Our collection of resources based on what we have learned on the ground
Resources
Q&A
Are enterprises located in the Shanghai Free Trade Zone (FTZ) permitted to borro...
- May 2014
- Members Access
According to the Notice Concerning Support to Further Expand the Cross-Border Usage of RMB in the Shanghai FTZ, non banking financial institutions and enterprises located in the Shanghai FTZ are permitted to borrow RMB funds from offshore sources. Ho...
Q&A
What do Free Trade Accounts in China entail?
- May 2014
- Free Access
A Free Trade Account (FTA) is a new type of bank account which was introduced to facilitate the cross-border flow of funds into the Shanghai Free Trade Zone (FTZ). It is for both residents and non-residents (including individuals and entities) in the...
presentation
Shanghai Free Trade Zone
- May 2014
- Members Access
Maria Kotova, Senior Associate in Dezan Shira & Associates' Shanghai office, presents an introduction to the Shanghai Free Trade Zone (SFTZ), including an overview of the administration of the zone, some compliance and operational issues which foreig...
Q&A
How should a foreign enterprise prepare an audit report in China?
- May 2014
- Members Access
All foreign-invested enterprises (FIE), including wholly foreign owned enterprises (WFOE), joint ventures (JV), and foreign-invested commercial enterprises (FICE), are required to hire external accounting firms to conduct and annual audit of the comp...
Q&A
What is the Chinese equivalent of the Generally Accepted Accounting Principles o...
- May 2014
- Members Access
The Chinese Accounting Standards (CAS) framework is based on two standards: the Accounting Standards for Business Enterprises (ASBEs) and Accounting Standards for Small Business Enterprises (ASSBEs). For most enterprises established in China, ASBEs a...
Q&A
How should a foreign enterprise in China prepare corporate income tax (CIT) reco...
- May 2014
- Members Access
In China, CIT is paid on a monthly or quarterly basis in accordance with the figures shown in the accounting books of the company. Companies are required to file CIT returns within 15 days from the end of the month or quarter. However, due to discrep...
Q&A
When does the annual inspection in China take place for foreign-invested enterpr...
- May 2014
- Free Access
Each year from March to the end of June the annual inspection is jointly hosted by the following governmental departments: Ministry of Commerce (MOFCOM) Ministry of Finance (MoF) Administration of Industry and Commerce (AIC) State Administratio...
Q&A
Which types of enterprises are required to conduct record filing to the State Ta...
- May 2014
- Members Access
Individuals and institutions in China making outbound payments of more than US$ 50,000 are now required to conduct record filing with the in-charge local offices of the STB. Foreign investors reinvesting in China with an income of more than USD 50,00...
Q&A
What are the required documents representative offices (ROs) need to provide to ...
- May 2014
- Free Access
ROs are required to complete an AIC annual inspection between March 1 and June 30. Generally the following documents should be provided: Annual inspection report (the template will be distributed by AIC around March) Business registration certifi...
Q&A
What are the penalties if a representative office (RO) fails to provide its repo...
- May 2014
- Members Access
Penalties of RMB 10,000 to RMB 30,000 are applicable if the RO fails to provide its report to the AIC on time, and a RMB 20,000 to RMB 200,000 penalty applies if the report includes false information. Failure to comply may also lead to revocation of ...
Q&A
Do representative offices (ROs) need to complete a tax reconciliation report of ...
- May 2014
- Free Access
ROs are obliged to complete a tax reconciliation report of CIT as part of their annual compliance. The report should be submitted to its local tax bureau by May 31. Usually an audit report is not required for ROs paying CIT based on a deemed profit s...
Q&A
Why is successful audit & compliance crucial to a foreign-invested entity?s (FIE...
- May 2014
- Members Access
External audit is crucial to FIEs because it provides more accurate financial information, and a review through an outsider’s eye can more effectively dig out flaws in the company’s internal control and financial data. It is also a goo...
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