Our collection of resources based on what we have learned on the ground
Resources
Q&A
What are the processes of liquidating the old WFOE in China in detail?
- January 2014
- Members Access
The processes of liquidating the old WFOE in China are: Submit termination application for approval: to initiate the liquidation process, the WFOE should apply for the termination of the WFOE to the original approval authority; upon issuan...
Q&A
What is a branch office in China?
- January 2014
- Free Access
A branch office is essentially an office of a wholly foreign-owned enterprise located somewhere other than the foreign-owned enterprise’s main office location. Branches are easier to set up and be maintained, but limited in many ways, such a...
Q&A
What are the alternatives to setting up another WFOE in China?
- January 2014
- Free Access
Foreign investors with an existing China WFOE that are willing to establish a presence in another destination, be it expansion or relocation, may wish to consider establishing a branch office, or another popular expansion option is the “conv...
Q&A
How do you set up a branch office in China?
- January 2014
- Members Access
The process of establishing a branch office is essentially an abbreviated WFOE setup. Establishing a branch does not require approval from the Ministry of Commerce, rather, the branch can be directly registered with the Administration of Indus...
Q&A
What can a representative office (RO) do in China?
- January 2014
- Free Access
An RO is only permitted to engage in the following activities: Market surveys, product or service displays and promotional activities related to the products or services of its head office; Liaison activities in connection with produ...
Q&A
What are the two types of fapiaos in China?
- January 2014
- Members Access
Fapiaos can mainly be sorted into two categories – general invoices and VAT invoices. Although the two are often used interchangeably, there are notable differences between the two that consumers should be aware of. Firstly, the latter can b...
Q&A
What are the internal control frameworks in China?
- January 2014
- Free Access
China has enacted a similar version of Sarbanes-Oxley Act of 2002 in 2008, namely the Basic Standard for Enterprise Internal Control (Caikuai [2008] No.7). The scope of the Basic Standard applies to: Companies that are concurrently listed in the d...
Q&A
What are the internal audit frameworks in China?
- January 2014
- Free Access
Compared with the international framework, the Chinese internal audit framework is more focused on financial-audit definition. This may render the internal audit result under the Chinese system not as reliable as the international one, due to its ...
Q&A
What are the key concerns in auditing for annual compliance by representative of...
- January 2014
- Free Access
The key steps are audit, tax filing and annual reporting to the Administration of Industry and Commerce. For audit, a few aspects would deserve attention: Whether the balance of the representative office is equivalent to that in the ba...
Q&A
What are the main concerns in tax filing and reporting to Administration of Indu...
- January 2014
- Free Access
The key steps are audit, tax filing and annual reporting to the Administration of Industry and Commerce. For tax filing, the key concerns would be: Since the responsibility for tax filing rests on the taxpayer’s shoulder, taxpaye...
Q&A
What are the main concerns for auditing by joint-venture companies or other fore...
- January 2014
- Members Access
The main concerns that joint-venture companies or other foreign-invested enterprises should pay heed to are: The completion of annual financial statement and auditor’s report should be before end of April in order to make time for th...
Q&A
How are fixed assets defined in annual compliance for foreign-invested entities ...
- January 2014
- Free Access
Fixed assets include, but are not limited to, the following items: Houses, buildings and structures; Machinery and mechanical apparatus; Means of transport and other such equipment to the same effect; Appliances and tools...
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