Author: moming25

According to the government report delivered recently, China will broaden market entry for foreign investors and take measures this year to solicit more foreign investment.

That means, more favorable policies concerning capital transfer and land use enjoyed by domestic investors will be given to foreign firms when they invest in central, western and northeastern regions.

1

Cut restrictive measures

 

The National Development and Reform Commission (NDRC) will amend certain restrictions on the so-called “Negative List” for foreign investment this year, stating sectors and businesses that are off limits to foreign investment, will be expanded nationwide.

The updated negative list being implemented in pilot free trade zones (FTZs), published by the State Council, cut dozens of restrictive measures in aviation manufacturing, waterway transportation, banking services and education, representing an easing of foreign capital access in China.

 

2

Expand foreign investment access

 

Foreign investment access to sectors like financial services, telecommunications, medical services, education, eldercare, and new-energy vehicles will be expanded, according to the government work report.

China will ensure that domestic and foreign firms compete on an equal footing by offering equal opportunities in the “Made in China 2025” strategy and projects involving science and technology, government procurement and standards setting.

3

Protect Intellectual Property Rights

 

China will strictly protect the Intellectual Property Rights and the legitimate interests of foreign firms by making new laws.

And ensure fair competition between domestic and foreign enterprises, with strict protection of intellectual property rights.

4

Grant tax deferral

 

Overseas investors will be granted tax deferral for the reinvestment of profit made in China, while procedures for setting up foreign-invested enterprises will be simplified, and business filing and business registration will be processed together in one go.

5

More implementation

 

A research fellow at the Chinese Academy of International Trade and Economic Cooperation regards that there is still much to be done to construct a world-class investment environment.

Facilitated investment procedures, more favorable policies concerning capital transfer and land use will be given to foreign firms when they invest in the central, western and northeastern regions of China.

However, we also have to realize that competition in China’s market has become much fiercer and the investment environment is becoming better and fairer.

“Market access is the most essential!”

For more shipping and logistics information, welcome to follow HACOSLogistics! Thanks for your support!

Source | Globaltimes

HACOS,Business Services Solutions Master

The lunar Chinese new year has been passed. Do you remember to submit the crucial Corporate Annual Reports? It not only affects your company’s operation but your personal credit in China!

What’s Corporate Annual Report?

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. 

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.

Why Should You Submit 

the Annual Report?

 

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”. 

Companies that fail to submit their Annual Reports within this period will be added to the “Poorly Performing Company List”. 

 

And if the company has been on that list for 3 years, it will be moved to the “Illegal Company List”, which, will results in…

• A lifetime record of “Illegal Company List” that cannot be eliminated.

• No way to deal with business alternation or cancellation.

  

• Poor credit record that exerts negative influences on cooperation with other enterprises.

• Long-term limits on visa applying, departure and entry, air tickets buying or high-speed rail tickets buying, or luxury hotels booking (usually 3-star or above).

 

A bad credit, so many limits!!!

Get A Fine

 

According to the rules, corporation will incur a penalty or other forms of punishment if it  ↓↓↓

• Do not publicize Annual Report or related information of corporation based on rules within regulated period. The penalty is 5,000-30,000 RMB.

• Fails to submit Annual Report to the government. Those who refuse to make corrections or disobeying the government will be incur a penalty. The penalty is 100-1,000 RMB.

• Withholds the truth, practices frauds when publicizes information and Annual Report. The penalty is 10,000-30,000 RMB (for illegal enterprise), or 500-5,000 RMB (for individual business).

The corporate annual report is seen as an indicator of a company’s attitude towards credit, so if you fail to submit it on time, your company will be considered to have lost its credibility and will not be trusted elsewhere, which must be torturing for you.

Why Do I Have to Submit 

the Annual Report ASAP?

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 80,000,000 in 2017, and is still increasing by 12,000 each day. 

This means that this year there will be almost 92,000,000 market entities involved in the annual report submission, which can be overwhelming for the online systems. 

 

Avoid the Peak Time

Companies should submit their annual reports from January 1st to June 30th each year, but most companies will choose to submit their annual  reports in the last 2 months of the specific period. At that time, the system will be so busy that it may get stuck or even crash. Please try to avoid the peak time.  

 

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.  

Tips From HACOS

 

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, otherwise, your company’s operation and credit will be affected in 2018. 

       

 

As the 2017 annual report submission has begun, HACOS would like to remind you —- please remember to do the annual report and all kinds of annual inspections, which are vital for your company’s credit!

 

HACOS,Business Services Solutions Master

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A serious fire has broken out on board a 15,262 TEU Maersk Line containership in the Arabian Sea in which four crew members have gone missing.

 Accident video 

 

The voyage, named Maersk Honam 806w, was heading to Mediterranean from Qingdao on February 13. There were at least 4 voyages of 4 shipping companies in the ship sharing:

● Hamburg Süd — SERA2

● HMM — AM2

● Maersk Line — AE11

● MSC — Jade 

 

Right at this moment,

no news is good news.

 

 

What should shippers do

with accident?

