Accounting is a growing industry in Vietnam, Vietnamese businesses are in need of many accountants. That’s why establishing an accounting service company is a positive choice. Opening an accounting service company must be carried out in accordance with legal procedures. If you are having difficulty opening an accounting service company, please refer to Viet My’s guide to establishing an accounting service company in 2024 below.

1. What is an accounting service company?

According to Clause 13, Article 3 of the 2015 Accounting Law, accounting service business is the provision of accounting services, chief accountant, preparing company financial reports, consulting on accounting work and other related services. Other work with accounting content according to regulations for organizations and individuals in need.

Accordingly, an accounting service company is understood as a company specializing in providing accounting services, chief accountant services, preparing company financial reports, consulting on accounting and other work with public content. Accounting cooperation according to regulations for organizations and individuals in need.

2. Who can establish an accounting service company?

Subjects entitled to establish an accounting service company are specified in Article 59 of the 2015 Accounting Law including:

– Accounting service companies are allowed to establish according to the following types:

+ LLC with 02 or more members;

+ Partnership company;

+ Private company.

– The company is only allowed to do business in accounting services when it ensures business conditions according to regulations and is granted a Certificate of eligibility to do business in accounting services.

– Accounting service companies are not allowed to contribute capital to establish another accounting service company, except in the case of contributing capital to a foreign accounting service company to establish an accounting service company in Vietnam.

– Foreign accounting service companies carry out accounting service business activities in Vietnam in the following forms:

+ Contributing capital to an accounting service company that has been established and operating in Vietnam to establish an accounting service company;

+ Open a branch of a foreign accounting service company;

+ Providing cross-border services according to Government regulations.

3. Conditions for establishing an accounting service company

When establishing an accounting service company, the following conditions must be met:

3.1 Conditions for opening an accounting service company

Pursuant to Article 59 of the 2015 Accounting Law, accounting service companies must fully meet the following conditions:

– The company must ensure business conditions according to regulations and be granted a Certificate of eligibility to provide accounting services.

– The company is not allowed to contribute capital to establish another accounting service company, except in the case of contributing capital to a foreign accounting service company to establish an accounting service company in Vietnam.

– Foreign accounting service companies carry out accounting service business activities in Vietnam in the following forms:

+ Contribute capital to an accounting service company that has been established and is operating in Vietnam to establish an accounting service company;

+ Establishment of a branch of a foreign accounting service company;

+ Provide cross-border services according to Government regulations.

3.2 Conditions for issuance of Certificate of eligibility to provide accounting services

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

For limited liability companies with 2 or more members

– Have a business registration certificate, investment registration certificate or other legal documents of equivalent value;

– There are at least 02 or more capital contributing members who are practicing accountants;

– The legal representative, general director or director of the limited company must be a practicing accountant;

– Ensure the capital contribution ratio of practicing accountants in the company and the capital contribution ratio of company members who are organizations according to Government regulations. Specifically, in Articles 26 and 27 of Decree 174/2016/ND-CP there are instructions:

+ Company members who are organizations must contribute a maximum of 35% of the company’s charter capital. If there are many organizations contributing capital, the total capital contribution ratio of the organizations is only equal to a maximum of 35% of the company’s charter capital.

+ Capital contributions of practicing accountants in the company must account for more than 50% of the company’s charter capital.

For partnerships

– Have a business registration certificate, investment registration certificate or other legal documents of equivalent value;

– There are at least 02 partners or more who are practicing accountants;

– The legal representative, general director or director of the company must be a practicing accountant.

For private companies

– Have a business registration certificate, investment registration certificate or other documents of equivalent value;

– Have at least 02 or more practicing accountants;

– The owner of a private company must be a practicing accountant and they are also the director.

For branches of foreign accounting service companies in Vietnam

– The company is allowed to provide accounting services according to the regulations of the country where the foreign accounting service company is headquartered;

– Have at least 02 or more practicing accountants, including the general director or branch director;

– The general director or branch director must not simultaneously hold the position of manager or executive of another company in Vietnam;

– The company must send a document to the Ministry of Finance to ensure that it will be responsible for all obligations and commitments of the branch in Vietnam.

