Does the owner of a private business that provides accounting services in Vietnam need to be a practicing accountant?

Does the owner of a private business that provides accounting services in Vietnam need to be a practicing accountant?

Pursuant to Article 65 of the Law on Accounting in 2015 stipulating conditions for issuance of the Certificate of eligibility to provide accounting services as follows:

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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.

4. 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:

a) The foreign accounting firm is permitted to provide accounting services according to regulations of law of its home country;

b) There are at least two accounting practitioners, including the Director or General Director of the branch;

c) The Director or General Director of the branch does not concurrently hold the position of manager or executive officer of another enterprise in Vietnam;

b) The foreign accounting firm has submitted a document to the Ministry of Finance that it is responsible for every obligations and commitments of the branch in Vietnam.

5. Within 06 months from the date of 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of eligibility to provide accounting services, or the Certificate of eligibility to provide accounting services has been revoked, the accounting firm or branch of a foreign accounting firm must promptly request the business registration authority to remove the phrase “dịch vụ kế toán” (“accounting services”) from its name.

According to the above regulations, the owner of a private business providing accounting services must be a practicing accountant.

Since you are no longer practicing accounting, you cannot establish a private business to provide accounting services, unless you resume practicing accounting.

Does the owner of a private business that provides accounting services in Vietnam need to be a practicing accountant? - Source: Internet

Can a business that provides accounting services in Vietnam contribute to the establishment of another business that provides accounting services?

Pursuant to Article 59 of the Law on Accounting in 2015 stipulating accounting firms as follows:

1. An accounting firm may be in established in the form of:

a) A multi-member limited liability company; or

b) A partnership; or

c) A private enterprise.

2. The firm may only provide accounting services after all conditions specified in this Law are satisfied and the Certificate of eligibility to provide accounting services is obtained.

3. The accounting firm must not contribute capital to establishment of another accounting firm, except for contribution of capital together with a foreign accounting firm to establishment of an accounting firm in Vietnam.

4. The foreign accounting firm shall provide accounting services in Vietnam in the following manners:

a) Contributing capital together with an existing accounting firm in Vietnam to establish an accounting firm;

b) Establishing branches of the foreign accounting firm;

c) Provide accounting services across the border as prescribed by the Government.

As regulations above, the accounting firm must not contribute capital to establishment of another accounting firm, except for contribution of capital together with a foreign accounting firm to establishment of an accounting firm in Vietnam.

Best regards!