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China’s Cryptocurrency and Blockchain Regulatory Environment
China's cryptocurrency market - We give you an overview of legal regulations and tax implications in terms of Bitcoin-related business. (more…)
Data Protection in China
On 1 May 2018, new standards will come into force that further clarifies the data protection rules of the Cyber Security Act. (more…)
Accounting in China
The Chinese Generally Accepted Accounting Principles (China-GAAP) are similar to the International Financial Reporting Standards (IFRS), but differ from the American accounting system (US-GAAP). Most foreign companies are unaware of these differences, and are, therefore, running the risk of non-compliance....
China’s New Point System for Expats
On 9 September 2016, the State Administration of Foreign Experts Affairs published the reform of the current work visa system for foreigners in China. The changes will merge the various regulations for foreign specialists with the normal application procedures. The...
The Annual Compliance Review – Audit in China
The deadline for the Annual Compliance Review in China is on 31 May. Although it seems that there is still a long time until the deadline, there is an incredibly huge amount of work to do before you can hand...
New Plan for German-Sino-Hi-Tech-Park in Heidelberg
On May 2nd, 2016, representatives from the Heidelberg and the Beijing District of Haidian have signed a mutual cooperation agreement. The agreement covers areas of research and development and to set up a joint German-Sino-Hi-Tech-Park. (more…)
New Tax Regulations for Cross-Border E-Commerce
In March 2016, the Chinese government issued two new regulations, which have changed the taxation of imported products bought online from businesses abroad (B2C) via e-commerce platforms. Previously, cross-border online purchases for personal use were mainly treated as individual postal...
Chinese Work Visa for Foreigners
Foreigners, especially those that intend to work in China, often face the question of which visa type to apply for. Since the Chinese Central Government implemented new visa regulations in September 2013, the complexities of the application process for work...
Mutual dependence between China and Germany? Part 2
In the first part of this article we explained the mutual dependence of China and Germany, it's historic origins and recent challenges. Please click here to read part 1 of this article. The Chinese government is striving to establish China...
Mutual dependence between China and Germany? Part 1
Glory past, dusty future? Starting from the Chinese economic reform under Deng Xiaoping in 1978, the Chinese economy has grown at an incredible pace. It established itself as a key economic driver and particularly in the wake of the global...
Chinese Foreign Direct Investments in the Heart of Europe
Chinese foreign direct investments expanded rapidly over the last decade. From 2005 on, Chinese foreign investments added up to almost 3,5 trillion US Dollar in 2015. This development is predicted to persist and even speed up over the next few...
VAT Reform to be Completed in May 2016
During the annual National People’s Congress meeting on March 5, Premier Li Ke Qiang announced in his speech of the government report that the VAT reform will cover the last few industries as of May 1st, 2016. The main points...
Tax reduction aims at boosting service trade
China attempts to increase the service and merchandise trade by facilitating access for overseas companies and by providing a tax reduction for technology providers. (more…)
How to buy real estate in Germany?
Real Estate in Germany is attractive for foreign investors because of its long-term stability and balance of risk and return. ECOVIS Beijing helps you to get your own German home. (more…)
Important things you need to know about the Chinese Labor Law – Part Two
This is the second part of our two-part article series "Important things you need to know about the Chinese Labor Law". (more…)
Tax update – VAT (Value Added Tax) Reform to be Completed in May 2016
During the National People’s Congress meeting on March 5th, Premier Li Keqiang held a speech on the government report. He announced that the upcoming VAT reform will cover the last few industries which were not included yet. The main points...
Important things you need to know about the Chinese Labor Law – Part One
The labor law of the People's Republic of China (PRC), which has been in effect since 1995, and the newest edition of the labor contract law, in effect since 2012, are now also regulating employment relationships in China. (more…)
Individual Income Tax – Part Two
This is the second part of our two-part article series on individual income tax (IIT) in China. In the first part we gave an overview on how individual income tax liability is determined for individuals in China. In this part we...
Individual Income Tax – Part One
In this series of two articles we would like to share some information about a topic we deal with in our consulting work on a daily basis: Individual income tax. This affects every expat living and working in China on...
Further Internet Restrictions for Foreign-Invested Companies
The Internet can be a tricky place to navigate in China. What is allowed, what is not allowed, and what may be allowed is constantly changing. Especially online business faces an increasing and evolving set of internet restrictions. Most of...
