Financial Outsourcing

After a new foreign invested enterprise(FIE) or Rep office is formally established, it's required to maintain proper accounting records in accordance with accounting standards in China and to report taxes on both monthly (business tax and individual income tax) and quarterly (corporate income tax) basis. Late submissions will face penalties and surcharges. FIE must register its tax reporting method with the local tax authority and apply for an official invoice book which will allow the FIE to issue invoice to its clients within China and abroad.

 

WFOE( a major type of FIE) is required to maintain a complete accounting system and prepare financial statements. Three kinds of primary accounting books should be set up: journals, general ledger and subsidiary ledgers and their supporting documents. Computerized accounting records are also allowed. All supporting documents, accounting books and financial statements should be prepared. RMB is adopted as the basic bookkeeping currency. If a foreign currency is used , the financial statements must be converted into RMB at the year-end. In China, the accounting year is the calendar year which is January 1 to December 31. The accounting system is based on accrual basis.

 

We understand it takes time for a new corporation or office's regular staff to be in place. To make sure a corporation maintains a stable and integrated financial system is extremely important while the personnel turnover usually challenges it.  Financial outsourcing will be an excellent choice. The cost of taking financial outsourcing service is only 20% to 30% of keeping a regular accountant. Clients don't have to worry about the  personnel turnover or even worry about finance data security. Moreover, our accountant can assist clients by negotiating with local tax officer to use the proper tax reporting method, as well as submit the tax reports monthly and quarterly on clients' behalf. Our experienced accountant will also help clients to establish a formal financial system which will greatly reduce legal risk. Clients can usually get rewarding suggestions from our accountant to avoid tax legally and get latest policy changes.

 

Financial Outsourcing Service

Accounting Service


Due to rapidly evolving accounting system in China, it is a tough work for many foreign invested enterprises to keep pace with new policies and accounting standards which may come out without enough public notice. Our professional team is equipped with a thorough understanding of tax laws and an extensive practical experience, which enable us to assist our clients from the initial stage. Accounting Service covers
:

 

        ▶Accounting system set-up, internal policy and procedure establishment

        ▶Implementation of accounting software system

        ▶Daily financial bookkeeping

        ▶Monthly financial statements

        ▶Cashier services including process payments, maintenance of cash book, reimbursement for China employees

        ▶Solutions for occasional accounting problems

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 Tax Service


With frequently changing of tax regulations which are all in Chinese
, tax compliance in China is usually a challenge for foreign invested enterprises. Having a reliable tax agent like RCS can save clients time and money, to release clients from endless contacting and negotiating with different tax departments.


By our close relationship with local tax authorities, we offer high quality tax service to bring clients with great potential value and direct economy value.  Tax service covers:

 

         ▶Fix tax rate, tax payer type and tax payment method

         ▶Monthly tax filings and declaration for business tax , value added tax

         ▶Quarterly tax filings declaration for corporate net income tax

         ▶Application for general VAT payer status

         ▶Application for tax exemptions and benefits on client's conditions and needs

         ▶Monthly tax filings and declaration for employee personal income tax

 

 

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