Providing cross-border accounting services for enterprises in Vietnam?

DMS Law firm in Danang, Vietnam advise about how can a foreign accounting service company (foreign company) provide cross-border accounting services for companies in Vietnam? Conditions and methods for foreign companies to provide cross-border accounting services in Vietnam ?

Enterprises providing accounting services in Vietnam:

Foreign accounting service enterprises conduct accounting service business in Vietnam in the form of: providing cross-border services in accordance with the Government's regulations (Point c, Clause 4, Article 59 of the Law on Accounting No. 88/2015/QH13 dated November 20, 2015).

Conditions for providing cross-border accounting services:

A foreign accounting service enterprise that fully meets the following conditions may register to provide cross-border accounting services: To be permitted to provide accounting services in accordance with the law of the country where its head office is located; Having a document from the agency managing the practice of accounting services (the state management agency in charge of accounting or a professional organization) where the foreign enterprise’ headquarters is located, certifying that it does not violate the regulations on accounting service business and other foreign laws within 3 years prior to the time of applying for the Certificate of eligibility for cross-border accounting services; Having at least 02 people who have been granted certificates of registration to practice accounting services by the Ministry of Finance of Vietnam, including the legal representative of the foreign accounting service enterprise; Have purchased professional liability insurance for accountants practicing in Vietnam; Not be administratively sanctioned in providing cross-border accounting services in Vietnam within 12 months up to the time of applying for the Certificate of eligibility for cross-border accounting services business in Vietnam. (Clause 1, Article 30 of Decree No. 174/2016/ND-CP dated December 30, 2016).

Methods of providing cross-border accounting services in Vietnam:

When a foreign accounting service enterprise provides cross-border accounting services in Vietnam, it must undertake a joint venture agreement (unincorporated joint venture) with a qualified accounting service provider in Vietnam according to the provisions of law (Clause 1, Article 31 of Decree No. 174/2016/ND-CP dated December 30, 2016).

Therefore, foreign companies are allowed to provide cross-border accounting services for companies in Vietnam, if they meet the conditions and methods prescribed by the Vietnamese Government./.

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Email: dmslawfirm@gmail.com

DMS LAW LLC
Director
(Signed)
Lawyer Do Minh Son