The Representative Office in Vietnam Can Recruit and Pay People
Representative office form in Vietnam has allowed foreign entity to receive benefits such as recruiting Vietnamese employees, foreign employees working in offices whom could apply for work permit in Vietnam, then temporary residence card in Vietnam, opening bank accounts in Vietnam in foreign currencies or Vietnam currency at commercial banks, and to be allowed to use those accounts solely for their operations.
The Representative Office in Vietnam Does Not Require Charter Capital
According to the laws of Vietnam, the to open representative office in Vietnam does not require the investor’s capital. Instead, setting up a company in Vietnam, an economic organization requires capital contribution as per business plan. Sometime, if the investment fall under conditional areas, setting up company seems more challenging. This relieves the foreign trader from advancing too much capital to achieve the purpose of expanding the market before the business plan has been proved to materialize.
The analysis on benefits to open representative office in Vietnam is not complete without mentioning the challenges to open representative office in Vietnam.
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