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SINOINCORP Business Consulting Service

February 6,2018.


SINOINCORP Business Consulting Service



Based on your requests, SINOINCORP shall be pleased to provide the following services:



Corporate Formation Service



For the purpose of set up a foreign invested import and export trading company (excluding restricted or prohibited industries approval by corresponding government bodies) in China, it is required to go through various approval procedures by the local subordinate of the Ministry of Commerce, administration of Industry and Commerce to obtain a business license. Joint Venture will be legally formed after it obtained its business license.




SINOINCORP will then assist you concerning the above issues through the following procedures and services:


Application of reservation of desired company name in Chinese and English in China;


Preparation of Article of Association, Feasibility Study, Shareholders’ agreement, and other necessary documents for the application of pre-approval of the investment by the local subordinate unit of the Ministry of Commerce;


Application with the responsible Administration of Industry and Commerce for obtaining the original business license with nil capital injected;




Post-establishment registration Service




After you obtain your business license, Joint Venture is still required to perform various post-establishment registrations, such as the following:



Foreign exchange registration


Organization code registration


Tax registration


Finance registration


Statistic registration



SINOINCORP shall then be pleased to assist you in preparation, collection, submission and facilitating of all materials for the above registrations with a timely manner.




Assist to open a capital bank account


Considering you are a newly entered company, you might have difficulties to understand the process in opening a bank account and transfer the working capital. We could assist you to prepare all the documents and issue them to the bank in China.

Documents required:


China Company Business License


Company chop, Finance chop, Legal representative chop


Passport of legal representative


The Account Opening Application Form(If necessary)


Letter of Authorization



Application of GVP Status





General VAT Payer (“GVP”) is a key qualification for all trading companies in China which allow the company to credit its input VAT against output VAT. For a newly established company, it is strongly recommended to apply this status right away after its establishment.



We could assist you from the following aspects:



Collection of relevant documents or materials from your management;


Preparation of relevant GVP application documentations, i.e. application form, explanation letters, etc, for your management’s review and confirmation;


Submission of these well prepared documentations to your responsible tax authorities; and


Keep in touch with your responsible authorities and coordinate with your tax authorities for the purpose of a smooth and quick application and approval.




Export Tax Refund Registration Service



Before any substantial export tax refund application activities, you are required to register your company as an export tax refund eligible company in tax authorities’ database and fix your export tax refund calculation method. We will assist you to do the following:


Collection and preparation of various documentations for the registration, including business license, customs registration, import and export right certificate, standard registration form and other necessary materials;


Submission to your responsible tax authority for registration and keep in touch with them to facilitate the registration process;


Obtain the registration document and confirm your calculation method.



Renewing licenses Service




After you get the capital verification report, it is necessary for you to updating all licenses into final ones. SINOINCORP will assist Akron in this field. They will relate to:



Application with the responsible administration of industry and commerce for altered business license


Renew the Organization Code certificate


Renew the Tax registration


Renew the Finance registration


Renew the Statistic registration




Cashier Service


Filling bank documents according payment application letter which is already approved by your authorized person, on average 10 pieces every month in the internet banking system; and


Bank transfer applications in the bank, once two weeks.



Monthly Accounting and Tax Compliance Service




Accounting Compliance


Collection of all raw accounting information and documentations from you, i.e. invoices, reimbursement sheets, inventory sheets, fixed assets sheets, etc.;


Preparation of accounting vouchers and generate accounting transactions in our Kingdee, UDIFA computerized accounting system;


Generate and print out all accounting vouchers, sub-ledgers, general ledgers and make accounting books accordingly;


Generate statutory monthly and annual accounting reports, i.e. balance sheet, profit and loss statement, bank transaction statement, bank reconciliation statement, expense report, etc; and


Prepare your internal monthly cash report.



Tax Compliance


Based on the original accounting figures to prepare monthly, quarterly provisional filing tax returns for various applicable taxes, i.e. corporate income tax, individual income tax (including 1 expatriate), and business tax;


Send well prepared tax returns for your confirmation, signature and chopping;


Submission of these tax returns to responsible tax authority to accomplish your tax declaration liabilities timely; and


Deliver the tax payment notice (“TPN”) to you for further payment purpose.


Payroll System Initialization




SINOINCORP will provide you standard labor contract, assist you in the opening of various social insurance bank accounts, registration in social insurance bureau and other formalities.