The ultimate VISA guide for Germany – all you need to know
A Step by Step Guidance on investing in Germany How to apply for a German Visa and what type is needed (more…)
Hong Kong, a transitional step into China?
Is Using Hong Kong to enter the Mainland Chinese Market a Good idea? Considering your different options of entering the Mainland Chinese market? Not sure if you should be using a third jurisdiction like Hong Kong? Well let us break it...
Update: To which extent can international companies operate in China without being forced to pay taxes?
Update: To which extent can international companies operate in China without being forced to pay taxes? Service provision and product order without having an office in the P.R.C. (more…)
Taxlink experts are discussing China´s tax system and economic growth
In the online-workshop China´s Tax System and Economic Growth, the tax and law experts Erich Chai, Kristina Koehler-Coluccia, Steve Dickinson and Grace Shi came together to discuss on what in their opinion are the greatest issues for enterprises which are...
IIT Update
Don´t miss the deadline! Prepare now! Starting form 2006, individuals whose annual income exceeds RMB120,000 will be required to file an annual tax return in the local tax bureau. (more…)
Development Zones in China
China´s Development Zones are playing a key role in the rise of China´s economy. Its time to have a deeper look into their benefits for foreign Investors. (more…)
VAT in China Part 4
VAT exemption for intercompany contracts When a foreign invested company in China is lacking on money, the foreign headquarter often would like to transfer cash in order to keep the liquidity. However, what sounds like an easy bank transfer in...
VAT in China Part 2
Same as for the EU, in China apart of the selling of products, the import of products is also subject to VAT. In opposite to the normal VAT this so called Importation VAT is an excise tax which is subject...
VAT in China Part 1
The Chinese VAT system is similar in many aspects to most Western country´s VAT systems. Who is well familiarized with the international standards, often also knows the right procedure in the Chinese system. In both cases the VAT will be...
STARTUP HYPE IN CHINA
China is currently experiencing a startup hype. In this article we will update you about the recent government developments in China and analyze different types of possible investments in the startup sector. (more…)
Visa Update: Schengen and Investment Visa
This article gives a small update to the changing Schengen Visa regulations on 12th October and how to deal with it. Additionally, there are some general information about the Investment Visa and how to achieve it. (more…)
Deadlines for the Annual Compliance Review
As for the annual compliance review: it is not hard work but it needs to be done right. Do not see it only as an additional burden for your company. It is a great chance to do a small “health...
Abgabefristen für den Jahresabschluss auf einen Blick
Die Jahresabschlussprüfung ist nicht kompliziert, aber sie muss gemacht werden. Sehen Sie die Überprüfung nicht als zusätzliche Last für Ihr Unternehmen. Sehen Sie sie als Chance ihr Unternehmen einem Gesundheits-Check zu unterziehen. (more…)
Opportunities in China
Richard Hoffmann speaks at the event “Opportunities in China --- Matchmaking for companies in the field of biomedicine and cooperation in the area of the medical technologies” (more…)
Customs Update
Ecovis Beijing offers tax and legal consulting as well as accounting and auditing services for foreign invested enterprises (FIE) in China. During our work with some manufacturing and trading companies, we came across several issues our clients encountered in the...
The Management Structure of a WFOE
by Richard Hoffmann There are a lot of aspects one has to consider, when setting up a WFOE in China. Choosing a board of directors or better an Executive Director? A Board of Supervisors or only one? And what would be their duties?...
Articles of Association – Key terms for a Foreign Invested Company in China
The Articles of Association (“AoA”) are required in China and have to be approved by the authorities when setting up a Foreign Invested Company. Therefore it is important to know the functions of the AoA and how they can protect...
Tax Update June – Notification on nation-wide Tax Audit Plan 2015
By Grace Shi, ECOVIS Beijing Notification on nation-wide Tax Audit Plan 2015 As a result of its national tax meeting the State Administration of Taxation (“SAT”) has recently published an internal notification for the nation-wide tax audit plan 2015. The...
