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Dependent accounting branches are a form of business expansion, making financial and operational management easier. With this branch, the parent business can focus on operating business strategies, while the branch carries out specific activities locally. Registering a dependent accounting branch helps you optimize management costs and easily meet legal requirements.
A dependent accounting branch is a form of branch in which the branch does not have independent legal status and all financial activities of the branch are “included” in the general financial statements of the parent company. This means that the branch will transfer all accounting data such as revenue, expenses, documents and other financial transactions to the parent company so that the parent company can perform accounting, consolidation and financial reporting at the end of the year.
A dependent accounting branch must first have the characteristics of a branch specified in Clause 1, Article 44 of the Law on Enterprises 2020, specifically as follows:
In addition, dependent accounting branches also have the following characteristics:
Currently, a company can register a dependent accounting branch in the same province or another province, depending on the needs of that company.
Registration procedures for the dependent accounting branch will be carried out according to Article 31 of Decree 01/2021/ND-CP, as follows:
Step 1: Prepare documents
According to Clause 1, Article 31 of Decree 01/2021/ND-CP, businesses need to prepare documents after registering a dependent accounting branch.
Step 2: The enterprise submits an application to register the operation of a dependent accounting branch at the Business Registration Office where the branch is located.
Step 3: Update branch information to the National Database
Dependent accounting branches still have to declare taxes. Specifically, depending on each branch’s case, tax declaration will be carried out according to the following regulations:
Coming to Long Phan, you only need to provide some necessary documents, and we will assist you in carrying out quick and simple procedures. Services that Long Phan provides include:
Long Phan brings you professional dependent accounting branch registration consulting services, saving time and costs, and helping you complete procedures quickly and effectively. For detailed advice and support, please contact the hotline: 0906735386. Let Long Phan accompany you on your business development journey, supporting all legal procedures so you can focus on your business with peace of mind.
Note: The content of the articles published on the website of Long Phan Investment Consulting Company is for reference only regarding the application of legal policies. Depending on the time, subject, and amendments, supplements, and replacements of legal policies and legal documents, the consulting content may no longer be appropriate for the situation you are facing or need legal advice on. In case you need specific and in-depth advice according to each case or incident, please contact us through the methods below. With our enthusiasm and dedication, we believe that Long Phan will be a reliable solution provider for our clients.
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