Finance and Accounting

The Chinese government has corresponding stipulations on fund collection, assets management, cost control, dividend distribution, information management and finance and taxation of an enterprise. Foreign enterprises shall fulfil the following major obligations:

• Apply for tax return and other formalities from Tax Bureau within 30 days from the date of industrial and commercial registration;

• Employ qualified accounting personnel.

Time for Declaring Dutiable Goods and Tax Category

Invoice

• • Invoice is the statutory voucher recording the business operation of an enterprise as well as an important certificate for tax auditing. After receiving a business license and applying for tax return and other formalities, the enterprise may request invoice from the competent tax authority.
• • Enterprise must present the invoice receiving and purchasing book, special invoice seal and ID card of the purchaser when purchasing new invoice after paying tax (online purchase is available in some regions).

Necessary Information for Accounting

• • Bank statement and bank slip
• • Sales documents: invoice and contract
• • Cost document: invoice and contract
• • Expense document: salary, rent and transportation fee, etc.
• • Other relevant document: special receipt for social security insurance, payment receipt for housing provident fund, etc.