Update day: May 19 , 2023

Procedure to apply for Certificate of Eligibility for Accounting Services Business in Vietnam

Vietnam is becoming an attractive destination for foreign enterprises to invest in and expand business scale. In particular, the field of accounting services business is considered quite attractive, as we know that accounting jobs are mandatory for every enterprise, investment project, contractor, etc., and play an important role in ensuring transparency and efficiency in financial management. This contributes to promoting the development of accounting services in Vietnam with the participation not only of Vietnamese enterprises but recently the presence of foreign-invested enterprises and branches of foreign enterprises in Vietnam.

However, to operate in this field in Vietnam, foreign enterprises shall meet the conditions to grant a certificate of eligibility for accounting services business. In this article, we will have more details about the conditions and processes for foreign enterprises to be granted this certification in Vietnam.

Table of contents:

1. Conditions for granting a certificate of eligibility for accounting services business to foreign investor

The conditions for applying for the certificate of eligibility for accounting services business in Vietnam are different according to the type of enterprise presence in Vietnam.

– For two-member limited liability company

Having Enterprise Registration Certificate, Investment Registration Certificate, or equivalent documents as prescribed by the law;
Having at least two capital contribution members who are practicing accountants;
The legal representative, director or general director of the limited liability company shall be a practicing accountant.
Ensuring the proportion of capital contribution of practicing accountants in the enterprise (accounting for over 50% of the charter capital of the company), and the proportion of capital contribution of members being organization as prescribed by the regulation of the Government (maximum 35% of the charter capital)

– For Partnerships

Having Enterprise Registration Certificate, Investment Registration Certificate, or equivalent documents as prescribed by the law.
Having at least two members who are practicing accountants.
The legal representative, director or general director of the partnerships shall be a practicing accountant.

It should be noted that, within 06 months from the date on which the Certificate of eligibility for accounting services is not granted or in case this Certificate has been revoked, the foreign accounting service enterprise in Vietnam shall immediately notify the business registration authority to perform the procedure to remove the phrase “accounting services” in the name of the enterprise and branch.

2. List of dossiers of required for applying for a Certificate of eligibility for accounting services business:

An application form for granting a Certificate of eligibility for accounting services business.
Copy of the Enterprise Registration Certificate, Investment Registration Certificate or equivalent document.
Copy of Certificate of Accounting Practice Registration of practicing accountants.
Labor contract with the accounting service enterprise of the practicing accountants.
Documents proving the capital contribution for the limited liability company.
Company charter of the partnerships, limited liability company.
Written commitment of responsibility from the foreign enterprise or documents certifying the permission to provide accounting services from the foreign enterprise for foreign branch offices conducting accounting services business in Vietnam.
Organizations applying for the Certificate of eligibility for business in accounting services shall send a set of dossiers as prescribed to the Ministry of Finance and pay fees for assessment and grant of Certificates of eligibility for accounting services business.

The time-limit for granting the Certificate of eligibility for accounting services business: 15 days.

Enterprise shall take note of the following:

Registering the list of practicing accountants annually with the Ministry of Finance or the professional accounting and auditing association authorized by the Ministry of Finance (referred to as the Professional association).
Within a period of 10 days from the date of any changes in the following information, the accounting service business enterprise shall notify the Ministry of Finance in writing.
No later than August 31st each year or as requested by the competent authority, the accounting service business enterprise shall submit a report on the maintenance of eligibility for accounting services business to the Ministry of Finance (Department of Accounting and Auditing Supervision).
Before April 10th every year, accounting service businesses shall submit an Annual Activity Report (covering the period from January 1st to December 31st) to the Ministry of Finance (Department of Accounting Management and Audit Supervision). The reporting data shall be finalized from January 1st to December 31st of the reporting year.
Accounting service business units shall purchase professional liability insurance to have a source of payment to compensate clients for damage caused by risks during the course of their accounting practice providing services to clients. The time to purchase professional liability insurance for a practicing accountant shall be done within 60 days from the date the practicing accountant is granted the Certificate of registration to practice accounting at the unit.

The process and requirements for granting the Certificate of eligibility to provide accounting services for foreign enterprises in Vietnam are an important step that requires a strong understanding of domestic legal regulations. However, once foreign enterprises have completed and fulfilled all these requirements, the door to participate in the Vietnamese accounting market will open with many attractive business opportunities and potentials. Through this article, we hope that foreign investors have gained an overview of the process and requirements to obtain the Certificate of eligibility to provide accounting services in Vietnam.

Time of writing: 15/05/2023

The article contains general information which is of reference value, in case you want to receive legal opinions on issues you need clarification on, please get in touch with our Lawyer at info@cdlaf.vn

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