Current law stipulates that an accounting service enterprise or a branch of a foreign accounting service business enterprise in Vietnam must have a certificate of eligibility to provide accounting services. In addition, the Law on Accounting also stipulates that within 06 months from the date of the accounting service registration, if the accounting firm or branch of a foreign accounting firm is not granted the Certificate of eligibility to provide accounting services, the accounting firm or branch of a foreign accounting firm must promptly request the business registration authority to remove the phrase “accounting services” from its name.

Hong Bang Law would like to send to our customers the advice and guidance on the procedures for applying for the Certificate of eligibility to provide accounting services as follows:

Legal basis

• Law on Accounting No. 88/2015/QH13 dated November 20, 2015
• Law on Independent Audit No. 67/2011/QH12 dated March 29, 2011.
• Decree 17/2012/ND-CP dated 13/3/2012
• Decree 174/2016/ND-CP dated December 30, 2016

Requirements for issuance of the Certificate of eligibility to provide accounting services

For a multi-member limited liability company

A multi-member limited liability company shall be granted the Certificate of eligibility to provide accounting services after all of the conditions below are satisfied:

• The company has a Certificate of Enterprise Registration, Investment Registration Certificate, or an equivalent document as prescribed by law;
• At least two capital contributors (members) are accounting practitioners;
• The legal representative, Director or General Director of the company is an accounting practitioner;
• The accounting practitioners’ holdings in the enterprise, the holdings of members being organizations are conformable with regulations of the Government.

For a partnership 

A partnership shall be granted the Certificate of eligibility to provide accounting services after all of the conditions below are satisfied:

• The partnership has a Certificate of Enterprise Registration, Investment Registration Certificate, or an equivalent document as prescribed by law;
• At least two general partners are accounting practitioners;
• The legal representative, Director or General Director of the partnership is an accounting practitioner.

For a private enterprise

A private enterprise shall be granted the Certificate of eligibility to provide accounting services after all of the conditions below are satisfied:

• The enterprise has a Certificate of Enterprise Registration, Investment Registration Certificate, or an equivalent document as prescribed by law;
• There are at least two accounting practitioners in the enterprise;
• The owner of the private company, who holds the position of Director, is an accounting practitioner.

For a branch in Vietnam of a foreign accounting firm

A branch in Vietnam of a foreign accounting firm shall be granted the Certificate of eligibility to provide accounting services after all of the conditions below are satisfied:

• The foreign accounting firm is permitted to provide accounting services according to regulations of law of its home country;
• There are at least two accounting practitioners, including the Director or General Director of the branch;
• The Director or General Director of the branch does not concurrently hold the position of manager or executive officer of another enterprise in Vietnam;
• The foreign accounting firm has submitted a document to the Ministry of Finance that it is responsible for every obligation and commitment of the branch in Vietnam.

Application for Certificate of eligibility to provide accounting services

• An application form for the Certificate of eligibility to provide accounting services.
• Copies of the Certificate of Enterprise Registration, Investment Registration Certificate, or an equivalent document.
• Copies of Certificates of Accounting Practice Registration of accounting practitioners.
• Employment contracts between the accounting firm and accounting practitioners.
• Documents proving capital contribution (for limited liability companies).
• The company’s charter (for partnerships and limited liability companies).
• A written commitment to take responsibility by the foreign firm; documents proving the foreign firm is permitted to provide accounting services (for branches in Vietnam of foreign accounting firms).

Procedures for issuance of the Certificate of eligibility to provide accounting services

Step 1: Submit your application.

Step 2: Appraisal of the application: 

The Ministry of Finance (Department of Accounting and Auditing Regimes) receives the dossier and appraises the dossier.

Within 15 days from the receipt of the satisfactory application, the Ministry of Finance shall issue the Certificate of eligibility to provide accounting services. If the application is rejected, the explanation must be provided in writing.

If the application needs clarifying, the Ministry of Finance shall request the applicant to provide an explanation. The time limit for issuance of the Certificate of eligibility to provide accounting services begins from the date of receipt of additional documents.

Step 3: Issuance the Certificate of eligibility to provide accounting services

Implementation time: 15 working days from the date of submission of valid documents.

Competent Agency: Ministry of Finance – Department of Accounting and Auditing Regulations

Service provided by Hong Bang Law

• Advising clients on legal regulations on procedures for granting Certificates of eligibility to provide accounting services;
• Receiving information from customers;
• Drafting documents, preparing necessary documents;
• On behalf of clients, submit documents and handle necessary procedures at competent state agencies;
• On behalf of customers to receive papers and documents related to work at competent state agencies.

If you need more detailed advice and answers as well as how to access this service, please contact directly our Lawyer Nhat Nam via hotline: 0912.35.65.75, 0912.35.53.53 or call the toll free legal consultation hotline 1900.6575 or send a service request via email: lienheluathongbang@gmail.com

Wishing you and your family good health, peace and success!

Best regards!