From Starbucks to the Skyline – 3 Years ECOVIS Beijing
By ECOVIS Beijing ECOVIS Beijing is celebrating its 3rd anniversary: Where we started, where we are now and where we are heading. (more…)
Seminar: Changing or Expanding Your China Business
Manuela Reintgen of ECOVIS Beijing, in co-operation with the German Centre Beijing, held a seminar explaining how to change a company’s legal structure and expand its operations in China. (more…)
Buy Assets Now to Save Taxes – The New “Shortened Depreciation”
By Grace Shi, ECOVIS Beijing China By adopting the new shortened depreciation method, companies in certain industries can ease the financial burden of asset acquisition. (more…)
Tax Exemption Now Available for Companies with Annual Revenue of Up to 200,000 RMB!
By Richard Hoffmann, ECOVIS Beijing China Always paying too much taxes? China has raised the upper limit of tax exemption for small companies from 100,000 to 200,000 RMB total annual revenue. (more…)
China’s Corporate Income Tax Update: What You Need to Know
By Richard Hoffmann, ECOVIS Beijing China Watch out! China’s new regulations on corporate income taxation regulate inter-company expenses. Learn how to manage payments from related companies to avoid paying too much taxes. (more…)
Seminar in Internal Control for European SMEs in China
By ECOVIS Beijing On the 16th of October 2014, Ms. Manuela Reintgen from Ecovis Beijing and Ms. Alexandra Wang held a seminar for industry experts at the German Centre Beijing. (more…)
Payroll for Expatriates in China: 2 Things you need to know
By Richard Hoffmann, ECOVIS Beijing China Along side globalization and the advancement of technology, it doesn’t come as a surprise that international projects and global assignments have become a norm in today’s business world. In addition to the increase in...
Doing Business in China – Ecovis Beijing Manager participates in Panel Discussion
By ECOVIS Beijing Last Friday on the 19th of September 2014, Ms. Manuela Reintgen from Ecovis Beijing participated in a panel discussion held for MBA students of the University of California at Peninsula Hotel in Beijing. Since the topic was focused on...
An Interview with Erlkönig China: The Automotive Industry in China
By ECOVIS Beijing On Wednesday, 16th of July 2014, Mr. Sven Hundhausen, Director of Erlkönig China held an interview with Mr. Constantin Colberg, Senior Associate at ECOVIS Beijing, about the automotive Industry in China. Current issues such as market entry...
Payroll and Bookkeeping: Evaluating the Decision to Outsource
By Richard Hoffmann, ECOVIS Beijing As you develop your company, consider outsourcing payroll and bookkeeping in the first years of your business. In our new brochure, the decision to outsource is evaluated considering that a third party can ensure comprehensive and compliant...
Selling your company to Chinese investors
By Richard Hoffmann, ECOVIS Beijing In this article we have a look at the motives of Chinese investors for investing in Germany and how German companies can benefit from the relationship with their new Chinese owners. Motives of Chinese investors for investing...
The social security system in China
At the start of June 2014, the Beijing Municipal Human Resource and Social Security Bureau (BMHRSSB) and the Beijing Municipal Bureau of Statistics (BMBS) announced that the average monthly wage in 2013 was RMB 5,793 for Beijing. This number is...
M&A in Germany: the perfect foreign investment?
By Richard Hoffmann, ECOVIS Beijing Mid-sized German businesses are a hot takeover target for Chinese companies. German business is known for its innovation and product integrity, a natural match for China’s large market and manufacturing prowess. As this relationship becomes more apparent,...
Seminar about individual income tax, social insurance and private pension
By ECOVIS Beijing On the 3rd of June 2014, Ms. Manuela Reintgen from ECOVIS Beijing and Mr. Klaus-Peter von der Eltz from Expatriate Care Consult held a seminar on individual income tax, social insurance and private pension at the German...
Advertising and Retailing on Internet Channels in China
By Richard Hoffmann, ECOVIS Beijing In 2012 Starbucks started advertising QR codes in its nearly 1,000 stores around China. Customers scanned the code with their cell phone cameras and sent Starbucks a message with an emoticon and customers received a song in...
Jain University from Bangalore on Visit in Beijing
By ECOVIS Beijing On the 28th of May 2014, Ms. Manuela Reintgen from ECOVIS Beijing gave a presentation for MBA students of entrepreneurship from Jain University in Bangalore, India about doing business in China. The students were on a ten-day...
