Banking in China
What is a Business Bank Account? A business bank account is a bank account used by business owners to carry out corporate transactions, in addition to being a separate account that allows businesses to effectively manage their finances and tax obligations. While business bank accounts operate similarly to a standard personal bank account, users often […]
China Data Privacy Laws
In 2021, China enforced 2 new laws that deal with data privacy and security. These laws have been implemented to impact companies in China that utilize user data, ensuring they comply with how they handle, store, use, and transfer the personal information they collect. The implementation of these laws will have an effect on all […]
Dormant Company in China
There are many reasons why a foreign invested company may decide to suspend their Chinese business activities. This can be due to challenges of establishing a strong presence in China, the need to focus on the home or other markets, in preparation of liquidating the company in the future, or to just simply put the […]
Compliance in China
A primary objective for foreign companies in China to manage compliance is to maintain control over their Chinese operations and prevent any negative impact which may arise from non-compliance. To achieve this objective, foreign-invested enterprises with Chinese operations should develop a thorough understanding of Chinese legislation. A thorough understanding of Chinese compliance requirements will not only minimize risks but helps to foster trust between consumers and businesses. Particularly in light of China’s ongoing efforts to implement the Corporate Social Credit System, compliance is more important than ever.
China Monthly, Quarterly and Annual Compliance Requirements
Most companies in China must meet several monthly, quarterly and annual tax deadlines and compliance requirements. This article will discuss Corporate Income Tax (CIT), Value Added Tax (VAT) and Surtaxes, Individual Income Tax (IIT), the Housing Fund, and Social Security.
Why Should Foreign Companies in China Be Ready to Expect the Unexpected?
Whereas there have been numerous success stories driven by this growth, it is still common for many foreign companies to enter this market unprepared, or worse, uninformed of the potential pitfalls. Even the most sophisticated companies cannot envision all the potential problems they may encounter. If you were going to open a chain of eating establishments in China (a lucrative endeavor by the way) would it ever occur to you that someone may be selling you counterfeit salt? We cannot anticipate every problem, however, experienced professionals like Moore Stephens do have some local knowledge and can share that with multinationals willing to spend the time and effort into learning the do’s and don’ts of this market. This article will describe that even though it is impossible to anticipate every situation which may liquidate your investment, expose your trade secrets, and/or damage your valuable reputation, it makes sense to be as well prepared as possible when doing business in China.
7 Overlooked Areas Business In China
China provides many opportunities for foreign businesses, although its complexity, regulations and constant changes make it difficult to keep track on what is advised and what is required when doing business in the Mainland. Following our experience, we have prepared a list of 7 things many foreign businesses have overlooked or did not think about when doing or start doing business in China.
