Author Archives: HACOS

A series of new policies and measures will formally be adopted and come into force in August. Let’s see how they will affect your everyday life in China and check the updates of important news! – 01 -Updates of COVID-19 pandemic The latest figures reported by each government’s health authority as of July 29, 2021. © Image | China Daily The Chinese mainland on Thursday reported 21 new locally transmitted COVID-19 cases, including 18 in Jiangsu, two in Hunan and one in Beijing, the National Health Commission said in its daily report on Friday.    Also reported were 43 new imported cases, of which 21 were reported in Yunnan, nine in Guangdong, seven in Shanghai, three in Fujian and one each in Liaoning, Shandong and Sichuan.    One new suspected case was reported in Shanghai, arriving from outside the mainland, while no deaths related to COVID-19 were reported, it added.    HACOS has set a quick link on the menu of our WeChat page. Follow us, you can check the pandemic real-time report at any time.  – 02 – Services’ first negative list goes to Hainan  China on Monday unveiled its first negative list for cross-border trade in services. The list will be implemented in the Hainan Free Trade Port. Called the Negative List of Hainan Cross-Border Trade in Services, it is scheduled to take effect on Aug 26.  A negative list specifies the prohibited economic activities, thereby implying that activities not listed are deemed to be allowed.   The Hainan FTP negative list specifies 70 special administrative measures for 11 sectors, including shipping, retail, logistics, finance and education, for overseas service providers.  Domestic and foreign service providers will enjoy equal access to sectors beyond the list in Hainan FTP, with greater openness, transparency and predictability, according to the information released by Wang’s ministry. – 03 -China to further simplify tax declaration China’s taxation authorities will fully implement a policy to simplify the declaration of multiple taxes.  Starting from August 1, when declaring VAT and Excise Tax, taxpayers should complete the declaration of Urban Maintenance and Construction Tax, Education Surtax, and so on.  – 04 -One-stop commercial dispute service is available online  A one-stop service for resolving international commercial disputes that opened on Wednesday is designed to meet the new demands of the online era and provide fast, convenient and low-cost legal services.  Litigants can access the platform by visiting the website of the China International Commercial Court via computer, or by using their mobile phones to access a mini-program on WeChat, an instant messaging tool that is popular in China.  Domestic and foreign litigants can choose how they want to solve a dispute, whether through mediation, arbitration or litigation, and the platform has both a Chinese and an English version.- 05 -Free currency exchange will be allowed in ShanghaiChinese monetary authorities will support Shanghai to take a lead in the free use of renminbi and explore free capital inflow and outflow and free currency exchange in Shanghai’s Lingang Special Area, a central bank official said last week.  China will continue to support building Shanghai into an international financial center, with a focus on further improving the financial market, product, institutional and financial infrastructure systems to boost the allocation of global financial resources, said Wang Xin, director of research at the People’s Bank of China.  Wang said at a news conference in Beijing that the central bank will make a big push to build Shanghai into a key hub connecting the domestic and international markets, including:  Supporting early and pilot implementation of Shanghai’s free use of renminbi Further facilitating the inflow and outflow of companies’ trade and investment in accordance with the principles of anti-money laundering, anti-terrorist financing and anti-tax avoidance.  – 06 -New rules to curb misuse of facial recognition techThe Supreme People’s Court issued a judicial document on Wednesday setting out guidelines for the use of face-scanning technology and protection of people’s identities and privacy.  Shops installing face-scanning systems to gather consumers’ data without getting their permission and software operators forcing users to give their facial information will be in violation of people’s personality rights, the document said.  The 16-article judicial interpretation, which will provide guidance for judges in civil cases, takes effect on Sunday.   – 07 -These China-bound flights to suspended! CAAC issued circuit breaker directives In recent days, the Civil Aviation Administration of China (CAAC) has issued “circuit breaker” directives on three airlines’ flights to China as some passengers on these flights have been tested positive for COVID-19.  We’ve posted an update two weeks ago, you can check it from the following link:  Updates on Flying to China! These Flights to be Suspended!  CAAC newly issued the directives on several flights. The latest list of airlines and flights that recently got the directives is as follows.  If you’ve planned to fly to China this month and bought the tickets for the involved flights, please contact the airlines as soon as possible.  In order to help you reach the latest update on the global pandemic situation, HACOS has set a quick link on the menu of our WeChat page. Follow us, you can check it whenever you want!  Share to let your friends know! SOURCE | China Gov / CAAC / Xinhua / China Daily 👇These Articles May Help You You’ll Be Blacklisted for These Transactions! Strict Rule! RMB With These Numbers Are All Fake! Pay Attention! How Much Money Can I Bring When Entering China?

