Hanoi-Vietnam: Single-member limited liability company is not permitted to provide accounting services

Hanoi-Vietnam: Single-member limited liability company is not permitted to provide accounting services
Le Hai

The Accounting Law 2015 stipulates the types of enterprises permitted to provide accounting services. Single-member limited liability companies and joint-stock companies are not permitted to provide accounting services in Vietnam.

 

Accounting firms in Vietnam can be established in the following types of enterprises:

- Multi-member limited liability company;

- Partnership;

- Sole proprietorship.

Foreign accounting firms can provide accounting services in Vietnam in the following forms:

- Contribute capital with an already established and operating accounting firm in Vietnam to establish an  accounting firm;

- Establish a branch of a foreign accounting firm;

- Provide cross-border services in accordance with the Government of Vietnam's regulations.

Conditions for obtaining a Certificate of eligibility for provision of accounting services for each type of enterprise are regulated as follows:

Type of Enterprise Conditions
Multi-member limited liability company
  • Have an Enterprise Registration Certificate, an Investment Registration Certificate, or other equivalent documents as prescribed by law;
  • Have at least two contributing members who are practicing accountants;
  • The legal representative, director, or general director of the limited liability company must be a practicing accountant;
  • Ensure the capital contribution ratio of practicing accountants in the enterprise, and the capital contribution ratio of organizational members as prescribed by the Government.
Partnership
  • Have an Enterprise Registration Certificate, an Investment Registration Certificate, or other equivalent documents as prescribed by law;
  • Have at least two partner members who are practicing accountants;
  • The legal representative, director, or general director of the partnership must be a practicing accountant.
Sole proprietorship
  • Have an Enterprise Registration Certificate, an Investment Registration Certificate, or other equivalent documents as prescribed by law;
  • Have at least two practicing accountants;
  • The owner of the sole proprietorship must be a practicing accountant and concurrently the director.
Branch of Foreign Accounting Firmin Vietnam
  • The foreign accounting firm is allowed to provide accounting services according to the laws of the country where the foreign accounting firm has its main headquarters;
  • Have at least two practicing accountants, including the branch director or general director;
  • The branch director or general director of the foreign accounting firm may not concurrently hold management or executive positions in other enterprises in Vietnam;
  • The foreign accounting firm must send a document to the Ministry of Finance ensuring responsibility for all obligations and commitments of the branch in Vietnam.

Accounting firms are not allowed to contribute capital to establish another accounting firm, except in the case of contributing capital with a foreign accounting firm to establish an accounting firm in Vietnam.

Within six months from the date of registration for the provision of accounting services without obtaining a certificate or in the case where the certificate has been revoked, they must immediately notify the business registration authority to handle the procedure of removing the phrase “accounting services” from the name of the enterprise or branch.

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