Conditions that private enterprises need to meet to do business in accounting services

1. What conditions must a private enterprise providing accounting services meet?

According to Clause 3, Article 60 of the 2015 Accounting Law, the conditions for granting a Certificate of eligibility for accounting service business are as follows:

“Article 60. Conditions for issuance of Certificate of eligibility to provide accounting services

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

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

b) Have at least two practicing accountants;

c) The owner of a private enterprise is a practicing accountant and also the director.

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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 granted 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for accounting service business or in case the Certificate of eligibility for accounting service business business has been revoked, the enterprise or foreign accounting service enterprise branch in Vietnam must immediately notify the business registration authority to carry out procedures for deletion. the phrase “accounting services” in the name of the enterprise or branch.”

Accordingly, a private enterprise is granted a Certificate of eligibility to provide accounting services when it meets all of the following conditions:

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

– Have at least two practicing accountants;

– The owner of a private business is a practicing accountant and also the director.

2. What does an application for a license to operate accounting services include?

According to Article 61 of the Accounting Law 2015, it is stipulated as follows:

“Article 61. Application dossier for issuance of Certificate of eligibility to provide accounting services

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 permission to conduct business in accounting services for the branch of the enterprise providing foreign accounting services in Vietnam.”

Accordingly, the documents you need to prepare include:

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

– Copy copy of the Business Registration Certificate, Investment Registration Certificate or other documents of equivalent value.

– Copy of the Certificate of registration to practice accounting services of practicing accountants.

– Labor contract with an enterprise providing accounting services of practicing accountants.

– Documents proving capital contribution to the company limited liability.

– Company charter for partnerships and limited liability companies.

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

3. Time limit for issuance of the Certificate What are the conditions for doing business in accounting services?

According to Article 62 of the Accounting Law 2015 it is stipulated as follows:

“Article 62. Time limit for issuance of Certificate of eligibility for business in accounting services

1. Within 15 days from the date of receipt of complete and valid documents, the Ministry of Finance shall issue a Certificate of eligibility to provide accounting services to the enterprise; In case of refusal, a written response must be made clearly stating the reason.

2. In case it is necessary to clarify issues related to the application dossier for a Certificate of eligibility for business in accounting services, the Ministry of Finance requires the enterprise applying for a Certificate of eligibility for business in accounting services to explain. The time limit for issuance of the Certificate of eligibility to conduct business in accounting services is calculated from the date of receipt of additional explanatory documents.”

Accordingly, within 15 days from the date of receipt of complete and valid documents, the Ministry of Finance shall issue a Certificate of eligibility to provide accounting services to the enterprise; In case of refusal, a written response must be made clearly stating the reason.