Chinese embassies in several countries and regions have issued notices on health code application and transiting through the third-country. Please check the latest policy if you plan to come to China! ALGERIA On July 13, CAAC issued a circuit breaker directive on Air Algerie’s flight AH3060. Starting from July 12, the flight will be suspended for 4 weeks.  Related article: Updates on Flying to China! These Flights to be Suspended!  Since the flight will be suspended to August 11, those who need to come to China for necessary reasons are advised to transit through the other countries during the suspension.   △ Relevant notice issued on the embassy’s official WeChat account In order to avoid the risk of cross-infection, the Chinese embassy in Algeria only accepts health code application for passengers from Algeria to China with a single transit.  As for third-country transit travelers for the purposes of travel, business activities and business trip, the application is not accepted for now.   NETHERLANDS Based on the current situation of COVID-19 vaccination, the Chinese embassy in Netherlands has further regulated the health declaration and health code of China-bound passengers.   © Image | AP  Foreign passengers with complete Covid-19 vaccination, who are tested IgM positive and PCR negative, should apply for QR Code with “HDC” mark as follows:   Submit the proof of complete vaccination, such as Registratiekaart coronavaccinatie issued by GGD, Vaccinatieboek with personal information and GGD stamp, etc.  Fill out and sign the Letter of Commitment on Covid-19 Vaccination attached to the relevant notice.Web: http://nl.china-embassy.org/eng/xwdt/t1893840.htm Submit other documents required. You can check the detailed list from the Notice on the New Requirements for China-bound Foreign Passengers issued by the embassy on Feb 19.Web: http://nl.china-embassy.org/eng/xwdt/t1855224.htm Those who are not completely vaccinated, such as received only one injection of Pfizer/Moderna vaccine, are not applicable to this procedure.   △ Sample of the Letter of Commitment on COVID-19 Vaccination   We will keep following the updates on the latest entry-related policies and flight schedule. Stay tuned!   If you have any questions about coming to China, please feel free to contact HACOS!  In order to help you reach the latest update on the global pandemic situation, HACOS has set a quick link on the menu of our WeChat page. Follow us, you can check it whenever you want!    Share to let your friends know! SOURCE | Chinese Embassies / 义乌外事 👇These Articles May Help You You’ll Be Blacklisted for These Transactions! Strict Rule! RMB With These Numbers Are All Fake! Pay Attention! How Much Money Can I Bring When Entering China?

As we said a thousand times, it is important to operate your Hong Kong company according to proper regulations and procedures to maintain your HK bank account.  Many foreigners who do business in China will choose to set up a company in Hong Kong for various advantages. However, not many people realize the importance of accounting and auditing.  In Hong Kong, an audit is an examination of the financial report of HK company by certified accountants. Once the auditing is done and all the reports and documents are completed, relevant documents need to be sent to the government department.   © Image | Google  All companies in Hong Kong must properly keep relevant business information and account books. The company’s books must be kept for more than 7 years so that they can be checked at any time.  In other words, as long as your Hong Kong company has a business, even if you have canceled the company, the Hong Kong Taxation Office still can check your past 7-year bank account.  In fact, many clients wouldn’t finish the audit report and submit Profit Tax Return on time, some even haven’t done accounting and audit since establishment.  Failure to provide an audit report within the time required by the bank result in the closure of the bank account, which definitely impacts the cash flow of business, and the credit of shareholders.   How to know whether your HK company should do zero declaration or do accounting and audit? In Hong Kong, no matter an HK company has the operation or not, they all need to make accounting and audit before filling in Profit Tax Return.   As long as you conduct a business transaction or activity in the name of the company, you are deemed to have started business, that is, you must do the audit.   It can be judged by the following aspects:  Transaction records in the bank account; Import and export records from government customs and logistics companies; Purchase and sales relationship with Hong Kong merchants; Hire an employee in Hong Kong; Allow or authorize the use of patents, trademark designs and other information in Hong Kong; Allow or authorize the use of movable property in Hong Kong to collect rent, rental fees, etc.; Entrust someone to do business in Hong Kong; Other profits derived from or arising in Hong Kong.   