Why do we need credit reports from Chinese companies? As a foreign investor, the safety of your investments and transactions, as well as the authenticity of your investment goals and counterparties, are factors that you must consider when conducting business in China. According to Simon’s practice, the main reasons for business failures and economic disputes…
Where are the potential tax refunds? Over the past few decades, Simon has been working with overseas clients in China, and we were surprised to find that many companies did not recover their tax refunds and left the money without making any claims. If you don’t claim it, no one will come to return it…
How important are tax optimization and risk management? Tax optimization and risk management are some key challenges that all entrepreneurs should not overlook. In this rapidly developing environment, Chinese business owners need to constantly meet legal requirements related to tax compliance to reduce tax risks, while striving to optimize their structure to achieve greater profit…
Thank you very much for your interest in Simon’s monthly banking and cash management services! We are committed to providing comprehensive banking solutions for individuals and businesses to meet your financial needs. With our reliable and efficient service, you can save time, simplify financial processes, and focus on truly important business development. It is important…
As is well known, an experienced Chief Financial Officer (CFO) is an essential component of all company operations. A qualified Chief Financial Officer is responsible for financial planning, determining tax strategies, managing internal controls and legal compliance, and sometimes making investment decisions and managing capital structures, always playing an important role that cannot be ignored.…
Who should submit annual reports and statutory audits? According to the Company Law of the People’s Republic of China, all companies registered in China, including limited liability companies, joint stock limited companies, non corporate entities, and other commercial entities, are required to undergo an annual inspection in order to continue operating in the following year.…
Introduction to Chinese Accounting Standards China’s accounting system follows the framework of Generally Accepted Accounting Principles (GAAP), also known as Chinese Accounting Standards (CAS). These standards have been regularly revised and continuously developed over time, and now they fully comply with globally recognized International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles. Despite…
Different types of bank accounts in China Non resident account: It is applicable to foreign institutions and companies of domestic and foreign banks in Chinese Mainland and is subject to the strict supervision of the State Administration of Foreign Exchange (SAFE) Offshore account: Only opened for overseas institutions and individuals in four authorized banks managed…
What is the China Representative Office? A representative office in China, abbreviated as a representative office, refers to the local office of a foreign company in China. In China, it is legally prohibited for representative offices to make profits, issue invoices, and engage in trade, which is the main purpose of wholly foreign-owned enterprises or…
Overview of Sino foreign Joint Ventures Although the Chinese government continues to open up various industries to foreign investors, there are still restrictions for foreign companies without joint venture partners in specific fields. However, the Chinese government encourages local companies to collaborate with foreign investors to integrate technology, investment, and management experience, while making it…