VI In the context of an increasingly developing economy and tightening requirements for financial transparency, accounting service businesses not only play a role in assisting enterprises with legal compliance but also contribute to improving management efficiency. However, to be permitted to provide these services, enterprises must meet a series of strict legal conditions according to current regulations, ranging from standards for personnel and practicing certificates to organizational structure and professional liability. Let’s join Phạm Consult to learn more about the conditions that enterprises need to meet when operating an accounting service business.
I. Is providing accounting services a conditional business sector?
Providing accounting services involves offering services such as bookkeeping, chief accountant services, preparation of financial statements, accounting consulting, and other tasks under the scope of accounting work as stipulated by the Law on Accounting 2015 for organizations and individuals in need.
According to number 18 of Appendix IV, List of sectors and trades subject to conditional investment and business enacted along with the Law on Investment 2020 (effective until June 30, 2026), the activity of providing accounting services is a conditional business sector. Therefore, engaging in the accounting service business must satisfy legal requirements.
II. Conditions for enterprises to provide accounting services
According to Article 59 of the Law on Accounting 2015, an enterprise may only engage in accounting services when established under the types of legal entities prescribed by Law, ensures compliance with the business conditions stipulated by this Law, and is granted a Certificate of Eligibility for Accounting Service Business. Specifically, an enterprise providing accounting services must be established under one of the following types:
– Limited liability company (LLC) with two or more members;
– Partnership;
– Private enterprise.
Note: An enterprise providing accounting services may not contribute capital to establish another enterprise providing accounting services, except for cases of contributing capital with a foreign accounting service enterprise to establish an accounting service enterprise in Vietnam.
Foreign accounting service enterprises operate in Vietnam under the following forms:
– Contributing capital with an accounting service enterprise already established and operating in Vietnam to establish a new accounting service enterprise;
– Establishing a branch of a foreign accounting service enterprise;
– Providing services across borders in accordance with the Government’s regulations.
III. Conditions for granting the Certificate of Eligibility for Accounting Service Business
- For Limited Liability Companies (LLC) with two or more members
Clause 1, Article 60 stipulates the conditions for an LLC with two or more members to be granted a Certificate of Eligibility for Accounting Service Business, specifically:
– Possess a Certificate of Enterprise Registration, Investment Registration Certificate, or other equivalent documents as prescribed by law;
– Have at least two contributing members who are practicing accountants;
– The legal representative, director, or general director of the LLC must be a practicing accountant;
– Ensure the ratio of capital contribution by practicing accountants in the enterprise and the ratio of capital contribution by institutional members as prescribed by the Government:
+ Institutional members may contribute a maximum of 35% of the charter capital of the accounting service LLC with two or more members. In cases where there are multiple contributing institutions, the total contribution ratio of these institutions must not exceed 35% of the charter capital.
+ The accounting service LLC must have at least 02 contributing members who are accountants registered to practice at the company. The capital contribution of practicing accountants must account for over 50% of the company’s charter capital. A practicing accountant may not simultaneously register to practice accounting services at two or more accounting service business units at the same time.
- For Partnerships
A partnership is granted the Certificate of Eligibility for Accounting Service Business when it meets the following conditions:
– Possess a Certificate of Enterprise Registration, Investment Registration Certificate, or other equivalent documents as prescribed by law;
– Have at least two partners who are practicing accountants;
– The legal representative, director, or general director of the partnership must be a practicing accountant.
- For Private Enterprises
A private enterprise is granted the Certificate of Eligibility for Accounting Service Business when it meets the following conditions:
– Possess a Certificate of Enterprise Registration, Investment Registration Certificate, or other equivalent documents as prescribed by law;
– Have at least two practicing accountants;
– The owner of the private enterprise must be a practicing accountant and simultaneously serve as the director.
- For branches of foreign accounting service enterprises in Vietnam
A branch of a foreign accounting service enterprise in Vietnam is granted the Certificate of Eligibility for Accounting Service Business when it meets the following conditions:
– The foreign accounting service enterprise is permitted to provide accounting services according to the laws of the country where the foreign enterprise is headquartered;
– Have at least two practicing accountants, including the director or general director of the branch;
– The director or general director of the foreign accounting service enterprise branch may not simultaneously hold a management or executive position in another enterprise in Vietnam;
– The foreign accounting service enterprise must provide a written document to the Ministry of Finance committing to take responsibility for all obligations and commitments of the branch in Vietnam.
IV. Dossier for applying for the Certificate of Eligibility for Accounting Service Business
According to Article 61 of the Law on Accounting 2015, the application for the Certificate of Eligibility for Accounting Service Business includes the following documents:
– An application form for the Certificate of Eligibility for Accounting Service Business.
– A copy of the Certificate of Enterprise Registration, Investment Registration Certificate, or other equivalent documents.
– A copy of the Certificate of Registration for Accounting Service Practice of the practicing accountants.
– Labor contracts between the practicing accountants and the accounting service enterprise.
– Documents proving capital contribution for Limited Liability Companies.
– The company charter for partnerships and Limited Liability Companies.
– A written commitment of responsibility from the foreign enterprise, and documentation certifying the authorization to provide accounting services for the foreign enterprise in cases of branches of foreign accounting service enterprises in Vietnam.
V. Order and procedures for applying for the Certificate of Eligibility for Accounting Service Business
Organizations requesting the Certificate of Eligibility for Accounting Service Business shall submit a set of documents as prescribed to the Ministry of Finance and pay the appraisal fee. The application can be submitted directly at the “One-Stop Shop” department, through public postal services as stipulated by the Prime Minister, through the services of an enterprise or individual, or via authorized representation as prescribed by law; or submitted online through the National Public Service Portal or the Ministry of Finance’s Public Service Portal.
Within 15 days from the date of receiving a valid application, the Ministry of Finance shall grant the Certificate of Eligibility for Accounting Service Business to the enterprise; in case of refusal, a written response must be provided stating the reasons.
If it is necessary to clarify issues related to the application for the Certificate of Eligibility for Accounting Service Business, the Ministry of Finance shall request the enterprise to provide an explanation. The deadline for granting the Certificate is calculated from the date of receiving the additional explanatory documents.