4. Instructions for establishing an accounting service company

Procedures for newly established companies are carried out as follows:

4.1 Accounting service company profile

Dossier to request issuance of certificate of eligibility to provide accounting services as prescribed in Article 61 of the 2015 Accounting Law, includes:

+ Application for issuance of certificate of eligibility to provide accounting services.

+ Copy of business registration certificate, investment registration certificate or other legal documents of equivalent value.

+ Copy of the accounting service registration certificate of each practicing accountant.

+ Labor contract with the accounting service company of each practicing accountant.

+ Documents to prove capital contribution for limited liability companies.

+ Company charter for partnerships and limited liability companies.

+ Written commitment to take responsibility of the foreign company, documents certifying the foreign company’s permission to conduct accounting service business for the foreign accounting service company’s branch in Vietnam .

Application for a certificate of eligibility to provide accounting services for limited liability companies with 2 or more members, partnerships and private companies shall be made according to the form specified in Appendix 1. attached to this Circular.

Application for issuance of certificate of eligibility to conduct business in accounting services for branches of foreign accounting service companies in Vietnam according to the form specified in Appendix 2 issued with this Circular.

Note:

– Copies of the above documents and diplomas must be authenticated by a competent state agency according to law.

– Documents accompanying the application in a foreign language need to be translated into Vietnamese and that translation must be authenticated according to Vietnamese law.

– Documents issued by competent foreign agencies or organizations or notarized or authenticated abroad must be consularly legalized according to Vietnamese law, except in cases where consular legalization is exempted under international treaties to which Vietnam is a member.

4.2 Procedures for establishing an accounting service company

Place of application: Ministry of Finance.

Organizations applying for a certificate of eligibility to do business in accounting services need to send a set of documents according to regulations to the Ministry of Finance and pay the appraisal fee to issue a Certificate of eligibility to do business in accounting services.

Processing time: 15 days from the competent authority’s receipt of complete and valid documents or from the date of receipt of additional explanatory documents (if the Ministry of Finance requests the company to request a certificate). Qualified to provide accounting and explanation services).

– Within 15 days from the date of receipt of complete and valid documents, the Ministry of Finance shall issue a certificate of eligibility to provide accounting services to the company; In case of refusal to issue a certificate, a written response must be provided clearly stating the reason.

– In case it is necessary to clarify issues related to the application for a certificate of eligibility to operate accounting services, the Ministry of Finance will request the company to request a certificate of eligibility to operate accounting services. accounting service business explains. The time limit for issuing a certificate of eligibility to conduct business in accounting services will be calculated from the date of receipt of additional explanatory documents.

Note: Within 30 days from the date of issuance of the certificate of eligibility to provide accounting services, the partnership company will have to publish in one of the written or electronic newspapers within 03 consecutive numbers with the following content:

– Name of accounting service company; Abbreviated name (if any); Address of head office;

– Full name of the legal representative, full name of the Director (General Director);

– Number and date of issuance of certificate of eligibility to provide accounting services.

5. Frequently asked questions about establishing an accounting service company

5.1 What types of companies are allowed to provide accounting services?

According to Clause 1, Article 59 of the 2015 Accounting Law, the types of companies allowed to provide accounting services include: Limited liability companies with 02 or more members; Partnerships; Private company.

5.2 Are tax agents allowed to provide accounting services?

Have. However, tax agents are only allowed to provide accounting services to very small companies and must ensure that at least one person has an accountant certificate.

5.3 Can an accounting service company contribute capital to open another accounting service company?

Accounting service companies are only allowed to contribute capital to foreign accounting service companies to open accounting service companies in Vietnam.

5.4 Does a joint stock company have the right to provide accounting services?

A joint stock company is not a type of company permitted to provide accounting services.

5.5 What must a joint stock company do if it wants to provide accounting services?

If a joint stock company wishes to do business in accounting services, it must convert its company type into one of the types of companies permitted to do business such as: LLC with two or more members; Partnerships; Private company.

Above is Viet My’s guide to establishing an accounting service company in 2024. If you have difficulty establishing an accounting service company or other related issues, contact VIET MY LAW AND ACCOUNTING.