There are a raft of changes for Vietnamese companies that take effect from 1 July 2015. These changes will have an effect on your business and you should understand what they mean to you, and plan to take advantage of some of the business simplifications that will also arise.
Vietnamese Authorities have released a range of changes, all effective from 1 January 2015, which your accounting team needs to be aware of and action accordingly. A selection of these include:
Seeking to start a company in Vietnam? Already operating in Vietnam, but without a local structure?
Talk to Domicile Corporate Services, where we can guide you on your options and processes in starting your own company in Vietnam.
Although there are some restrictions with foreign owned companies in Vietnam, most sectors are open to 100% foreign ownership, allowing investors to own and operate companies in Vietnam with certainty.
Business owners and managers delegate and trust crucial business information and practices to their finance and accounting staff. Most owners and managers are not experts in Vietnamese accounting, tax and payroll practices, and can only assume that everything is being completed correctly and on time unless their staff tell them otherwise. Unfortunately, not all staff are complete experts and do not always understand the commercial and risk implications of their actions.
Do you know the status of all your tax commitments?
Do you receive your monthly financial reports on time?
Are your Social Insurance and other payroll obligations up to date?
Do you see your month-end accounting reconciliation process every month?
If your answers to any of the above are “no” or “not sure”, then you and your business are at risk.
Otherwise known as: Not letting VAS/Tax compliance accounting distract you from your business goals!
Business decisions are best made with accurate and timely information. Wrong information, inaccurate information, late information, or just inappropriate information can result in poor decisions and distractions.
A clear understanding when calculating salaries in Vietnam is important to both employees and employers. The difference between Gross and Net salaries is often misunderstood, and the true cost to the employer of the additional insurance payments should always be taken into account when determining the cost of labour.
Available for download is our 2015 Compliance Calendar for companies in Vietnam.
This calendar is designed to help companies in Vietnam understand the most common government compliance dates for tax and salary related matters.
Of course, every company's specific situation is different, so if you require any further assistance, please contact Domicile Corporate Services and we will be happy to discuss.Download PDF
1 January 2015 has introduced a number of key changes to Human Resource procedures and payroll calculations in Vietnam. These changes need to be factored into your payroll planning and processing for 2015. Key changes are detailed below.
Let’s start with the basics: outsourcing services to external providers is not suitable for everyone, and is not a panacea for all businesses.
However, there are many businesses where outsourcing the right services will provide substantial and measurable benefits.
In Vietnam, all companies require the appointment of a Chief Accountant to take responsibility of the accounting and taxation functions.
For foreign firms, the concept becomes a little confusing. In particular, what is a “Chief Accountant”?
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We see successful clients as a measure of our success, and the best source of our own growth.