The Sino-German Double Taxation Treaty (DTT) – Major Implications
By Richard Hoffmann, ECOVIS Beijing China’s going global strategy is becoming more and more apparent – especially China’s ambitions for economic cooperation with Europe were once again proven when the taxation treaties with several European countries such as the UK, France or...
Emerging Multinational Companies from China – new competitors to Germany’s core industries?
By ECOVIS Beijing Our last article was about Multinational Companies (MNCs) from Asia. In this article we take a closer look at the global brand presence of Chinese Emerging Multinational Companies (EMNCs) and the way they are perceived from outside...
VAT exemption and issues in China
By ECOVIS Beijing On the 25th of April Manuela Reintgen and Richard Hoffmann held a online-workshop about the important topic “VAT exemption and issues in China”. If you export services from China you might have the chance to get VAT...
Luxury Properties Showcase in Beijing 2014
By ECOVIS Beijing The Luxury Properties Showcase (LPS) is a leading luxury property show in China, well-known for its glamour and exclusivity. Over 5,000 Chinese luxury home buyers and owners as well as numerous VIPs visited the property show in Beijing...
10 most likely mistakes while setting up a WFOE [2/2]
By Manuela Reintgen and Michelle Yan, ECOVIS Beijing Setting up a Wholly Foreign-Owned Enterprise (“WFOE”) in China requires full commitment. You can’t just do it alongside, it has to be carefully planned and many things have to be taken into...
German machinery delivery to China – an update by VDMA China
The German Engineering Federation VDMA (Verband Deutscher Maschinen- und Anlagenbau e.V.) has published new figures on German machinery deliveries to China. Mr. René Bernard, Business Development Manager and designated General Manager of VDMA China, presented the most recent developments and...
Five reasons for outsourcing bookkeeping in China
Many business owners can, effectively, only manage a handful of staff. Rather than doing everything internally and specializing in all relevant business activities, business owners should think about what activities to outsource. Outsourcing is when a company subcontracts an outside...
2014 Beijing International Automotive Exhibition
By ECOVIS Beijing In 2008 the automotive industry in China became the largest in the world in terms of units of automobiles produced. Accordingly, the semiannual Beijing International Automotive Exhibition, or Auto China for short, is one of the most...
10 Most likely mistakes while setting up a WFOE [1/2]
By Manuela Reintgen and Michelle Yan, ECOVIS Beijing Setting up a Wholly Foreign-Owned Enterprise (“WFOE”) in China requires full commitment. You can’t just do it alongside, it has to be carefully planned and many things have to be taken into...
The Crack down on Compliance in China
By Richard Hoffmann, ECOVIS Beijing Compliance in China is often thought to be easily persuaded. However, that is no longer the case. The Eight-Point code (八项规定), passed in December 2012 by the Political Bureau of the CPC Central Committee, was...
Supply Chain Day on April 10, 2014
By ECOVIS Beijing The Supply Chain Day is organized annually by the German Logistics Association BVL (Bundesvereinigung Logistik). The BVL is a not-for-profit business association founded in 1978 and has since then promoted its members’ main goal of increasing awareness...
Emerging Multinational Companies from China
By Richard Hoffmann, ECOVIS Beijing When asking people in Germany to name multinational companies (MNCs) from Asia, the first examples that come to mind are numerous Japanese companies such as Toyota, Honda, Sony, Toshiba, Panasonic, Nintendo, etc. These Japanese MNCs...
Online-Seminar: Common VAT Issues – April 25th 2014
Heard about the recent changes in VAT regulations? Want to find out if it impacts you and your company? Find out more about possibly lightening your tax burden with our VAT Exemption Online-Seminar! (more…)
Company Liquidation: A comprehensive guide on how to proceed [4/4]
By Richard Hoffmann and Michelle Yan, ECOVIS Beijing Doing business will always have its success and failures. However, in the case where it really comes down to needing to liquidate your company, there are formal steps in which you should closely follow. The...
German Chamber Board Election: Thank you and Congratulations
By Richard Hoffmann, ECOVIS Beijing Last Thursday, April 3rd, was The German Chamber of Commerce’s annual general meeting, which also happened to be the final stretch of the board election. The event was graceful and well organized, with food and drinks...
