease Operations?
The RRO will cease operations when the foreign trader decides to stop business activities or when a decision is issued by the competent authorities in accordance with local laws.
Where Should the Documents Be Submitted? And What Is the Timeframe?
Documents related to the termination of the RRO’s operations should be submitted to the competent state authorities, including the Department of Industry and Trade, the Tax Department, and other relevant regulatory agencies. The time for submitting the dossier and completing the termination procedures is usually within 30 days from the date the termination decision is issued.
Important Notes on Termination of Operations:
- State agencies will not issue a written certificate for the termination of the RRO’s operations but will instead publish the termination on their websites.
- The foreign trader and the RRO must publicly announce the termination of operations at the RRO’s headquarters and fulfill all other obligations as required by law.
- During the termination process, the Tax Department will conduct a tax audit and settlement. If the RRO incurs any violations, they must pay the full amount of tax and any applicable fines before the notice of the termination of the RRO’s tax code.
Accounting Advisory
KMC provide professional initial accounting and tax registration services, you shall not bother about issues related to tax and accounting after post license. Our team with high expertise and many years experiences will support and accompany you.
Tax Advisory
Our tax services rely on our local knowledge to ensure tax compliance, tax administration and dealing with tax authorities. We assist you by taking into account the latest regulations thus ensuring full tax compliance and optimization.
Business Advisory
KMC believes in an approach to our client, as we familiarize ourselves with all aspects of your business and the environment in which you operate, it enables us to propose you the most appropriate plan at a competitive service fee.
Human Resources (HR) and Payroll Advisory
KMC’s service will help businesses fully comply with Vietnam’s regulations, optimize costs, and prevent risks in advance.
Mergers and Acquisitions (M&A) Advisory
Our global network in combination with our deep industry knowledge means that we can help companies identify other businesses that offer a good strategic fit and assist them with acquisitions, mergers and alliances that allow them to maintain and build their competitive advantage.
Transfer Pricing Advisory
Transfer pricing refers to the rules and methods for pricing transactions between related entities, typically within multinational companies. Currently, regulations on compliance of transfer pricing are very complexly and strictly.
Annual Consulting Services
KMC has the expertise with experienced resources, including lawyers, auditors, accountants who have many years of experiences working in the investment, accounting, taxation and labour consulting fields.
Other Services
Besides Accounting, Taxation, Business Services, etc. KMC also has efforts to provide other services to Clients related to business activities of the enterprises in Vietnam.
