Vietnam Company Registration

Vietnam Company Registration

Veitnam

 

 

Business and Investment in Vietnam is not only economically attractive, it can also rely on a modern legal framework. The practical business requires highly qualified management and understanding of legal and practical conditions.With the new provision of having more than one Legal Representative, the typical foreign invested Limited Liability Company can be organized according to international standards.

 

The new law states that all business lines not being prohibited or restricted are free. This is a major improvement; the implementation on the administrative level probably will take time and needs patient persuasion.
 

Types of Vietnam Companies available for foreign direct investment

(a) Representative Office;

(b) Branch Office;

(c) Limited Liability Company (“LLC”);

(d) Partnerships;

(e) Joint Stock Company (Shareholding Companies) (“JSC”).

 

Foreign Investment

A foreign investor can own up to 100 (one hundred) percent of the charter capital depending on the business lines and models of investment. A thorough examination of the business lines, legal framework, WTO commitments and regulations under Free Trade Agreements are necessary.

 

Registered Capital

For limited liability companies and joint stock companies, capital contribution must be fully paid within 90 days from the issuance day of Enterprise Registration Certificate.

For a LLC the law does not state a general required minimum Charter Capital. However, it has to be in a reasonable relationship to the intended business. For certain business lines the law does state a minimum Charter Capital.

 

Shareholders & Directors

A typical Vietnam company will require the following key persons:

  1. Director (General)
  2. Legal Representative
  3. Authorized representative

 

Registered Address

Taiwan address is required for registration purpose. Tannet will be able to provide registered address.

 

Business nature

Investment is currently not permitted in following sectors:

– Business in some of drugs1;

– Business in some chemicals and some mineral2;

– Business in specimens of wild fauna or flora according to the Convention on International Trade in Endangered Species;

– Business in specimens of species of endangered and rare wild fauna or flora3;

– Business in prostitution;

– Purchase or sale of humans, tissues or parts of human body;

– Activities relating to asexual reproduction.

 

Contact us

If you have further queries, please contact Tannet

24 hours Malaysia hotline:603-21418908;

24 hours Hong Kong hotline:852-27837818;

24 hours Hong Kong hotline:86-755- 36990589;

Email: mytannet@gmail.com

TANNET GROUP : http://www.tannet-group.nethttp://en.tannet.com.my

China Company De-registration

China Company De-registration

In China, the procedure for company de-registration is rather complicated, particularly in face of mainland customs and tax departments compare to register a new company.

 

Closing Down 1

According to China’s new company law, a company may have to be dissolved when one of the following conditions is met:

1. The business operation term as agreed in the company’s Articles of Association becomes expired or other condition for dissolution as agreed in the Articles of Association for dissolution occurs;

2. Resolution of dissolution is made by the meeting of shareholders;

3. The company is merged or separated and the company will not exist any more;

4. The business license is revoked by government, or the company is ordered to be closed or cancelled;

5. There is serious difficulty in company’s operation and management and the shareholder’s interest may suffer great loss if the company continues to operate. Shareholders who holding ten percent or above voting right may file to the court for dissolution if negotiation among shareholders fails.

 

China Company De-registration Procedure

1) Shareholders decide to liquidate Company

2) Company selects a professional firm to assist with the process of de-registration

3) Preparation of related documentation such as resolution for termination of the Articles Of Association (‘AOA”), application letter, liquidation committee list, resolution of shareholder for company de-registration and the liquidation team and other sort of document required by relevant authorities.

4) Application for liquidation with the Bureau of Commerce (“BOC”) and Administration of Industry & Commerce (“AIC”)

5) Formation of a Liquidation Commitee

6) Public announcement issued in local newspapers

7) Employees should be laid off

8) Valuation and sale of company assets

9) Creditors paid off

10) Final Audit conducted (including all liquidation transactions)

11) Businesses trading, importing / exporting across borders must de-register from China Customs

12) Deregistration from the local governing Tax Authority

13) Destruction of company chops and seals

 

Note: Before file the de-registration application, corporate bank account should be closed and make sure that there is no outstanding accounts receivable.

