On January 26, the Shanghai Municipal Bureau of Justice issued a notice on carrying out 2015 annual inspection of the representative offices of foreign and Hong Kong law firms. The notice specified that all the foreign and Hong Kong representative offices operating in Shanghai should fill out the relevant information in the online annual inspection system and submit the required documentation before March 31, 2016. Specifically, the offices should submit a detailed 2015 work report which covers their business scope, an annual balance sheet, the status of the designated representatives, a cash flow report and all the financial/income statement audited by a certified accounting firm. The contact information of the chief representatives and main administrative staff are also required. A complete list of the required documents can be found here.
China is making effort to boost its international trade and tourism industry. Starting January 30, international travelers entering China from Shanghai and its neighboring Jiangsu and Zhejiang provinces (Hangzhou’s Xiaoshan International Airport and Nanjing’s Lukou International Airport) are now able to stay in these regions for up to six days (144 hours) without a Chinese visa, provided that they are in transit to a third country. Such travelers are required to provide the details of their connecting flight and may exit the country from any of these cities. Previously, travelers were allowed to stay in one of these cities for only 72 hours without a visa. This visa policy applies to passport holders from 51 countries including the U.K., the U.S., Australia and Spain.
RELATED: Business Advisory Services from Dezan Shira & Associates
On January 26, the Tianjin Ministry of Commerce issued an announcement to state that the Tianjin Free Trade Zone (FTZ) will implement a record-filing system for the establishment of foreign-invested financial leasing companies. The Tianjin FTZ will issue the “Foreign-invested Enterprises Filing Certificate” to the foreign financial leasing companies after they are registered and finish the filing procedures. Previously, foreign investors engaged in financial leasing industry need to get a pre-approval from the FTZ administration committee. Meanwhile, Beijing and the Shanghai FTZ have recently imposed restrictions on the setup of financial leasing companies and other investment management companies due to the country’s rising online lending risks.
On January 22, Chinese Premier Li Keqiang stated that the country’s ongoing tax reform to replace business tax with a revamped value-added tax (VAT) will be fully implemented nationwide this year. In 2016, the VAT reform is expected to cover financial services, construction, real estate and consumer services such as food, catering, and accommodation. The Chinese government has already released a rough tax plan in May last year, which was supposed to be launched by the end of 2015 but postponed due to various practical reasons. According to the previous draft legislation, an 11 percent tax might be levied on property and construction companies, while a six percent rate shall apply to consumer services industries.
Asia Briefing Ltd. is a subsidiary of Dezan Shira & Associates. Dezan Shira is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in China, Hong Kong, India, Vietnam, Singapore and the rest of ASEAN. For further information, please email email@example.com or visit www.dezshira.com.
Stay up to date with the latest business and investment trends in Asia by subscribing to our complimentary update service featuring news, commentary and regulatory insight.
A Guide to China’s Free Trade Zones
In this issue of China Briefing magazine, we examine China’s four Free Trade Zones and discuss the differences and strongpoints that exist in each of them. We begin by providing an introduction to the FTZs, and then take an in-depth look at the market access conditions, registration procedures and tax environments of each. Finally, we highlight some of the key considerations that foreign companies should be aware of when choosing an FTZ to invest in.
Annual Audit and Compliance in China 2016
In this issue of China Briefing, we provide a comprehensive analysis of the various annual compliance procedures that foreign invested enterprises in China will have to follow, including wholly-foreign owned enterprises, joint ventures, foreign-invested commercial enterprises, and representative offices. We include a step-by-step guide to these procedures, list out the annual compliance timeline, detail the latest changes to China’s standards, and finally explain why China’s audit should be started as early as possible.
Human Resources and Payroll in China 2015
This edition of Human Resources and Payroll in China, updated for 2015, provides a firm understanding of China’s laws and regulations related to human resources and payroll management – essential information for foreign investors looking to establish or already running a foreign-invested entity in China, local managers, and HR professionals needing to explain complex points of China’s labor policies.
Previous Article « Strategic Considerations when Establishing a WFOE in China, Part 3: VAT and Corporate Governance
Next Article China Regulatory Brief: Foreign-invested Projects Management in Zhejiang, Criteria for Qualified High-tech Enterprises »
Dezan Shira & Associates´ brochure offers a comprehensive overview of the services provided by the firm. With its team of lawyers, tax experts, auditors and...
As a legitimate tool for reasonable tax planning and cost saving, tax incentives play an important role. Companies also use tax incentives as a useful...
A firm understanding of China’s laws and regulations related to human resources and payroll management is absolutely necessary for foreign businesses in...
Over the last few months, China has been quickly expanding the pilot program on electronic special value-added tax (VAT) fapiao (hereafter special VAT...
An Introduction to Doing Business in Hong Kong 2021 is designed to introduce the fundamentals of investing in Hong Kong. Compiled by the professionals at Dezan...
Since the formulation of the GBA Initiative in 2017, business communities have placed high expectation on the coordinated development among GBA cities, as the...
Dezan Shira & Associates helps
businesses establish, maintain,
and grow their operations.
I will immediately grab your rss feed as I can’t to find your e-mail subscription hyperlink or e-newsletter service.
Do you’ve any? Kindly let me realize in order that
I may just subscribe. Thanks.
Comments are closed.
Stay Ahead of the curve in Emerging Asia. Our subscription service offers regular regulatory updates,
including the most recent legal, tax and accounting changes that affect your business.