Payroll Service




We will assist you from the following aspects:



Based on the salary and other information provided, we will help you to prepare pay- slip for each of your employees in which contains basic salary information, social insurance payment information, individual income tax and other related information;


Assistance in accomplishment of the relevant labor and social insurance registration with responsible authorities for entry and exit,


Assistance in arranging the payment procedures for your future convenience;


Assistance in accomplishment of the salary and social insurance payment.




Individual Income Tax Compliance Service (Expatriates or Foreigners Only)

Based on relevant individual income tax laws and regulations, expatriates or foreign employees are obliged to fulfill their individual income tax filing on a monthly and annual basis where certain requirements are met.  SINOINCORP will then assist you through the following procedures:



Initial discussion concerning individual income tax liabilities in China with all of your foreign and Chinese employees;


General introduction of the individual income tax scheme in China;


Discussion and confirmation with your management regarding individual income tax liabilities for each employee;


At each month beginning, we will assist you to prepare individual income tax returns for the last month for all your employees and send the draft version for your kindly review and approval;


With your approval, we will submit these individual income tax returns to the tax authorities timely to accomplish your individual income tax filing obligations and deliver the tax payment notice (hereinafter as “TPN”) for your payment purpose and deliver the final tax payment certificate (hereinafter as “TPC”);


Assistance in the individual income tax annual filing.



Statutory Annual Audit Service


Joint Venture is obliged to have an annual audit report for PRC accounting and enterprise income tax annual filing purpose.  We shall also be pleased to provide relevant service which will be composed of by below:


On-site field work for half working day or one full working day, based on the actual situation;


Preparation of draft audit report in Chinese (English version also, if so required);



Send the draft audit report for your review and approval;


Issuance of the final audit report in Chinese and English.




Corporate Income Tax Annual Filing Service




Due to the complexity and big difference between PRC accounting and tax system, a well organized filing service for corporate income tax purpose is always recommendable.  For this purpose, our corporate income tax filing service will be mainly comprised of the following:



Obtaining all original accounting and tax information from your management or your local finance team, including, trail balance, balance sheet, profit and loss statement, tax payment certificate, tax returns, detailed expense reports (if applicable) and other useful information;


Based on all accounting information provided, we will prepare corporate income tax reconciliation sheet, corporate income tax reconciliation reports and corporate income tax annual filing returns in soft version, and send them to your management for review, confirmation and approval;


A telephone conference or meeting could also be held to explain any items under adjustment for your management, if so required;


After your approval, we will print all necessary documentations out and send it for your signature and chopping;


We will assist you to submit all these documentations and send you the tax payment certificates (if applicable) for settlement purpose.



Statutory Integrated Annual Inspection Service



Joint Venture is also obliged to prepare and submit a complicated set of documentations and materials for an integrated annual inspection raised by local finance, customs, foreign exchange and other government authorities.


We could then assist you to prepare the whole set of these documents and submission to relevant authorities without creating any extra problem for your management.


Tax and Business Advisory Service


As a newly entered company, you might have difficulties to make business decisions when you encountered cross border businesses and other sophisticated issues which normally local finance people is lack of knowledge to solve, i.e. tax treatments on various foreign exchange payment to overseas service providers.  Therefore, it will be strongly advisable to engage us to present you a tax memo or an advisory report to provide you valuable advices in order to control your business risk in China.  We will be pleased to provide you our advice from various perspectives, i.e. accounting, taxation, business, foreign exchange, customs house.  Our advisory service is mainly composed of the following three steps:



Communication with you and collection of basic information and your questions;


Comprehensive research and internal and external discussion (on a no name basis) regarding your questions based on our experiences and our external resources;


Deliver our opinion through telephone conversation, e-mail communication or formal tax memo or advisory report.



Corporate Deregistrationn Service


For the purpose of  deregistration a company in China, it is required to go through various approval procedures by the local subordinate of the Ministry of Commerce, administration of Industry and Commerce. Your company will be legally deregistered.



SINOINCORP will then assist you concerning the above issues through the following procedures and services:



Clear the tax and submit Tax Clearance Declaration Report (an audit report prepared by CPA firm if required by tax bureau) ;


The tax bureau will issue a "notice of cancellation of tax registration";


Online application for cancellation of WFOE;


Submit to Foreign Trade & Economic Cooperation Bureau;


Cancellation of Letter of approval and Certificate of approval;


Announcement on appointed local newspaper & Cancellation of Company Business Licenses;


Cancellation of Alien Employment Permit;


Dissolution registration with customs (applicable to trading, manufacturing WFOE only) ;


Bank accounts closure and capital repatriation;


Cancellation of Company stamps;



After all these procedures are finished, State Administration of Industry & Commerce will send a "notice of the approval of cancellation”.




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