Nominee Chief Accountant Services in Vietnam
An enterprise established in Vietnam is required to employ a Chief Accountant who must satisfy the criteria and conditions stipulated by the Law on Accounting. In case a foreigner is appointed, he/she must have a certificate of accounting expertise, or an accounting / auditing certificate issued by a foreign or Vietnamese organization recognized by the Ministry of Finance (“MOF”).
What is a Nominee Chief Accountant?
A nominee chief accountant is a qualified professional appointed by a company to fulfill the legal responsibilities of a chief accountant. This service is particularly beneficial for foreign companies or businesses that lack the resources to hire a full-time, in-house chief accountant.
The role of a Chief Accountant in Vietnam
In Vietnam, the Chief Accountant holds a legally mandated position for most companies. They are accountable for the accuracy and integrity of the company’s financial records and must possess a deep understanding of local accounting and tax laws.
Since late 2014, many commercial banks in Vietnam have also enforced the long-standing regulation of making it compulsory for companies to name a Chief Accountant or a responsible person for finance / accounting for the purposes of signing off banking transactions.
Their duties encompass a wide range of tasks, including:
- Ensuring compliance with Vietnamese Accounting Standards (VAS) and tax regulations.
- Preparing and submitting accurate financial statements.
- Managing tax filings and payments.
- Overseeing internal financial controls.
- Providing financial advice to management.
Hold a university degree in accounting, finance, or a related field.
Have at least three years of experience in accounting or auditing.
Possess a Chief Accountant practicing certificate issued by the Ministry of Finance.
Qualifications and requirements for a Chief Accountant in Vietnam
However, finding a qualified professional who understands the intricacies of Vietnamese accounting and tax laws can be a challenge. That’s where our Nominee Chief Accountant service comes in.
Our scope of work includes
- Providing a named Chief Accountant for the purpose of opening and maintaining bank account/s (excluding getting the named Chief Accountant as one of the authorizes signatories for bank transaction, such activities shall be exclusively undertaken by the management team of the Client, with the relevant internal control and governance measures put in place without the involvement of the named Chief Accountant);
- Representing the named person to the competent government authorities (for e.g tax department, customs department, statistics department) as the Chief Accountant for the Company, provided always that the statutory reporting documents are prior approved and sanctioned by the Legal Representative of the Company before submitting to the relevant government authorities.
- Offering 2 (two) mixed hours per month for general accounting advisory.
Benefits of using a Nominee Chief Accountant Service
Compliance Assurance
Our nominee chief accountants are experts in Vietnamese accounting and tax regulations. They ensure your financial operations are fully compliant, minimizing the risk of penalties or legal issues.
Cost-Effectiveness
Hiring a full-time chief accountant can be expensive, especially for small and medium-sized enterprises. Our nominee service offers a cost-effective alternative, providing you with the expertise you need without the overhead costs.
Focus on Core Business
By outsourcing your chief accountant responsibilities, you free up valuable time and resources to focus on your core business activities.
Access to Expertise
Our team of nominee chief accountants possesses extensive experience and knowledge in various industries. You gain access to their expertise, ensuring your financial management is in capable hands.
Frequently Asked Questions on Nominee Chief Accountant service
1. Is it mandatory for my company to have a Chief Accountant in Vietnam?
Yes, most companies in Vietnam are required by law to appoint a Chief Accountant.
2. What are the benefits of using a Nominee Chief Accountant service?
A Nominee Chief Accountant service offers cost savings, compliance assurance, access to expertise, and allows you to focus on your core business.
3. How do I choose the right Nominee Chief Accountant service provider?
Consider the provider’s experience, qualifications, range of services, and client testimonials.
4. What is the cost of a Nominee Chief Accountant service?
The cost varies depending on the specific services required and the size and complexity of your business. Contact us for a personalized quote.