 

Generally, for shippers, there are 3 situations:

● You didn’t buy insurance in the case of CIF terms:

This is the worst situation. You won’t get any payment for goods. And you have to pay General Average expenditure and shipping cost to the shipping company. Worse still, you may subject to consignee’s claim for compensation on goods.

● You have bought insurance in the case of CIF terms:

You can claim against insurance company. For General Average expenditure, you can claim against insurance on it if the insurance you bought included the expenditure. Moreover, you need to pay shipping cost to the shipping company as well.

● In the case of FOB terms:

The responsibility shall be on the consignee. But if the consignee refuses to accept the goods or goes into bankruptcy, the shipper has to subject to great losses on his own!

 

 

No INSURANCE?

 

One of our customer asked us that :

So if you didn’t buy insurance, above all, you should confirm that whether your containers are damaged or not.

 

● The goods have already burnt down:

The shipping company will charge the shipper for packing list and invoice to verify goods value, then compensate a part of the loss.

● Goods suffer from no damage:

According to the Law of General Average, the shipper will be called on to contribute a portion, based upon of a share or percentage to the merchants whose goods had been tossed overboard to avert imminent peril.

After that, the shipping company will arrange another time for transferring remaining cargo. And it may take a certain period for transshipment. 

 

 

What is General Average?

 

The law of general average is a legal principle of maritime law according to which all parties in a sea venture proportionally share any losses resulting from a voluntary sacrifice of part of the ship or cargo to save the whole in an emergency (for instance, when the crew throws some cargo overboard to lighten the ship in a storm).

 

General Average Loss

Types of General Average Loss are:

❶ Loss from abandoned cargoes;

❷ Loss caused by fire suppression;

❸ Loss from discarded damaged cargoes

❹ Loss caused by voluntary grounding; 

❺ Loss from damaged machine and ship boiler;

❻ Loss from marine materials which are used by bunkers;

❼ Loss caused by unloading cargoes;

❽ Loss of freight.

General Average expenditures

General Average expenditures include:

❶ Salvage award; 

❷ Fees of deloading grounding vessel;

❸ Fees of port of refuge;

❹ Substituted expenses;

❺ Advances and interests on General Average;

❻ Adjustment average.

How to calculate?

❶ General Average Loss Rate

= (Gross amount of General Average / Gross amount of Contributory Value) * 100%

❷ Each portion of General Average

= Each portion of Contributory Value * General Average Loss Rate

 

 

Kindly Reminder

 

The cause of the fire is currently unknown, but viewing from the fire site and video, some experts say that it is likely caused by Inflammable and dangerous goods.

In this case, we are here to remind you that:

✘ Do not try to conceal or falsely declare dangerous cargoes merely for the sake of saving little amount of money. Otherwise, you will subject to great losses and even strict punishment!

✔ Remember to buy insurance for your cargoes in case of any shipping accident.

 

 

For more shipping and logistics information, welcome to follow HACOSLogistics! Thanks for your support!

HACOS, Your Trustworthy Logistics Partner

More great news for foreign travelers in China. Frequent travelers with a Z visa can now use the E-Channel to skip immigration queues at the airport, according to China Briefing. This comes just recently after China introduced six-day, 144-hour visa-free transit to foreigners from 51 countries.

You’ll need to apply in advance to be able to use the E-Channel service. We’ve outlined the process below.

Step

1

Check If Your Passport Is Compatible

 

Before you apply for the E-Channel program, check to see if your passport is compatible. You’ll need a new biometric (“e-passport”) enabled with a microchip symbol on the front, as well as a valid Chinese visa with at least six months of validity and a corresponding residence permit.

Step

2

Ask For An E-Channel Application Form

 

The next time you arrive at the immigration area of an international airport, ask duty officers for the application form, which can be submitted at several border offices across China. They’ll direct you to the E-Channel registration counter, where you’ll be required to fill out a “Biometrics Data Release Authorization” form, which will allow your information to be entered into the system.

The registration process is free of charge. Some Chinese language skills may be required to communicate with the immigration staff and fill out the form*.

Step

3

Complete the application

 

Once you have the form, the application process is pretty simple. All you have to do is fill out and sign the form, have your photo taken and scan both thumb prints. The information will then be stored in your passport’s microchip.

Step

4

Begin Using the E-Channel!

 

Once your registration is complete, you’ll be able to use the E-Channel the same day without any further requirements.

Upon arrival at E-Channel terminal, you’ll be required to scan your passport photo page. This will open the doors to the E-Channel area. A scan will then be taken of your face and you’ll be required to put your thumbs on a fingerprint scanner to confirm your identity. Once that’s all complete, the exit doors will open and you’ll be able to pass through immigration with minimal hassle. 

If any issues arise at the E-Channel, you’ll have to go through the normal immigration line.

Should you decide to cancel your E-Channel service for any reason, you’ll need to apply for a cancellation form and submit it to the E-Channel Enrollment office. Additional documents may be required as proof of identity.

* Since February 2018, a bilingual English-Chinese form is available at Shanghai Pudong International Airport.

 

 

 

 

Share to let your friends know!

 

 

 

 

Source: That’sGuangzhou

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HACOS,Business Services Solutions Master