Getting your firm ready for 2020

The end of the year is a time to review the past year and plan ahead for the next 12 months. This is not about our typical well-intended good resolutions like eating healthier or finally giving up smoking in the new year. The point here is to ensure that your company is and remains in the best possible position to do business in China, and fully compliant at the same time. Ecovis will help you to end the year with your books in order, your financial planning well underway and your processes well set-up and running smoothly.

The Corporate Social Credit System is a comprehensive digital system of several topic-specific ratings as well as compliance reports. This system affects all areas and business activities of a company in China. First announced by the Chinese government in 2014, and with steady progress since then, the roll-out is expected to take place in 2020. Negative ratings pose significant business risks. You can address them in time with our Internal Control Review. Contact us for more information or visit one of our upcoming events on this topic.

Despite the importance of human resources for running any firm successfully, we often lack the time and resources to optimize our internal HR processes. The same goes for the documentation and templates we use day in, day out. That’s why we offer our HR health check: In three easy steps, including an individual consultation, a review of your documentation and your processes, we will set you on track to start the new year with your processes and documentation in order.

On January 1st, 2020, China’s new Foreign Investment Law will take effect. It will replace three existing laws ruling company set-ups with foreign investment so far and will create the framework for foreign investment into China for the years to come. At the same time, it brings changes for many existing companies. The implementation regulations are still in the process of being finalized.

Get ready for your annual statutory audit in time. The deadline for the Annual Compliance Review in China is May 31st of each year. The law requires that the annual compliance review has to be done by a Certified Public Accountant (CPA) in order to ensure the compliance of all tax regulations. Get this time-consuming process started now and free up resources in the next year. Contact us for more information.

Based on your individual budget we will create tailor-made solutions for your firm. Please let us know how we can help you get ready for the year ahead!