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Understanding Company Administrative and Reporting Rules in China

By EU SME Centre | Guidelines      01.07.2016     Tags: Other

 

What to Look Out for When Compiling Your Company Annual Reports and Financial Statements in China - An Essential Guide for Foreign Invested Enterprises (FIE) and Representative Offices (RO) in China

Setting up a company in China is a highly demanding process and many foreign investors feel relieved once this phase is behind them. However, from an administrative point of view, the “daily life” of a company is not easy and straightforward either, especially when the compliance requirements have been evolving rapidly in China.

Companies, especially foreign invested ones, are obliged to comply with many administrative duties, including regular reporting, filing and registrations etc. Being unaware of such duties is not an excuse for Chinese authorities, and neglect can lead to serious consequences, including penalties and even the cancelation of the business license.

This Guide will provide you a complete picture of the administrative duties - including content, procedures and deadlines - required for Foreign Invested Enterprises (FIE) and Representative Offices (RO) by Chinese legislation and regulation.

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Contents

Types of Business Organisations in China: Definition and Legal Status of a Foreign Invested Enterprise and Representative Office
  • Different Presence of Foreign Investment In China    
  • Relevant PRC Authorities       
  • List of Applicable Laws and Regulations
Reporting Changes to the Registered Items (Reporting Obligation)           
Annual Inspection (年检) and Annual Report (年报) (Regular Reporting)
  • Annual Inspection Has Been Replaced by The Filing of An Annual Report   
  • Change of Registration and Annual Report (Timing ) 
  • Unification of Different Registration Certificates, Licenses, Permits
  • Maintaining Books and Records         
  • Transparency and Privacy      
  • List of Applicable Laws and Regulations        
Financial Status and Finance Related Matters         
  • Financial Reporting     
  • Other Financial-Related Matters          
  • List of Applicable Laws and Regulations        
Taxation        
  • Tax Registration          
  • Bookkeeping  
  • Value Added Tax ("VAT") Filing and Administration
  • Corporate Income Tax ("CIT") filing  
  • Individual Income Tax ("IIT") filing   
  • Withholding Taxes For Overseas Payments    
  • Tax Filings for ROs    
  • List of Applicable Laws and Regulations        
Foreign Exchange Control    
  • Registration     
  • Current Account and Capital Account
  • Annual Inspection Abolished 
  • Penalties
  • List of Applicable Laws and Regulations        
Customs         
  • Customs Duty
  • Import and Export Declaration
  • Pilot Free Trade Zone 
  • List of Applicable Laws and Regulations        
 
 

About the Authors

Yuhua Yang, Partner, Links Law Offices

Yuhua Yang focuses on cross-border international law practice, serving both Chinese and foreign clients in diverse fields including capital markets and corporate finance, M&A, foreign inbound investment, PRC companies’ outbound investment, international trade, private equity and venture capital, IP rights, restructuring, insolvency and bankruptcy, and dispute resolutions with international elements.

She has represented clients active in a number of different industries and is qualified to serve on the board of a listed company as non-executive independent director.

Yuhua graduated from Peking University with an LL.B. degree and a Bachelor’s degree in Economics. She received an LL.M. degree from the University of Pennsylvania Law School and a Certificate of Study in Business and Public Policy from Wharton School in 2006.

Rock Zhao, Partner, Zhongrui Yuehua Tax Advisory Co., LTD

Rock Zhao graduated from Law School of Peking University with a bachelor and master degree of law. He started his professional career in PwC Beijing office in 2002 and later served in Zhonghui Certified Tax Agents and Zhongrui Yuehua Tax Advisory Co., Ltd..

Rock is a member of China Institute of Certified Public Accountants (CICPA). He also obtained the qualification of China Nationwide Lawyer and the Chartered Financial Analyst (CFA). In 2013, he was elected as one of the leading talents of State Administration of Taxation (SAT).

In his professional life, Rock has gained extensive knowledge and experiences in China business and tax advisory services for clients in various industries. He has been providing China business and tax consulting services related to cross-border investment, tax risk assessment, restructuring, M&A, tax planning, tax compliance, outsourcing services. He is a tax advisor specialised in double tax treaties, non-resident administration and international tax policies.

Ludmila Hyklova, Legal Advisor, EU SME Centre


Ludmila has been involved in legal consulting on international investment and cooperation for more than 17 years. She is now in charge of providing legal advice on foreign investment and import to China to European SMEs looking to establish themselves in the Chinese market.

After working as legal counsellor for multinational corporations, international organisations and projects in Europe, Ludmila Hyklova spent several years in China working for a European financial group, where she managed the legal and compliance department during its business start-up and later during its business development. She acquired broad knowledge and experience especially in foreign investment law, company and contract law, labour law, and tax law.


Contact 

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