Our collection of resources based on what we have learned on the ground
Resources
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...
Q&A
What aspects should foreign-invested enterprises (FIEs) pay attention to in tax ...
- January 2014
- Free Access
All foreign-invested enterprises should pay attention to the following: The FIEs should submit the Annual Taxation Consolidation Reporting Package, which is authorized by the CPA firms, to the tax bureau by the end of May each year. The FIEs shou...
Q&A
What are counted as deductible expenses for foreign-invested entities under Chin...
- January 2014
- Members Access
The following items count as deductible expenses for foreign-invested entities in China: Advertising and business promotion expenses – they are deductible up to 15 percent of the sales income of that year; Business entertainmen...
Q&A
How are asset losses defined in China for annual compliance purposes and how sho...
- January 2014
- Free Access
Asset losses include the following items: Monetary assets loss – i.e.: losses of cash, bank, account receivables, prepayments; Non-monetary assets loss – i.e.: losses of inventory, fixed assets intangible assets construction in proces...
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