Annual Inspection & Reporting
Companies in China are required to undergo an Annual Inspection (for a Representative Office) or are subject to Annual Reporting procedures, conducted by several departments of the government and are required to file accounts according to local reporting requirements. Annual compliance procedures are required by these departments and it is crucial to be aware of the relevant deadlines, as failure to carry them out on time may result in extra expenses, penalties or even the rejection of business licenses.
Each year from March 30th until the end of June (correct as of 2015), the annual inspection is jointly hosted by the following governmental departments:
- Ministry of Commerce (MOFCOM)
- Ministry of Finance (MoF).
- Administration of Industry and Commerce (AIC).
- State Administration of Taxation (SAT).
- State Administration of Foreign Exchange (SAFE).
- Bureau of Statistics.
These annual inspections ensure that companies conducting business in China are complying with their legal commitments they make with each of the different departments.
The relevant documents required for the annual inspection are:
- Annual Inspection Report.
- Audit Report issued by an external accounting firm.
- Financial Statements of the previous year.
- Certificate of Approval for FIEs, Business license and Capital verification report.
- Industry-Specific licenses or permits.
- Financial Registration Certificate.
- Tax Registration Certificate.
- Other forms or documentation as required by relevant government departments.
At LehmanBrown International Accountants, we can support your business in the completion of all these arduous procedures and requirements. This will save you a lot of time and effort. Our team of highly-experienced accountants and financial professionals will assist you during the annual inspection process and help you navigate through all the financial, environmental and administrative reporting requirements, handling of all the bureaucracy.
To make an enquiry, please contact us at email@example.com