Accounting rules are not hard and fast and differs from city to city. For accounting, Chinese Accounting Standards (CAS) also referred as Accounting Standards for Business Enterprises” (ASBEs) are followed and is 90% the same as international accounting standards. All the foreign currency transactions of the Company are to be converted into Renminbi (RMB) using the Government specified rates when financial statements are prepared and submitted. Also, the Accounting records are required to be prepared in Chinese language according to tax bureau’s requirements.
YourGlobalPro professionals can assist you with the entire bookkeeping and accounting services to your China Business Set up as per your business needs including implementation of financial accounting software, accounting records preparation and time to time preparation of budgets, forecasts.
The annual China accounting audit where a certified public accountant assesses the Company accounts compliance and report back to the local Ministry of Finance (MOF) authorities. Before repatriating profits annual China accounting audit needs to be undertaken and Corporate Income tax to be paid.
Based on the size of the business – the companies are required to prepare and file financial statements with the Authority. YourGlobalPro professionals provide auditing services for your business as required by your business.
The documentation requirement differs from Bank to Bank and need to be complied for the Bank account opening. All banks are stable, reliable and offer the same level of services.
YourGlobalPro professionals can facilitates all the paper work in relation to banking need and can assist you in opening bank account for your business plan in China.