Corporate Income Tax – Part 3, Resident enterprise
By Richard Hoffmann, ECOVIS Beijing Resident enterprises are either established under the laws of the PRC or founded outside, but with a place of effective management in China in the sense of a management which is substantial and has overall...
Company set-up in the Chinese tourism industry
By Richard Hoffmann, ECOVIS Beijing From 1949 until the early 1970s, the People’s Republic of China was a closed country and only selected foreign visitors were allowed to enter China. During that time, many Chinese nationals were not allowed to...
Sharing knowledge and expertise with developing future leaders
By ECOVIS Beijing On Friday, 28 March 2014, Manuela Reintgen represented Ecovis Beijing in a panel discussion on the topic: Doing Business in China. With keen interest and curious minds, the group of 75 Mexican MBA students from IPADE Business...
Chinese outward foreign direct investment
By Richard Hoffmann, ECOVIS Beijing China’s economy is changing immensely fast over the last years. As China is prioritizing on economical success, they have moved towards a new political direction. One of the first Chinese OFDI (Outward Foreign Direct Investment) flows...
Company Liquidation: A comprehensive guide on how to proceed [3/4]
By Richard Hoffmann and Michelle Yan, ECOVIS Beijing China Doing business will always have its success and failures. However, in the case where it really comes down to needing to liquidate your company, there are formal steps in which you should closely follow....
Corporate Income Tax – Part 2, Non-resident enterprise with a PE
By Richard Hoffmann, ECOVIS Beijing Our last article covered the case of a non-resident enterprise without a permanent establishment. In this article, we will discuss the situation if you are a non-resident enterprise with a permanent establishment. When it comes to Corporate Income...
Amendments to the Trademark Law of the People’s Republic of China
By Richard Hoffmann and Michelle Yan, ECOVIS Beijing On August 30th, 2013, the Standing Committee of the National People’s Congress revised the Trademark Law of the People’s Republic of China (“amendments” hereafter). The New law will be effective from May 1st, 2014. However, we...
Galaxy Soho Office Opening: a successful evening of chatter & laughter
by ECOVIS Beijing "Lively music, great company coupled with heavenly wine and canopies, definitely an evening to remember." (more…)
Good Potential for Investment: The Wuqing Development Area
By Richard Hoffmann, ECOVIS Beijing China The Wuqing Development Area was established by the State Council in 1991. It is both the State-level Economic and Technological Development Area and State-level Hi-tech Industrial Park. Its total planned area is 93 km2 and it...
Company Liquidation: A comprehensive guide on how to proceed [2/4]
By Richard Hoffmann and Michelle Yan, ECOVIS Beijing China Doing business will always have its success and failures. However, in the case where it really comes down to needing to liquidate your company, there are formal steps in which you should closely follow....
Corporate Income Tax – Part 1, Non-resident enterprise without a PE
By Richard Hoffmann, ECOVIS Beijing China When it comes to Corporate Income Tax, you should pay attention because, on one hand, there are benefits you don’t want to miss, but on the other hand, there are losses and penalties you don’t want...
Company Liquidation: A comprehensive guide on how to proceed [1/4]
By Richard Hoffmann and Michelle Yan, ECOVIS Beijing China Doing business will always have its success and failures. However, in the case where it really comes down to needing to liquidate your company, there are formal steps in which you should closely follow....
Company Formation China: Amended Company Law Lowers Threshold [2/2]
By Richard Hoffmann, ECOVIS Beijing China For those who plan on registering a company in the galloping new year of the horse, good fortune is on your side as an amendment to the PRC Company Law (the “amendment”) has been issued on...
CIT – IIT – VAT Refund, Seminar at German Centre
By ECOVIS Beijing China Yesterday was an exciting day for Ecovis Beijing. Hosted at the German Centre in the Landmark, Grace Shi and Richard Hoffmann presented an informative and interactive presentation on the exciting changes with the VAT Refund, as well as...
Company Formation China: Amended Company Law Lowers Threshold [1/2]
By Richard Hoffmann, ECOVIS Beijing China For those who plan on registering a company in the galloping new year of the horse, good fortune is on your side as an amendment to the PRC Company Law (the “amendment”) has been issued on...
Corporate Income Tax – and Individual Income Tax – VAT Refund
Do you have a company in China? Are you working in China and paying taxes? Do you provide services to your HQ and get exempted for “export of services”? In our next seminar we will not only be covering these...
