When are business households allowed to provide accounting services in Vietnam?

When are business households allowed to provide accounting services in Vietnam?

In Article 65 of the 2015 Accounting Law, there are regulations regarding cases of accounting households as follows:

Accounting households

1. A business household may provide accounting services after all of the conditions below are satisfied:

a) The household has a certificate of business household registration;

b) The individual or representative of the group of individuals who establish the business household is an accounting practitioner.

2. Accounting households are not required to have the Certificate of eligibility to provide accounting services.

Thus, business households are allowed to provide accounting services when:

- The household has a certificate of business household registration;

- The individual or representative of the group of individuals who establish the business household is an accounting practitioner.

Note: Business households providing accounting services do not need a Certificate of eligibility to provide accounting services.

When are business households allowed to provide accounting services in Vietnam? (Image from the Internet)

In Vietnam, what does an application for Certificate of eligibility to provide accounting services include?

Article 61 of the 2015 Accounting Law stipulates that the application for Certificate of eligibility to provide accounting services includes:

- 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).

Does a private enterprise providing accounting services need to have a minimum number of accounting practitioners in Vietnam?

Article 60 of the 2015 Accounting Law stipulates the conditions for issuance of the Certificate of eligibility to provide accounting services as follows:

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:

…

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.

Thus, private enterprises providing accounting services must have at least 02 accounting practitioners.

In addition, two other conditions must be met, including:

- The enterprise has a Certificate of Enterprise Registration, Investment Registration Certificate, or an equivalent document as prescribed by law;

- The owner of the private company, who holds the position of Director, is an accounting practitioner.

Best regards!