Accounting Services For FDI Enterprises

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With many complicated regulations and overlapping legal documents in Vietnam, it is very difficult for foreign investors to comply with the law in Vietnam. MVA Vietnam Accounting and Auditing Co., Ltd. provides accounting service solutions to help FDI enterprises when investing in Vietnam have more peace of mind.

CHARACTERISTICS OF FDI ENTERPRISES

Characteristics of enterprises with foreign direct investment (Foreign Direct Investment)

– Foreign-invested companies operating in Vietnam must comply with Vietnamese law

– Accounting system according to the Vietnamese accounting system

– Under the direct management of Tax Departments of provinces and cities.

– Financial statements are required to be audited

– Prepare statistical reports as required

– Report on the progress of the project is required

– Accounting:

+ For companies with foreign capital and small scale: accounting according to the Vietnamese accounting system, then converting to reporting at the request of the parent company.

+ Large companies use the parent company’s accounting software, do accounting according to the parent company, and then convert the report according to the Vietnamese accounting system.

– Normal bank account the company opens 3 accounts: Capital account, USD active account and VND active account

+ Capital account is only for the purpose of receiving capital, or receiving loan capital and then converting it to USD account, when there is a transaction need, it will be converted from USD to VND

+ There are companies that open more accounts in JPY, EURO … depending on operational requirements

– Foreign personnel:

+ Must apply for a work permit at the Department of Labor, Invalids and Social Affairs, Visa, or temporary residence card

+ Tax registration, PIT calculation and payment

+ Declare to participate in insurance will register more separate unit code and when paying the insurance money, also pay the unit code separately for foreigners

Currently, foreigners only participate in health insurance, but from 2018 will participate in social insurance

– Import and export

+ Importing machinery and equipment from the parent company or company in the same group

+ Importing raw materials from abroad

+ Export products to foreign countries

– Tax incentives

Unlimited tax exemption, limited tax exemption, limited tax relief, preferential tax rates

NATURE OF FDI COMPANY

The nature of FDI is:

– There is an establishment of capital ownership of a company in another country in another country

– There is a combination of ownership with the right to manage the invested capital

– Accompanied by the right to specialize in technology transfer and management skills

– Involved in market expansion of multinational companies

– Associated with the development of the international financial market and international trade

TYPES OF FDI COMPANY

–           Foreign Contractor

–           Representative Office

–           Branch (limited to foreign banks, tobacco & legal firms)

–           Business Co-operation Contract (“BCC”)

–           Company: 100% subsidiary, joint venture

–           BOT, BTO, BT (infrastructure, energy, utilities, etc.) with governmental agencies)

Enterprises can completely feel secure to develop their business without having to worry about any issues related to accounting – tax when hiring accounting services at MVA Vietnam Accounting and Auditing Co., Ltd.

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