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On August 28th, several policy announcements related to individual income tax were released by the Ministry of Finance and the State Taxation Administration of China. These policies aim to provide relief to taxpayers and support various aspects of taxation to stimulate consumption and investment. To help you understand the what was presented in the announcement,...
One of the legal requirements when registering a company in China is opening a bank account. China’s local banks and foreign banks vary a lot from each other in many aspects. As a foreign business, it’s necessary to figure out which bank should choose.
In China, only a company’s registered name in Chinese is legally binding. When applying for registration, the brand name, industrial selection, and registration area should be listed. The typical format for a company name is Registered Area Name + Brand Name + Industry Type + Co., Ltd. Or Brand Name + (Registered Area Name) + Industry Type + Co., Ltd.
Having company chops are mandatory if you want to start a business in China. According to the PRC Company Law, the company chops (or seals, stamps) can be used as legal evidence and represent business activities.
In China, social insurance includes five different types of insurance, including pension, medical, unemployment, work-related injury, and maternity insurances. If you are from one of the following countries that have signed a social insurance agreement with China, you are entitled to a social insurance exemption, once approved, you and your employer may save unnecessary insurance costs from this benefit.
Many foreign companies which have registered a business in Australia in the last two years are growing steadily. Australia is among the countries with the largest GDP worldwide, and thus one of the largest economies.
According to the Accounting Records Management Method, the accounting files in China refer to various forms of accounting information, such as text and charts with preservation value, which are received or formed in the process of accounting and could record and reflect the economic business matters.
There are three types of tax preferential policies issued by the Chinese government this year: New preferential tax policies, Continue with some of the COVID-19 relief tax policies introduced in 2020 and Extending the implementation period of some previous tax incentive policies.