Company Annual Renew & Auditing

Required by PRC Company Law and other relevant regulations, all Foreign Invested Enterprises in China, including Wholly Foreign Owned Enterprises (WFOEs), Joint Ventures (JVs) and Representative Offices (ROs) are required to comply with the statutory annual audit and other compliance processes. 

 

Foreign Invested Enterprises in China can only distribute and repatriate their profits or dividends back to their home country after completion of their annual statutory audits and settlement of all relevant tax liabilities. 

 

 

Failure to comply with the annual audit and compliance may result in extra expenses, penalties, or even revocation of business licenses.

 

 

The annual inspection of enterprises refers to the statutory procedures for the examination and approval of enterprises by the administrative departments for Industry and Commerce in accordance with the law, and the qualification of enterprises to continue their business operations.

 

According to the Provisions of the Fifth Annual Inspection Procedures of the Company, the date of inspection begins and ends from March 1st to June 30th each year. 

 

Annual inspection includes: 

 

Implementation and change of the company's registration particulars;

 

Contribution of the shareholder or the contributor 

 

External investment of the company;

 

Establishment of branch offices by the company;

 

Production and operation of the company

 

What's Needed To Start​

 

  • Original copy of the business license
  • Official seal, financial chapter, contract chapter
  • Company's balance sheet and profit and loss statement of the previous year
  • Corporate identity card
  • Office leasing agreement
  • Corporate bank account opening permit
  • Capital verification report (if applicable)

 


What's menetioned above is the information about "Company Annual Renew & Auditing" , and you're welcome to contatc us if you have any doubts.