Foreign enterprises provide accounting services in Vietnam ?

Can a foreign accounting service company invest in the form of capital contribution with an accounting service enterprise already established and operating in Vietnam to provide accounting services in Vietnam? Are foreign investors permitted to set up a 100% foreign direct invested (FDI) company providing accounting services in Vietnam ?

DMS Law firm in Danang, Vietnam advise about how can an overseas accounting service company provide accounting services in Vietnam ?

Enterprises operating in accounting services in Vietnam:

A foreign accounting service enterprise conducts accounting service business in Vietnam in the form of: contributing capital with an accounting service enterprise already established and operating in Vietnam to establish an accounting service enterprise (Point a, Clause 4, Article 59 of the Law on Accounting No. 88/2015/QH13 dated November 20, 2015).

Certificate of eligibility for accounting services business in Vietnam:

A limited liability company with two or more members shall be granted a Certificate of eligibility to provide accounting services when fully meeting the following conditions: Having a Certificate of Enterprise Registration, an Investment Registration Certificate or other equivalent papers as prescribed by law; Having at least two capital-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 proportion of capital contributed by practicing accountants in the enterprise and the proportion of capital contributed by members being organizations in accordance with the Government's regulations (Clause 1, Article 60 of the Law on Accounting No.88/2015/QH13 dated November 20,  2015).

Member's capital contribution percentage:

An organization member may contribute up to 35% of the charter capital of an accounting service limited liability company with two or more members. In case there are many organizations contributing capital, the maximum total capital contribution percentage of these organizations must be at 35% of the charter capital of the accounting service limited liability company with two or more members (Article 26 of Decree No. 174/ 2016/ND-CP dated December 30, 2016).

Therefore, foreign investors are only allowed to conduct accounting services in Vietnam in the form of capital contribution with accounting service enterprises in Vietnam, not allowed to establish companies with 100% foreign direct investment company (FDI company) providing accounting services in Vietnam./.

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DMS LAW LLC
Director
(Signed)
Lawyer Do Minh Son