Application for a certificate of eligibility to conduct business in accounting services according to legal regulations

What conditions must be met to establish an accounting service business? Application for a certificate of eligibility to provide accounting services. 

1. What types of businesses are registered to provide accounting services?

According to Article 59 of the Accounting Law 2015, the regulations on accounting service businesses are mentioned as follows:

1. Accounting service businesses are established according to the following types:

– Limited liability company with two or more members;

– Partnership company;

– Private enterprise.

2. Enterprises may only conduct business in accounting services when they ensure business conditions according to the provisions of this Law and are granted a Certificate of eligibility to conduct business in accounting services.

3. An accounting service business is not allowed to contribute capital to establish another accounting service business, except in the case of contributing capital to a foreign accounting service business to establish an accounting service business in Vietnam.

4. Foreign accounting service businesses conduct accounting service business in Vietnam in the following forms:

– Contribute capital to accounting service businesses that have been established and operate in Vietnam to establish an accounting service business;

– Establish a branch of a foreign accounting service business;

– Providing cross-border services according to Government regulations.

Thus, you can establish one of the three business models specified in Clause 1, Article 59 to do accounting services.

2. To be granted a Certificate of eligibility to conduct business in accounting services, what regulations must be met?

When the conditions specified in Article 60 of the Accounting Law 2015 are satisfied, a certificate will be issued, specifically:

1. A limited liability company with two or more members is granted a Certificate of eligibility to do business in accounting services when all of the following conditions are met:

– Have a Business Registration Certificate, Investment Registration Certificate or other documents of equivalent value according to the provisions of law;

– Have at least two capital contributing members who are practicing accountants profession;

– The legal representative, director or general director of a limited liability company must be a practicing accountant;

– Ensuring the capital contribution ratio of practicing accountants in the enterprise, the capital contribution ratio of organizational members according to Government regulations.

2. A partnership is granted a Certificate of eligibility to conduct business in accounting services when it meets the following conditions:

– Has a Business Registration Certificate, Investment Registration Certificate or other documents of equivalent value according to the provisions of law;

– Has at least two partners who are practicing accountants;

– The legal representative By law, the director or general director of the partnership must be a practicing accountant.

3. A private enterprise is granted a Certificate of eligibility to provide accounting services when it meets the following conditions:

– Has a Business Registration Certificate, Investment Registration Certificate or other documents of equivalent value according to the provisions of law;

– Has at least two practicing accountants;

– The owner of the private enterprise is an accountant practices and is also a director.

4. A branch of a foreign accounting service enterprise in Vietnam is granted a Certificate of eligibility to conduct an accounting service business when all of the following conditions are met:

– The foreign accounting service enterprise is allowed to provide accounting services in accordance with the law of the country where the foreign accounting service enterprise is headquartered;

– There are at least two practicing accountants, in that has a director or general director of a branch;

– The director or general director of a branch of a foreign accounting service enterprise must not simultaneously hold the position of manager or executive of another enterprise in Vietnam;

– Foreign accounting service enterprises must send a document to the Ministry of Finance ensuring responsibility for all obligations and commitments of their branches in Vietnam.

5. Within 06 months from the date of registration of accounting service business, if the accounting service business enterprise or branch of foreign accounting service enterprise business in Vietnam is not issued a Certificate of eligibility for accounting service business or in case the Certificate of eligibility for accounting service business business has been revoked, the enterprise or foreign accounting service enterprise branch in Vietnam must immediately notify the business registration authority to carry out procedures to delete the phrase. “accounting services” in the name of the enterprise or branch.

3. What are the necessary documents to be granted a certificate of eligibility to provide accounting services?

According to Article 61 of the 2015 Accounting Law, the following are the necessary documents:

1. Application for issuance of Certificate of eligibility to conduct business in accounting services.

2. Copy of Business Registration Certificate, Investment Registration Certificate or other documents of equivalent value.

3. Copy of Certificate of registration to practice accounting services of practicing accountants.

4. Labor contract with an accounting service business of practicing accountants.

5. Documents proving capital contribution for limited liability companies.

6. Company charter for partnerships and limited liability companies.

7. Written commitment to take responsibility of the foreign enterprise, documents certifying the foreign enterprise’s license to conduct business in accounting services for the branch of the enterprise providing foreign accounting services in Vietnam.

In addition, you can refer to Article 4 and Article 5 of Circular 297/2016/TT-BTC to know the principles of document preparation as well as the necessary forms when completing procedures.