What Conditions Must Be Met for Providing Accounting Services in the Form of a Partnership?

1. What is the accounting service business?

Under Clause 13, Article 3 of the Law on Accounting 2015 (as amended and supplemented by Law No. 56/2024/QH15), the accounting service business is defined as follows:

“Article 3. Interpretation of terms

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In this Law, the following terms are construed as follows:

…

13. Accounting service business means providing services of performing accounting work, acting as chief accountant, preparing financial statements, accounting consultancy, and other work within accounting activities as prescribed by this Law for organizations and individuals in need.”

2. May an accounting service business be organized as a partnership?

Accounting service businesses are regulated in Article 59 of the Law on Accounting 2015 (as amended and supplemented by Law No. 56/2024/QH15) as follows:

– Accounting service businesses may be established in the following forms:

+ Multi-member limited liability companies;

+ Partnerships;

+ Private enterprises.

– An enterprise may only conduct accounting service business when it ensures the business conditions prescribed by this Law and is granted the Certificate of eligibility for accounting service business.

– An accounting service business may not contribute capital to establish another accounting service business, except for contributing capital with a foreign accounting service business to establish an accounting service business in Vietnam.

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

+ Contributing capital with an accounting service business established and operating in Vietnam to establish an accounting service business;

+ Establishing a branch of a foreign accounting service business;

+ Providing services across borders as prescribed by the Government.

Under the above provisions, an accounting service business may be organized as a partnership and must meet the business conditions prescribed by law.

3. What conditions must a partnership conducting accounting service business meet?

Pursuant to Clause 2, Article 60 of the Law on Accounting 2015 (as amended and supplemented by Law No. 56/2024/QH15), a partnership is granted the Certificate of eligibility for accounting service business when it fully meets the following conditions:

– Having an Enterprise Registration Certificate, Investment Registration Certificate, or other document of equivalent value as prescribed by law;

– Having at least two general partners who are practicing accountants;

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

* The dossier and procedures for granting the Certificate of eligibility for accounting service business are regulated as follows:

Under Clause 1, Article 5 of Circular 297/2016/TT-BTC, the dossier requesting the Certificate of eligibility for accounting service business includes:

– The application for the Certificate of eligibility for accounting service business.

– A copy of the Enterprise Registration Certificate, Investment Registration Certificate, or other document of equivalent value.

– Copies of the Certificates of registration for accounting service practice of the practicing accountants.

– Labor contracts with the accounting service business of the practicing accountants.

– Documents proving capital contributions for limited liability companies.

– The company charter for partnerships and limited liability companies.

– The written commitment to bear responsibility of the foreign enterprise and documents certifying the foreign enterprise’s permission to conduct accounting service business, for branches of foreign accounting service businesses in Vietnam.

In which,

– The application for the Certificate of eligibility for accounting service business for multi-member limited liability companies, partnerships, and private enterprises follows the form prescribed in Appendix 1 issued together with this Circular.

– The application for the Certificate of eligibility for accounting service business for branches of foreign accounting service businesses in Vietnam follows the form prescribed in Appendix 2 issued together with this Circular.

Preparation of the dossier requesting the Certificate must satisfy the principles prescribed in Article 4 of Circular 297/2016/TT-BTC, specifically as follows:

– Copies of papers and diplomas must be certified by the competent authority as prescribed by law.

– The application for the Certificate of eligibility for accounting service business must be made in Vietnamese. Foreign-language documents accompanying the application must be translated into Vietnamese, and the translation must be certified as prescribed by Vietnamese law.

– Papers issued by foreign agencies or organizations or notarized or certified abroad must be consularly legalized as prescribed by Vietnamese law, except where consular legalization is exempted under international treaties to which the Socialist Republic of Vietnam is a member.

– The organization requesting the Certificate of eligibility for accounting service business is responsible for the accuracy and truthfulness of the dossier sent to the Ministry of Finance.

* The procedure for requesting the Certificate of eligibility for accounting service business under Clause 2, Article 5 of Circular 297/2016/TT-BTC is as follows:

– The organization requesting the Certificate of eligibility for accounting service business sends one set of dossier as prescribed in Clause 1 of this Article to the Ministry of Finance and pays the appraisal fee for granting the certificate of eligibility for accounting service business.

* The time limit for granting the Certificate of eligibility for accounting service business under Clause 4, Article 5 of Circular 297/2016/TT-BTC is as follows:

– Within 15 days from receipt of a complete and valid dossier, the Ministry of Finance grants the Certificate of eligibility for accounting service business to the enterprise; in case of refusal, it must reply in writing and clearly state the reasons.

– Where clarification of issues related to the dossier requesting the Certificate of eligibility for accounting service business is needed, the Ministry of Finance requests the enterprise requesting the Certificate of eligibility for accounting service business to explain. The time limit for granting the Certificate of eligibility for accounting service business is counted from the date of receipt of the supplementary explanatory documents.

Thus, registering an accounting service business in the form of a partnership may be carried out but must meet the conditions prescribed in Clause 2, Article 60 of the Law on Accounting 2015 (as amended and supplemented by Law No. 56/2024/QH15) and complete the procedure for granting the Certificate of eligibility for accounting service business as prescribed.