Annual Statutory ReportingKeep Your Annual Compliance Status On Track
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About Annual Statutory Reporting
The annual compliance is to conduct annual reporting to multiple government organizations. After the new Foreign Investment Law coming into force in 2020, annual reportss to local Administration of Market Regulation (AMR) and annual combinative reports were merged into one “many-in-one” annual reporting, under which the foreign-invested companies can submit all relevant information at once through the National Credit Information Publicity system during the period between January 1st and June 30th.
If a company fails to submit the annual reporting information on time, it will be put into the Catalogue of Enterprises with Irregular Operations (Irregular Operations Catalogue), which is open to the public. Besides, the company will also be put into the Irregular Operations Catalogue if fraudulent information or serious concealment are discovered by authorities in the random check following the annual reporting. If the company is listed in this Catalogue for three years in a row, there will be more serious consequences – the company will be put into the Catalogue of Enterprises with Illegal and Dishonest Behaviors, which serves as a blacklist for future operations and investments.
The legal representative and the general manager of the blacklisted enterprise will be banned from taking the legal representative or general manager role in other enterprises for three years, and the blacklisted enterprise will be at a disadvantageous position in bidding, government procurement, licensing application, obtaining land, as well as making new investment in the future.
We suggest you pay attention to the deadlines and requirements or make timely correction where incompliance happen, to avoid serious consequences.
What Shall a Company Report?
The annual statutory report submitted shall cover the information below:
- Basic information of the company, including the contact information, the registered address and business address, the business scope, the licensing situation, the staffing with salary information, the social security contributions, etc.
- Investors’ profile, including the registered and paid-in amount, time, ways of contribution, the final controller of the investor, etc.
- Management team’s profile.
- The changes in the company’s profile.
- Operation licenses and permits are owned by the company.
- The balance sheet information of the company, including total assets, total liabilities, total owner’s equity, etc.
- Warranties and guarantees are provided for other entities.
- Information regarding the operation of the company, including imports and exports, revenue, income, cost and expenses, tax payment, profit, profit distribution, etc.
- Information regarding credit and debt.
- Tax breaks information if the company enjoys preferential treatment for importing equipment.
- Customs relevant information if the enterprise is subject to the administration of the customs.
Frequently Asked Questions
The process of the report will be fully online. The signature is not required.
First of all, all online systems from the government, including annual reporting, are in Chinese. If you want to do it by yourself, you shall be able to understand and type Chinese.
Secondly, you shall understand and fill your annual finance data into the online system well.
Finally, you shall answer the calls in Chinese from the officers if any.