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Nowadays, most of the tax incentives implemented in China require taxpayers to determine by themselves whether they are qualified, declare and enjoy tax incentives and retain relevant materials for future inspection. Under such circumstances, enterprises shall actively prevent their own tax-related risks when enjoying tax preferential policies on the basis of the provisions of tax policies.
Tax is the most important source of fiscal revenue of China. It is also an important economic lever utilized by the State to strengthen macro-economic regulation, which produces important impacts on China' s economic and social development. After the tax system reform in 1994 and the fine-tuning of it in subsequent years, China has preliminarily built up a tax system adaptable to the socialist market economy, which has been playing an important role in assuring China's fiscal revenue
There are five main types of companies which can be incorporated in South Korea, including General Partnership (Hapmyeong Hoesa), Limited Liability Partnership (Hapja Hoesa), Joint Stock Company (Chusik Hoesa), Limited Liability Company (Yuhan Hoesa) and Private Limited Company (Yuhan Hoesa). Private Limited Company is the most common form of business entity for foreigners to enter the local market in South Korea (as a "Foreign Invested Enterprise").
As set out by the BVI Business Companies Act (as amended) (the “Act”), a BVI company is required to keep the records and underlying documentation of the company and shall keep them for at least 5 years at the registered office or at such other place or places, within or outside the Virgin Islands, as the directors may determine.
