All foreign invested enterprises (FIEs) registered in China shall complete annual compliance procedures as required by laws and regulations of the PRC. It is crucial to be aware of the relevant deadlines as failure to complete these procedures on time may result in fines and penalties.
Annual Reporting
According to the Provisional Regulations on Enterprise Information Disclosure of the PRC, an enterprise shall submit an annual report for the previous year to the registry office during the period from January 1 to June 30 each year, which shall be disclosed to the public.
If an enterprise fails to submit the annual report on time, it will be listed as abnormal and shall be disclosed to the public in accordance with the law. If an enterprise has been listed as abnormal for more than 3 years, it will be listed as an enterprise that has seriously violated the law and will face joint punishments from government departments. The legal representative of the enterprise cannot be appointed as the legal representative or responsible person of any other enterprise for 3 years.
Statutory Audit
According to the Company Law of the PRC, a one-person limited liability company shall prepare a financial report by the end of every fiscal year and have the report audited by a certified public accounting firm registered in China. The term "one-person limited liability company" refers to a limited liability company with only one natural person shareholder or legal person shareholder. A non-one-person limited liability company, that is, a company with two or more shareholders, is exempt from audit.
Annual Enterprise Income Tax Reconciliation
All China enterprises shall file an annual enterprise income tax reconciliation return for the previous tax year during the period from January 1 to May 31 as required by the laws and regulations of the PRC.
KAIZEN Group is equipped with experienced and highly qualified professional consultants and is therefore well positioned to provide professional advices and services in respect of the formation and registration of company, application for various business licences and permits, company compliance, tax planning, audit and accounting in China. Please call and talk to our professional consultants for details.
Disclaimer
All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage.
With the increasingly frequent international exchanges, more foreigners or returnees from overseas need to drive vehicles in China. For those holding a foreign driving license, it is crucial to understand how to obtain a China driving license. This article will provide a detailed introduction to the specific process and required materials for renewing a driving license from abroad to a China one, helping you complete the renewal procedures smoothly.
Deduction refers to the seller offers price deduction based on the original price after the sales amount reach a certain amount. Coupon refers to the consumers can deduct the corresponding amount of the coupon when they confirm the order.Installment is essentially a loan provided by e-commerce enterprises. Consumers can obtain the desired goods after paying a small part of the sales price.
Individual business refers to natural person or family that are legally approved and registered to engage in industrial and commercial activities within the permitted scope. Individual business shall have the rights to process, utilize, profit and dispose the lawful properties as well as to enjoy all kinds of crediter’s rights based on laws and contracts.
With the continuous improvement of China's level of opening to the outside world and the increasingly frequent cross-border activities of residents, the tax management of personal overseas income has become a core issue in China's tax collection and administration system. From the cross-border economic activities mainly based on labor export in the early days of reform and opening to the current diversified pattern where millions of Chinese citizens are employed, invested and settled overseas
