China Business Services blog including WOFE set up, monthly China accounting and taxes in China | Hongda

April 26, 2023

Chinese Accounting Standards (CAS) vs. IFRS: 3 Top Tips You Should Know [2023]

When doing business in a foreign country, local laws, regulations and standards are something that you must get familiar with to. After years of development, the Chinese Accounting Standards (CAS) is ...

April 24, 2023

China Accounting 101: What Is VAT In China?

Value Added Tax (VAT) in China is notoriously complex. It’s one of the most comprehensive taxes among 170 countries that have implemented VAT (or equivalent tax). The difference between Chinese accoun...

China's commonly used cloud-based accounting software

July 13, 2022

Top 2 accounting softwares in China in 2023

Doing business in a foreign country is never easy, and the same goes for China. China’s accounting standards are very different from the global standards that you are probably familiar with.

2 Ways To Reduce China Taxes For Businesses And Employees In 2018.jpg

July 7, 2022

2 Ways To Reduce China Taxes For Businesses And Employees In 2022

The rates of China taxes for both expat employees and businesses are perhaps higher than you'd imagine. For instance, expats can expect to pay between 25% to 45% IIT (Individual Income Tax) on earning...

china annual inspection for foreign-invested enterprises

May 5, 2022

Be ready for the Annual Inspection of Foreign-Invested Chinese Enterprises (Jan 1-June 30 each year)

If you're a foreign investor who's running a Chinese enterprise, probably a WFOE, you will need to undergo an annual inspection each year. Let's examine what the annual inspection is, why it's done, w...

February 15, 2022

Bookkeeping In China: What You Need To Know

Let's take a look at bookkeeping in China, an important job that foreign investors need to consider when setting up a company here. I'll introduce bookkeeping, explain what a bookkeeper should be doin...

Hongda's guide to opening a bank account in China

January 25, 2022

2023 Guide to Opening a Bank Account in China

Operating a WFOE, wholly foreign-owned enterprise, or any other business in China, isn’t as simple as only securing a business license; you will also need to open a bank account to facilitate your ope...

January 21, 2022

China's 2022 Tax Policy Changes For Foreign Workers: Buckle Up!

Foreign workers in China take note! There are changes to individual income tax (IIT) that have come into being in January 2022, and they're not going to be welcome. TL:DR: you're probably going to hav...

April 20, 2021

April 2021: Post-COVID Tax & Fee Cuts For Businesses In China - Will YOU Benefit?

China has extended or started cutting certain taxes and fees to stimulate the economy by providing some financial support for smaller and micro businesses, and also in some preferential sectors (such ...

April 7, 2021

How to make your Individual Income Tax (IIT) declaration and apply for a rebate in China?

If you’re an expat who is working in China, or will be soon, the bad news is that you will probably need to pay Individual Income Tax (IIT), but the good news is that you are likely to be entitled to ...

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