Notice! You’ll Be Banned from Taking Plane/Train if…
Each year, every company in China must submit its annual report to the Industrial and Commercial Administration within a specific time period through an online system.
As soon as the deadline of annual report arrives, the reporting system will automatically shut down, and all enterprises that fail to report on time will be included in the list of abnormal operations.
And all the Annual Reports in this system are available to the public so that any company or individual can check any one of them online.
It’s stipulated that companies should submit their annual reports from January 1st to June 30th each year. Companies that fail to submit their Annual Reports within this period will be added to the “Poorly Performing Company List”.
There are too many companies out there.
According to statistics from the State Administration for Industry & Commerce, the number of registered market entities around China has reached 110 million by the end of 2018, including 34.742 million enterprises. In 2018, there were 21.4958 million new market players and 6.7 million new enterprises, an average of 18,300 new enterprises per day.
This means that this year there will be more than 100 million market entities involved in the annual report submission, which can be overwhelming for the online systems.
The Annual Report Requires Professional Quality Work.
The annual report includes your company’s performance, and financial data etc. Therefore, it’s better to assign this work to professionals in this field.
Besides annual reports, there are many other tasks every year, such as:
Corporate income tax reports,
Annual foreign exchange inspection,
Annual joint inspection.
If your company has the right to engage in import and export trade, you will also need to do the annual customs inspection; and if your company’s business scope includes advertising, then you’ll also need to do the annual advertisement inspection.
All these annual inspections must be finished within the specified time period. Among them,
Final settlement of the tax bureau is before May 30,
Industrial and Commercial Annual Audit and Joint Annual Inspection is before June 30.
Otherwise, your company’s operation and credit will be affected in 2019.