 

Contact Us

If you have further queries, please contact Tannet

24 hours Malaysia hotline:603-21418908;

24 hours Hong Kong hotline:852-27837818;

24 hours China hotline:86-755- 36990589;

Email: mytannet@gmail.com

TANNET GROUP: http://www.tannet-group.net , http://en.tannet.com.my

Singapore Tax Rate

Singapore Tax Rate

Singapore is often cited as the leading example of countries that continues to reduce corporate income tax rates and introduce various tax incentives to attract and keep global investments. With effect from Year of Assessment 2010, a company is taxed at a flat rate of 17% on its chargeable income regardless of whether it is a local or foreign company. For YA 2018 to YA 2019, all companies will be granted a 20% Corporate Income Tax Rebate capped at $10,000 per YA.

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Singapore Income Tax System

1. Singapore follows a territorial basis of taxation. In other words, companies and individuals are taxed mainly on Singapore sourced income. Foreign sourced income will be taxed when it is remitted or deemed remitted into Singapore unless the income was already subjected to taxes in a jurisdiction with headline tax rates of at least 15%.

2. Singapore corporate tax rate is capped at 17% on its chargeable income.

3. Singapore personal tax rates start at 0% and are capped at 22% (above S$320,000) for residents and a flat rate of 15% for non-residents.

4. Singapore does have GST and the current rate is 7%.

5. Interest, royalties, rentals from movable properties, management and technical fees, and director’s fees paid to non-residents (individuals or companies) are subject to withholding tax in Singapore.

Singapore Offshore Companies Taxation

1. This type of companies is referring to non-resident companies.

2. Company is legally tax exempted if certain criteria are met as show in the following:

a. The Company has no office in Singapore (Registered address is not belong company office). The management office is outside of country.

b. No employee is in Singapore.

c. The company has no bank account in Singapore. No any income remitted in Singapore.

d. Revenue incurred outside of Singapore.

e. Suppliers and customers are foreign companies. No business conduct in Singapore

** Kindly consult us for more detail on Singapore Offshore Companies taxation.

Contact Us

If you have further queries, please contact Tannet

Malaysia hotline:603-21418908;

Email: mytannet@gmail.com

TANNET GROUP: http://www.tannet-group.net , http://en.tannet.com.my

UK Company Registration

UK Company Registration

UK TRademark

Company Name

The company name can only be in English language and ends with LTD or LIMITED. The company can be comprised of the words “International”, “Industrial”, “Investment”, etc.

 

Controlled or sensitive words such as “Royal”, “Commonwealth”,“Bank”, “Union”, “Chamber of Commerce”, “Holdings”, “College”, “Association”, “Foundation”,etc will be required to obtain approval.

 

Note: For company names with the word “Group”, there must be at least 3 subsidiaries under the holding company.

 

Registered Capital

For a UK limited company the law does not state a general required minimum Charter Capital. It is recommended to be 1000GBP. There is no limit in regards to registered capital (No additional stamp duty payable). However, 0.5% stamp duty calculated based on registered capital will be incurred for transfer of shares or change of directors.

 

Shareholders & Directors

A minimum of one shareholder and one director, can be the same person and with no nationality restriction. Shareholders and directors must be at least 18 years of age and must not be bankrupt or convicted for any malpractice in the past. There is no requirement for the directors to also be shareholders, i.e. non-shareholders can be appointed directors.

 

Registered Address

The Registered Address for UK company must be situated in UK. The address detail is also included in the Certificate of Incorporation. Details of directors and officers must be provided. We provide the necessary ongoing services as Registered Address.

 

Business Scope

There are no restrictions as to the type of business for a UK company. A UK company is basically permitted to be involved in businesses such as trading, consultancy, investment, etc.

 

Documents & Information required:

  1. Proposed company name
  2. Passport copies of all shareholders & directors
  3. Shareholding ratio

 

Assistance in Opening a Bank Account

Delaware Company can open the bank account outside Delaware, more commonly known as offshore bank account. We can provide the service for bank account opening in Hong Kong, Shanghai, Malaysia, Singapore, Liechtenstein and other areas. Our company can provide the whole set of opening bank service including: recommending the bank/ preparing the opening bank documents (certified true copies)/meeting minutes/application form/ arranging the introducer.

