Get peace of mind, our accountants handle your daily and monthly accounting, keeping you compliant and lowering tax where possible.
Why Does a Business in China Need Accounting, Auditing, Payroll and Bookkeeping Services?
When you have registered your business in China as WFOE or JV it is required as per the Chinese law to maintain proper records of accounts in line with the Chinese accounting laws and principles. A full internal audit is essential for every company registered in China, including all forms of Foreign Invested Enterprise (FIE). Furthermore, the Chinese Ministry of Finance (MOF) has revised the accounting laws in 2006 to promote the shift from old Chinese Accounting Standards (CAS) to International Financial Reporting Standards (IFRS), and bring a new set of Accounting Standards for Business Enterprises (ASBEs) for Chinese businesses to substantially converge the standards in line with the rest of the world.
The Chinese accounting system follows the Chinese Generally Accepted Accounting Principle (GAAP) framework, also known as the Chinese Accounting Standards (CAS). These standards have been revised regularly and evolved over time and now they are quite in accordance with the globally recognized International Financial Reporting Standards (IFRS) & US GAAP. In spite of the several reforms, changes there are enough differences to pose challenges. It is important to realize that the process and standards are no different from most of the countries and accounting is nothing new. But clearly, adapting your business to the rules, regulations, and standards of tax and accounting in China is not straightforward.
If you have recently opened a Chinese company, or are running one now, and need help with accounting, then this service is ideal as it includes the 'essentials' for handling your monthly and annual accounting.
The following elements make up this service:
Doing business with HONGDA is getting a share in our know-how, expertise and dedication. Our determination leaves our customers with peace in mind, as they know our passion and strive for perfection in all that we do.
To ensure that we keep pushing the boundaries of what our market can expect, we relentlessly strive for increased benefits of doing business with HONGDA. To declare our efforts, our daily work is based on 4 tangible, practical promises to our customers - and just as much to ourselves.
Setup accounts and ledgers in accordance with PRC GAAP requirements.
Conduct of regular bookkeeping activities in English and Chinese.
Congratulations!
You have a higher reputation and authority in the tax office and will not be restricted by the government due to accounting issues.
We (can) advise you on the best solution for your business model and send you our comprehensive proposal.
After reviewing the proposal, we sign the service contract and receive your payment.
We send you an application form as well as the list of documents we need from your side.
Sit back, relax and let us take care of everything from here on out.
WFOE/JV: Slow registration time.
The benefit of all is that if you aim to run a business in China, any will allow you to do so.