What are the serious consequences if the audit report is not supplemented? Well, the tax bureau will self-assess the tax and multiply it by three, and the amount of the fine will be increased with time. As the fine is imposed, the Hong Kong court may be subpoenaed and the court will sue the company’s directors and shareholders in accordance with the relevant regulations of the Company Law.  If the tax owed has not been paid, the company will be frozen by the tax bureau, blacklisted or forcibly canceled.   The credit of directors and shareholders will be affected simultaneously. There will be some impacts on managing Hong Kong business or exit in the future. For example, if you apply for HK bank account again, bad records shall affect the success rate of opening account.  Tax evasion is a criminal offense. The Hong Kong Government has very strict tax and fines regulations. The maximum penalty is a fine of $50,000, plus a fine equal to three times the tax reduction and may be detained and sentenced to imprisonment after entry for 3 years. The audit report is very important for maintaining the company’s Hong Kong bank account. But it is not difficult for Hong Kong companies to conduct an audit.  HACOS has always been committed to providing customers with comprehensive and reliable financial planning, in-depth understanding of the customer’s operating model to provide the most appropriate methods for customers, successfully complete the accounting and auditing of Hong Kong companies, and enable customers to operate legally in Hong Kong.  If you have any questions about HK company and offshore bank account, please feel free to contact HACOS!  In order to help you reach the latest update on the global pandemic situation, HACOS has set a quick link on the menu of our WeChat page. Follow us, you can check it whenever you want!    Share to let your friends know! SOURCE | PBOC / China Daily / CNBC 👇These Articles May Help You You’ll Be Blacklisted for These Transactions! Strict Rule! RMB With These Numbers Are All Fake! Pay Attention! How Much Money Can I Bring When Entering China?

China’s Civil Aviation Administration (CAAC) recently has issued circuit breaker directives on several flights. Let’s check the details and plan your trip to China in advance. Suspension on These Flights The Civil Aviation Administration of China (CAAC) has issued “circuit breaker” directives on several airlines’ flights to China as some passengers on these flights have been tested positive for coronavirus.  The involved domestic and overseas airlines include:  Air China  China Southern Airlines  Saudi Arabian Airlines  JC International Airlines  Emirates  Condor  Air Algerie  Citilink  Egypt Air  The list of airlines and flights that received the directives is as follows. If you’ve planned to fly to China in recent days and bought the tickets for the involved flights, please contact the airlines as soon as possible.  On July 6, CAAC issued a circuit breaker directive on Saudi Arabian Airlines’ flight SV884. Starting from July 19, the flight will be suspended for 2 weeks, after the suspension from July 15 since it has received another circuit breaker directive last month.  On July 8, CAAC issued three circuit breaker directives. China Southern Airlines’ flight CZ3056 and JC International Airlines’ flight QD738 will be suspended for 2 weeks respectively from July 12 and August 2, while Emirates’ flight EK362 was immediately suspended for 4 weeks.  On July 9, CAAC issued another circuit breaker directives on Condor Airlines’ flight DE8442. The flight will be suspended for two weeks from July 12.  On July 13, CAAC issued three circuit breaker directives. China Southern Airlines’ flights CZ6044 and CZ392 will be suspended for 2 weeks from July 19.   Air Algerie’s flight AH3060 will suspended for 4 weeks from July 12. In addition, since the day it entered, Air Algerie no longer has the right to choose the PLF limit operation within 3 months.  On July 14, CAAC issued the circuit breaker directives on Air China’s flight CA910, Citilink’s flight QG8816 and Egypt Air’s flight MS958. These three flights will be respectively suspended for two weeks from July 19.   We will keep following the updates on the latest entry policies and flight schedule. Stay tuned!   If you have any questions about coming to China, please feel free to contact HACOS!  In order to help you reach the latest update on the global pandemic situation, HACOS has set a quick link on the menu of our WeChat page. Follow us, you can check it whenever you want!    Share to let your friends know! SOURCE | CAAC 👇These Articles May Help You You’ll Be Blacklisted for These Transactions! Strict Rule! RMB With These Numbers Are All Fake! Pay Attention! How Much Money Can I Bring When Entering China?