 

Annual Renewal

UK Company is required to complete annual renewal (confirming details on UK company registration), filing annual audited accounts and tax return. The deadline for submission will be one month before the anniversary of incorporation day.

 

Taxation and Tax Declaration

The year end for tax submission falls due on the 31st of March each year. There is no income state tax for UK LLCs that do not conduct business in the UK.

 

Contact us

If you have further queries, please contact us

Malaysia hotline:603-21418908;

Email: mytannet@gmail.com

TANNET GROUP : http://www.tannet.com.my

Singapore Company Annual Filing

Singapore Company Annual Filing

Singapore annual filling refers to that every corporation is subject to file an annual return to the tax bureau in Singapore. An annual return is a summary of certain company information at the made-up date. Normally the made-up-date is the last date of any calendar month, such as 31 December 2014. It is a separate document from a company’s annual accounts.

 

Singapore Annual Return

An annual return must contain the following information:

  1. The name of the company
  2. The company registration number
  3. Company type example limited / exempt / private
  4. To select solvent or insolvent
  5. The two main principal activities of the company
  6. The registered office address of the company
  7. The address where the company keeps certain company records if not at the registered office, and those records held there
  8. The particular details of the company secretaries, company directors, managers and auditors
  9. The shareholders’ particulars and number of shares held
  10. List of Registered Charges, if any
  11. The summary of share capital and shares and number of shares paid in cash or otherwise in cash, forfeited shares, treasury shares, calls per shares of the company
  12. Filing financial statements in pdf and list of mandatory information which must be answered
  13. Declaration to be done when doing e-submission of annual return to ACRA

 

Preparation of Financial Accounts

Based on your company’s financial activities during the accounting year, you must prepare your annual financial accounts in accordance with the Financial Reporting Standards of Singapore. If you have a large volume of accounting transactions each month, you can outsource monthly bookkeeping to keep your ledgers in order or in quarterly / annually if the monthly transaction is small. 

 

Audit of Financial Accounts

Once the financial accounts are ready, your company may be required to have its accounts audited if the company falls under one of the following:

  • Entity is a Singapore company with corporate shareholding; or
  • Entity is a Singapore company with annual revenue exceeding S$5 million.

 

Filing of Estimated Chargeable Income (ECI)

Singapore companies are required to declare the revenue amount and Estimated Chargeable Income (ECI) by filing ECI form with Inland Revenue Authority of Singapore (IRAS) within 3 months of the Financial Year End for the company. Even if the company estimates its chargeable income as zero, it still has to file a “Nil” ECI.

 

Annual General Meeting (AGM)

Each Singapore Company must hold an Annual General Meeting (AGM) once every calendar year. The following general rules apply to AGMs:

  • The first AGM must be held within 18 months of its incorporation;
  • No more than 15 months may elapse between subsequent AGMs;
  • Accounts presented at the AGM shall be made up to a date not more than 6 months before the AGM;
  • Private companies are allowed to dispense with AGMs if at a general meeting of the company a resolution to that effect is passed by all members with voting rights.

 

Filing of Annual Return with ACRA

Each Singapore Company must lodge an Annual Return (AR) with ACRA within 1 month of its AGM. The particular as state in the above must be included while submit of AR. The attachment of company’s accounts is governed by the applicable rules here.

 

Filing of Annual Tax Return with IRAS

Each Singapore Company must file its annual tax return with IRAS. Singapore adopts the preceding year basis for taxation. The profits for the financial year ending in the preceding year will form the basis for filing the tax return in the current year. Note that the directors the companies are responsible and accountable for complying with the annual filing requirements. Failure to comply with the statutory compliance requirements is an offence and may result in fines or prosecution.

 

Contact Us

If you have further queries, please contact Tannet

24 hours Malaysia hotline:603-21418908;

24 hours Hong Kong hotline:852-27837818;

24 hours China hotline:86-755- 36990589;

Email: mytannet@gmail.com

TANNET GROUP: http://www.tannet-group.net , http://en.tannet.com.my

Singapore company registration, Singapore taxation, Singapore annual return, Singapore accounting,