Apply for a license to conduct business in auditing services – Procedures

Applying for a license to conduct business in auditing services also known as applying for a certificate of eligibility to conduct business in auditing services, this is a procedure for businesses to operate legally in this field. Understanding the regulations on business types, licensing conditions and implementation procedures helps businesses proactively prepare, saving time and costs. This article provides detailed information about the procedures for applying for a license to conduct business in auditing services in Vietnam.

Types of businesses allowed

According to the provisions of Article 20 of the Law on Independent Audit 2011, the following types of businesses are allowed to provide audit services:

• Limited liability company with two or more members;
• Partnership company;
• Private enterprise.

In addition, branches of foreign auditing firms in Vietnam are also allowed to provide audit services.

>>> See more: Professions that require sublicenses | Full updated list.

Conditions for applying for a sublicense to conduct business in auditing services

Each type of enterprise will have separate conditions to be granted a certificate of eligibility to conduct business in auditing services according to the provisions of the Law on Independent Audit 2011 and guiding documents, specifically as follows:

LLC with 2 or more members

• Must have a Business Registration Certificate, Enterprise Registration Certificate or Investment Certificate.
• There are at least 02 (two) capital contributing members who are registered auditors to practice at the company. The capital contribution of practicing auditors must account for more than 50% of the company’s charter capital. Practicing auditors are not allowed to be capital contributing members of two or more auditing firms at the same time.
• The legal representative, Director or General Director of the Limited Liability Company must be a practicing auditor.
• Minimum legal capital is 5 billion VND and always maintain equity not lower than this level.
• Members who are organizations can contribute a maximum of 35% of the company’s charter capital. In case there are many organizations contributing capital, the maximum total capital contribution of the organizations is equal to 35% of the company’s charter capital.

Partnership company

• Have a Business Registration Certificate, Enterprise Registration Certificate or Investment Certificate as prescribed by law;
• Have at least five practicing auditors, of which there must be at least two partners;
• The legal representative, Director or General Director of the partnership must be a practicing auditor;

Private enterprise

• Have a Business Registration Certificate, Enterprise Registration Certificate or Investment Certificate as prescribed by law;
• Have at least five practicing auditors, including private business owners;
• The owner of a private enterprise is also the Director.

Procedures for applying for a license to conduct business in auditing services

To apply for a license to conduct business in auditing services, follow Circular 203/2012/TT-BTC as follows:

Prepare documents

Dossier to apply for a license to conduct business in auditing services includes:

• Application for issuance of Certificate of eligibility to conduct business in auditing services (according to the form specified in Appendix I).
• Copy of Business Registration Certificate or Enterprise Registration Certificate or Investment Certificate.
• List of practicing auditors with full-time labor contracts at the enterprise.
• Copy of the Decision of the Board of Members on the appointment of Director (General Director) for limited liability companies and partnerships.
• Copy of company charter.
• List of organizations and individuals contributing capital, list of partnership members.
• Document confirming capital for limited liability company.

Implementation procedures

Step 1: Submit application

The organization requesting certification sends 01 set of documents to the Ministry of Finance.

Step 2: Receive and process documents

• In case the application dossier for a Certificate of eligibility to conduct business in auditing services is not valid, within 10 working days from the date of receipt of the dossier, the Ministry of Finance shall notify the requesting organization to complete the dossier.
• Upon receiving a written request to complete the dossier, the organization requesting the Certificate must supplement and amend according to the notice and send it to the Ministry of Finance. After 10 working days from the date of receipt of additional or amended documents, if the Ministry of Finance does not have a written request for amendments or supplements, it will consider issuing a Certificate.
• In case the organization requesting the issuance of the Certificate has supplemented or modified the dossier but does not meet the requirements, the Ministry of Finance will notify the organization requesting the issuance of the Certificate to continue completing the dossier.

Step 3: Issue certificate

Within 30 days from the date of receipt of valid documents, the Ministry of Finance shall issue a Certificate of eligibility to conduct business in auditing services to the auditing firm; In case of refusal, the Ministry of Finance must respond in writing and clearly state the reason.

Service of applying for a sublicense to conduct business in auditing services in Long Phan Consulting Company

At Long Phan Consulting Company, we provide comprehensive consulting and support services during the process of applying for a sublicense to conduct business in auditing services, including:

• Consulting on legal regulations on conditions and procedures for granting Certificates of eligibility to conduct business in auditing services.
• Guide customers to prepare complete and valid documents.
• Drafting application documents for issuance of Certificate of eligibility to conduct business in auditing services.
• Submit application and monitor application processing progress.
• Explain and supplement documents at the request of competent state agencies.
• Receive results and hand over the Certificate of eligibility to conduct business in auditing services to customers.

>>> See more: Full service application for accounting and auditing licenses in Long Phan

Frequently asked questions about applying for a sublicense to conduct business in auditing services

Below are frequently asked questions about applying for a sublicense to conduct business in auditing services that customers can refer to:

What is the minimum legal capital to establish an auditing LLC?

Minimum legal capital is 5 billion VND.

Can a practicing auditor be a capital contributing member of two or more auditing firms at the same time?

No, a practicing auditor cannot simultaneously be a capital contributing member of two or more auditing firms.

How long does it take for the Ministry of Finance to issue a Certificate of eligibility to conduct business in auditing services?

Within 30 days from the date of receipt of complete and valid documents.

In case the documents are invalid, will the Ministry of Finance notify?

Yes, within 10 working days from the date of receiving the application, the Ministry of Finance will notify the requesting organization to complete the application.

How many practicing auditors does a partnership company need at least?

A minimum of 5 practicing auditors are required, of which there must be at least 2 partners.

What are the conditions for capital contribution of organizational members in a LLC with 2 or more members?

Members who are organizations can contribute a maximum of 35% of the company’s charter capital.

What type of documents prove legal capital for a limited liability company?

Document confirming capital for limited liability company.

Conclude

Applying for a certificate of eligibility to conduct business in auditing services requires careful preparation of documents and implementation procedures. Long Phan is ready to accompany customers, ensuring the process takes place quickly and effectively. Contact hotline: 0906735386 immediately for detailed advice.