When you have registered your business in China as WFOE or JV it is required as per the Chinese law to maintain proper records of accounts in line with the Chinese accounting laws and principles. A full internal audit is essential for every company registered in China, including all forms of Foreign Invested Enterprise (FIE). Furthermore, the Chinese Ministry of Finance (MOF) has revised the accounting laws in 2006 to promote the shift from old Chinese Accounting Standards (CAS) to International Financial Reporting Standards (IFRS), and bring a new set of Accounting Standards for Business Enterprises (ASBEs) for Chinese businesses to substantially converge the standards in line with the rest of the world.
The Chinese accounting system follows the Chinese Generally Accepted Accounting Principle (GAAP) framework, also known as the Chinese Accounting Standards (CAS). These standards have been revised regularly and evolved over time and now they are quite in accordance with the globally recognized International Financial Reporting Standards (IFRS) & US GAAP. In spite of the several reforms, changes there are enough differences to pose challenges.
It is important to realize that the process and standards are no different from most of the countries and accounting is nothing new. But clearly, adapting your business to the rules, regulations, and standards of tax and accounting in China is not straightforward.
At Business Setup Worldwide, we are keen to assist you in taxation, accounting, auditing, and bookkeeping while ensuring that you remain focused on your core business operations in China. Furthermore, we have an expert team of professionals specialized in rules, regulations, legal, taxation, and legislation of the People’s Republic of China that shall relieve you of the hassles in incorporating your company in China with compliant, prompt & transparent solutions. Make your foreign business grow in China and around the world with our guidance in Chinese compliance growth strategies.
Business Setup Worldwide is a platform to help you set up your firm. Right from incorporation, registration and licensing to establishing your office space, we facilitate the setting up of your business through counselling and incubation.
Business-specific customized service, comprehensive capability across varied industries, proactive, and continuous learning in the global business market, and the ability to foster a company’s business objectives, providing comprehensive support in executing its strategies, distinguish Business Setup Worldwide, and provide you the competitive edge in ensuring that your business grows from strength to strength.
Business Setup Worldwide proprietary business design techniques, in addition to its specialized industry knowledge and global reach, enable our clients to anticipate changes in customer preferences and the competitive environment, designing their businesses and improving operations in concurrence with the market changes.
The Tax and Accounting reporting in PR-China differs a great deal between organizations, companies and businesses according to several factors. We suggest you to Contact us to know exactly what kind of accounting & tax setup your company/business in China needs.