Our Compliance Services
Domicile Corporate Services undertakes the compliance activities that are often perceived to provide low value-add to businesses, but which also provide businesses with a high level of compliance risk.
In Vietnam, there are specific requirements for maintaining and recording transactions in a general ledgers; requirements for taxation reporting; and with the issuance of official (“red”) VAT receipts. Knowledge of such requirements are onerous and as such, we believe that Domicile Corporate Services is able to assist in easing the burden.
For regular compliance services we base our fees on a simple fixed model enabling clients to know exactly where they stand. Our monthly fees are calculated in a manner that is spread out over a year – taking into account monthly, quarterly and annual events and requirements.
Monthly/Ongoing Compliance Services
Our standard monthly and ongoing compliance services package includes:
General Ledger Accounting
The core of any finance and accounting system is the general ledger, where all the accounting entries for a company are recorded. In Vietnam, there are very specific requirements for the establishment and maintenance of the Chart of Accounts, along with a myriad of other procedures.
Our general ledger compliance services include:
- General Ledger accounting
- Voucher preparation
- Monthly bank account reconciliation
- Month-end accruals
- Month-end VAS compliant Profit & Loss statements and Balance Sheets
- Annual VAS compliant Financial Statements
In Vietnam, the Chief Accountant is an individual that must review, approve and sign accounting vouchers and documents in a company. Every company must appoint a qualified Chief Accountant (ie, an individual holding a Chief Accountant Certificate) or appoint like Domicile Corporate Services which provides professional Chief Accountant services to businesses.
The role of the Chief Accountant is one which is held in high regard in Vietnam, and the position requires the appointment of someone competent, trustworthy, and with the ability to really understand your business.
Vietnam taxation procedures are not only time consuming, they are opaque and constantly changing. We help remove the need for you to remain on top of all the procedures and changes that occur.
Specific taxation services include:
- Monthly VAT compliance
- Quarterly VAT compliance
- Quarterly Corporate Income Tax lodgements and reports
- Annual Corporate Income Tax lodgements and finalisation
- Business Licensing Tax compliance
Human Resource & Payroll Services
The processing of payrolls for staff is not just about paying salaries. It is a far more time consuming and compliance oriented function that needs dedication and focus.
Our services include:
- Payroll calculation
- Monthly Social Insurance calculations and lodgements
- Preparation of monthly payroll bank transfer documentation
- Quarterly Social Insurance reports and lodgements
- Annual Personal Income Tax finalisation for employees Preparation of Labour Contracts and renewals
We utilise our professional cloud based software, allowing remote management and review of all elements of the payroll solution for companies of all sizes