Vietnam: When applying for a Certificate of eligibility to provide accounting services, is an accounting firm that is a limited liability company required to submit documents proving capital contribution?

Main Content

• When applying for a Certificate of eligibility to provide accounting services, is an accounting firm that is a limited liability company in Vietnam required to submit documents proving capital contribution?
• Does an accounting firm that is a limited liability company in Vietnam have to notify the Ministry of Finance of changes to the holdings of its members?
• In Vietnam, shall a Certificate of eligibility to provide accounting services be re-issued to an accounting firm that is a multiple-member limited liability company in case of changes to the holdings of its members?

When applying for a Certificate of eligibility to provide accounting services, is an accounting firm that is a limited liability company in Vietnam required to submit documents proving capital contribution?

According to Clause 5, Article 61 of the Accounting Law 2015:

Application for Certificate of eligibility to provide accounting services

1. An application form for the Certificate of eligibility to provide accounting services.

2. Copies of the Certificate of Enterprise Registration, Investment Registration Certificate, or an equivalent document.

3. Copies of Certificates of Accounting Practice Registration of accounting practitioners.

4. Employment contracts between the accounting firm and accounting practitioners.

5. Documents proving capital contribution (for limited liability companies).

6. The company’s charter (for partnerships and limited liability companies).

7. 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).

Under the above regulations, the application for issuing a Certificate of eligibility to provide accounting services submitted by limited liability companies in Vietnam must include documents proving capital contribution.

Thus, when applying for a Certificate of eligibility to provide accounting services, an accounting firm that is a limited liability company in Vietnam must submit documents proving capital contribution.

Does an accounting firm that is a limited liability company in Vietnam have to notify the Ministry of Finance of changes to the holdings of its members?

According to Point d, Clause 1, Article 66 of the Accounting Law 2015:

Changes to be notified to the Ministry of Finance

1. Within 10 days from the occurrence of any of the changes below, the accounting firm must send a written notification to the Ministry of Finance:

a) Changes to the list of accounting practitioners in the firm;

b) One, some, or all of the conditions for provision of accounting services specified in Article 60 of this Law are not satisfied;

c) Changes to the firm’s name or headquarters’ address;

d) Changes to the Director, General Director, legal representative, or holdings of members/partners;

dd) Suspension of provision of accounting services;

e) Establishment, shutdown, or changes to the names of addresses of the accounting firm’s branches;

g) Total division, partial division, acquisition, consolidation, conversion, or dissolution of the accounting firm.

2. Within 10 days from the occurrence of any of the changes below, the accounting household must send a written notification to the Ministry of Finance:

a) Changes to the list of accounting practitioners;

b) Changes to the household’s name;

c) Suspension or termination of accounting service provision.

Thus, an accounting firm that is a limited liability company must notify the Ministry of Finance of changes to the holdings of its members.

In Vietnam, shall a Certificate of eligibility to provide accounting services be re-issued to an accounting firm that is a multiple-member limited liability company in case of changes to the holdings of its members?

According to Clause 1, Article 63 of the Accounting Law 2015:

Reissuance of Certificate of eligibility to provide accounting services

1. The Certificate of eligibility to provide accounting services shall be reissued in the following cases:

a) There is a change in the name, legal representative, Director, General Director, and address of the firm’s headquarters or branch of the foreign accounting firm;

b) The Certificate of eligibility to provide accounting services is lost or damaged.

2. Application for reissuance of the Certificate of eligibility to provide accounting services:

a) An application form for reissuance of the Certificate of eligibility to provide accounting services;

b) The original Certificate of eligibility to provide accounting services, except for the case in Point b Clause 1 of this Article;

c) Other documents related to reissuance of the Certificate of eligibility to provide accounting services (if any).

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

Under the above regulations, a Certificate of eligibility to provide accounting services shall be re-issued in the following cases:

- There is a change in the name, legal representative, Director, General Director, and address of the firm’s headquarters or branch of the foreign accounting firm;

- The Certificate of eligibility to provide accounting services is lost or damaged.

Thus, a Certificate of eligibility to provide accounting services shall not be re-issued to an accounting firm that is a multiple-member limited liability company in case of changes to the holdings of its members.