Gesellschaftsrechtliche Mindeskapitalerfordernisse in China werden aufgehoben
By Ecovis Munich, Armin Weber Mit dem Ziel einen Markt mit einem fairen Wettbewerb und einem modernen System der Unternehmensregistrierung sowie der Effizienz, Transparenz und Fairness zu etablieren, hat das Ständige Komitee des Nationalen Volkskongresses mit Beschluss vom 28. Dezember...
Case: VAT Refund China – VAT Reform – Deadline March 31st 2014!
by Richard Hoffmann, ECOVIS Beijing China The deadline for the VAT refund in Beijing is approaching fast – just 2 months left until March 31st, the last day in which companies can apply for it. (more…)
China HR: The 21 most asked HR questions about the Chinese labor law Part 2/2
by Richard Hoffmann, ECOVIS Beijing China The People’s Supreme Court issued a fourth Interpretation of the Chinese Labor Law, which came into force last year on February 1st 2013. The fourth interpretation contains more specific regulations for payments during the...
China HR: The 21 most asked HR questions about the Chinese labor law Part 1/2
by Richard Hoffmann, ECOVIS Beijing China The People’s Supreme Court issued a fourth Interpretation of the Chinese Labor Law, which came into force last year on February 1st 2013. The fourth interpretation especially contains more specific regulations for payments during...
Tax in China – Taxation in the PRC
By Richard Hoffmann, ECOVIS Beijing China Understanding the tax system in China can be challenging. 25 common types of taxes are currently levied on either enterprises or individuals. Some are of common nature but several are only imposed on very...
Comment on the current Tax System of the PRC
By Richard Hoffmann, ECOVIS Beijing China How would you summarize the current development of the Tax System in the PRC? China has built its tax system from the ground in the 1980’s. Since then there have been major changes and...
How to set up a Representative Office in China
By Richard Hoffmann, ECOVIS Beijing China If you want to enter China, you should pick the right entity which will allow you to do all the business related activities you want. For certain activities a Representative Office (RO) will be...
The ECOVIS Doing Business in China Guide 2014 is here!
By Richard Hoffmann, ECOVIS Beijing China The ECOVIS Doing Business in China Guide 2014 is here! A comprehensive & complimentary guide for potential and current investments in the Chinese market, providing you with a head start on your way to...
Enterprise Investigation Reports by ECOVIS Beijing
By Richard Hoffmann, ECOVIS Beijing China As the fastest growing market, China is becoming more and more important for foreign investors and creditors. But due to cultural as well as governmental differences, the generation of information about a potential investment...
Annual Compliance Review in China
By Richard Hoffmann, ECOVIS Beijing China There have been several changes in 2013 for foreign companies, which are active in China due to the various newly introduced laws and regulations. For instance, the VAT reform has a big impact and...
Changes in capital requirements and annual inspection will simplify the set up and running of a business in China
By Richard Hoffmann, ECOVIS Beijing China On October 25 the State Council executive meeting chaired by the Chinese Prime Minister Li Keqiang revealed the plan to implement innovative policies to reduce the costs for setting up a new company in...
European Commission gives mandate to Negotitions between EU and China concerning new IPA
By Thomas Budzynski ECOVIS Duesseldorf The Ministers of the Foreign Affairs Council adopted a mandate which allows the European Commission to negotiate an investment agreement with China. An EU-China investment agreement would streamline the existing bilateral investment protection agreements (IPAs)...
Chinese new visa rules for foreigners
By ECOVIS Ruide China, Pingwen Hu 1. Overview Effective since 1 September 2013, the State Council recently released a new regulation, introducing various new visa types and providing clarity on the administrative procedures and supporting documents required. (more…)
New VAT Regime: Circular 37 Impact on Foreign Logistics
by Sven Rücker, ECOVIS Düsseldorf, Germany On 24th May 2013, the Ministry of Finance and the State Administration of Taxation issued a new VAT circular (Cai Shui [2013] No. 37 or Circular 37) for the transportation industry, which expanded the...
An Overview of Profit Repatriation
By Richard Hoffmann, ECOVIS Beijing China Using the right strategy to optimize profit repatriation from China can result in significant cost savings. The most obvious way is to repatriate dividends from China to another country. (more…)