Our collection of resources based on what we have learned on the ground
Resources
Q&A
What steps are to be followed to close the import-export tax code after the lett...
- November 2013
- Free Access
The following steps are recommended: Destroy any financial balance invoices (value-added tax and/or export invoices) that have yet been issued; Finalize any overdue taxes; Finalize the personal income taxes and corporate income taxes requirement...
Q&A
What is to be done with the company's Vietnamese bank account if the company is ...
- November 2013
- Free Access
The bank account must be closed in accordance to the policies of the bank, which the bank account was opened. If there is no bank account to the company, then an issuance of statement, detailing that the fact. Thereafter, the company will need to se...
Q&A
What should be done with the employee contracts after closing a Vietnamese compa...
- November 2013
- Free Access
The dissolving company must inform its employees of the decision of dissolution within a certain time period prior the termination of their labor contracts. The time period varies as follows: Indefinite term labor contracts – notice of at le...
Q&A
What steps are to follow to deal with the social insurance obligations of the em...
- November 2013
- Free Access
The employee social insurance obligations must be completed prior to the dissolution of the company. Documented evidence must be submitted to the social insurance and business/investment registration agencies. If there has never been any paym...
Q&A
What are needed to be done to close a Vietnamese company after settling the fina...
- November 2013
- Free Access
After settling the financial reports, bank accounts, contracts and employees benefits, the company, then, must submit a dossier to the Department of Planning and Investment to notify of its dissolution. DPI is the authority that handles and issues th...
Q&A
What are the consequences if the dissolution of the Vietnamese company is not co...
- November 2013
- Free Access
After the prescribed time period given to dissolve the company, the company will be deemed dissolved, and the business registration body will remove the company’s name from the company registry. In this case, the legal owners or representative...
Q&A
Can a Vietnamese company be closed by bankruptcy?
- November 2013
- Free Access
Yes. But there are prescribed venues for the application of bankruptcy, and consequently the dissolution.The venues are: The provincial-level People’s Court is responsible for handling bankruptcy application of companies that operate under t...
Q&A
How is audit defined under Indian law and why is it important?
- August 2013
- Free Access
The definition of audit given by the Institute of Chartered Accountants of India is as follows: “Auditing is defined as a systematic and independent examination of data, statements, records, operations and performance (financial or otherwise)...
Q&A
How can a ?true and fair view? be achieved in Indian audit?
- April 2013
- Free Access
A “true and fair view” can only be satisfied if the financial statements are accurate and not misleading. The company can expect the auditor to have provided a true and fair view, if the following criteria are met: The accounts are pr...
Q&A
How many types of audit are there in the Indian system?
- April 2013
- Members Access
Generally, there are two main categories: Internal Audits; and Statutory Audits. Internal audits are conducted at the behest of internal management in order to check the health of a company’s finances, and analyze operational eff...
Q&A
Who can be an auditor of a company in India?
- April 2013
- Free Access
Only an independent chartered accountant or a partnership firm of chartered accountants can be appointed as the auditor of a company. The following persons are excluded from being qualified as company auditors according to the Companies Act: A bod...
Q&A
How should a company auditor prepare the audit report in India?
- April 2013
- Free Access
The company auditor is required to prepare the audit report as per the conditions set out in the Company Auditor’s Report Order 2003, which requires auditors to report on various aspects of the company, including, among other things, fixed asse...
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