Dossier to request a Certificate of eligibility to conduct business in accounting services

1. Can a limited liability company provide accounting services?

In Article 59 of the Accounting Law 2015, regulations on enterprises providing accounting services are as follows:

“Article 59. Enterprises providing accounting services

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

a) Limited liability company with two or more members;

b) Partnership company;

c) Private enterprise.

2. Enterprises are only allowed to 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. Accounting service businesses are not allowed to contribute capital to establish other accounting service businesses, except in the case of contributing capital to foreign accounting service businesses to establish accounting service businesses in Vietnam.

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

a) Contributing capital to an accounting service business that has been established and operating in Vietnam to establish an accounting service business;

b) Establishment of a branch of a foreign accounting service enterprise;

c) Providing cross-border services according to Government regulations.”

Thus, a limited liability company with two or more members is a type of business that is allowed to provide accounting services.

2. Conditions for a limited liability company to be granted an accounting service business certificate?

Pursuant to Clause 1 and Clause 5, Article 60 of the Accounting Law 2015, the conditions for granting the Certificate of eligibility for accounting service business are as follows:

– A limited liability company with two or more members is granted a Certificate of eligibility to provide 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;

+ The legal representative, director or general director of the limited liability company must be practicing accountants profession;

+ Ensuring the capital contribution ratio of practicing accountants in the enterprise, the capital contribution ratio of members who are organizations according to the Government’s regulations.

– Within 06 months from the date of registration of accounting service business, accounting service business enterprises, branches of foreign accounting service enterprises in Vietnam shall not be granted a Certificate of eligibility to do business in accounting services. accounting services or in case the Certificate of eligibility to conduct business in accounting services has been revoked, the enterprise or branch of a foreign accounting service enterprise 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 does an application for a Certificate of eligibility for business in accounting services include?

According to Article 61 of the Law on Accounting 2015, the application for a Certificate of eligibility for business in accounting services is as follows:

– Application for a Certificate of eligibility for business in accounting services.

– Copy 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 for liability companies 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 provide accounting services for branches of foreign enterprises providing accounting services in Vietnam.

4. How long does it take to issue a Certificate of eligibility to conduct business in accounting services?

In Article 62 of the Accounting Law 2015, the time limit for issuance of Certificate of eligibility for business in accounting services 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 Certificate of eligibility to conduct business in accounting services; in case of refusal, a written response must be provided, clearly stating the reason.

2. In case of need to clarify issues related to the application for a Certificate of eligibility to conduct business in accounting services, the Ministry of Finance requires the enterprise applying for a Certificate of eligibility to conduct business in accounting services to explain date of receipt of additional explanatory documents.”