Is it allowed to establish an accounting firm as a limited liability company in Vietnam?
- Is it allowed to establish an accounting firm as a limited liability company in Vietnam?
- What does the application for issuing a Certificate of eligibility to provide accounting services to a multiple-member limited liability company in Vietnam include?
- May the application form for issuing a Certificate of eligibility to provide accounting services to a multiple-member limited liability company in Vietnam be made in Vietnamese?
Is it allowed to establish an accounting firm as a limited liability company in Vietnam?
Under the provisions of Article 60 of the Law on Accounting 2015 on the conditions for issuance of the Certificate of eligibility to provide accounting services:
Conditions for issuance of the Certificate of eligibility to provide accounting services
1. 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:
a) The company has a Certificate of Enterprise Registration, Investment Registration Certificate, or an equivalent document as prescribed by law;
b) At least two capital contributors (members) are accounting practitioners;
c) The legal representative, Director or General Director of the company is an accounting practitioner;
d) The accounting practitioners’ holdings in the enterprise, the holdings of members being organizations are conformable with regulations of the Government.
2. A partnership shall be granted the Certificate of eligibility to provide accounting services after all of the conditions below are satisfied:
a) The partnership has a Certificate of Enterprise Registration, Investment Registration Certificate, or an equivalent document as prescribed by law;
b) At least two general partners are accounting practitioners;
c) The legal representative, Director or General Director of the partnership is an accounting practitioner.
3. A private enterprise shall be granted the Certificate of eligibility to provide accounting services after all of the conditions below are satisfied:
a) The enterprise has a Certificate of Enterprise Registration, Investment Registration Certificate, or an equivalent document as prescribed by law;
b) There are at least two accounting practitioners in the enterprise;
c) The owner of the private company, who holds the position of Director, is an accounting practitioner.
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According to the provisions of Clause 7, Article 4 of the Law on Enterprise 2020, a limited liability company is defined as follows:
Definitions
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7. A “limited liability company” can be a single-member limited liability company or a multiple-member limited liability company.
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According to the above regulations, it is only allowed to establish accounting firms by the following types of enterprises: multiple-member limited liability company, partnership company, and joint stock company.
Thus, only multiple-member limited liability companies may provide accounting services if the above conditions are met.
In other words, it is allowed to establish an accounting firm as a single-member limited liability company.
What does the application for issuing a Certificate of eligibility to provide accounting services to a multiple-member limited liability company in Vietnam include?
Under Article 61 of the Law on Accounting 2015, the application for issuing a Certificate of eligibility to provide accounting services to a multiple-member limited liability company in Vietnam includes:
- An application form for issuing 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 a multiple-member limited liability company).
- The charter of a multiple-member limited liability company.
May the application form for issuing a Certificate of eligibility to provide accounting services to a multiple-member limited liability company in Vietnam be made in Vietnamese?
Under Article 4 of Circular 297/2016/TT-BTC on application preparation principles as follows:
Application preparation principles
1. The copies of documents and qualifications must be authenticated by the competent authority as prescribed by law.
2. The application form for issuing the Certificate of eligibility to provide accounting services must be prepared in Vietnamese. The document enclosed with the application form in foreign languages must be translated into Vietnamese and authenticated in accordance with Vietnamese law.
3. The documents issued by foreign organizations or notarized/authenticated overseas must be consularly legalized as prescribed by Vietnamese law, unless the consular legalization is exempted by an International Agreement to which Vietnam is a signatory.
4. The applicant for the Certificate of eligibility to provide accounting services is responsible for the accuracy of the application being sent to the Ministry of Finance.
Thus, the application form for issuing a Certificate of eligibility to provide accounting services to a multiple-member limited liability company in Vietnam must be made in Vietnamese.
The documents enclosed with the application form in foreign languages must be translated into Vietnamese and authenticated in accordance with Vietnamese law.
Download the application form for issuing a Certificate of eligibility to provide accounting services: here
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