BUSINESS DEREGISTRATION

There are a number of government bodies you need to go through if you want to deregister a business. The period to deregister a business generally would normally range from 3 months to half a year or even longer due to complicated procedures.

Of these government bodies, the tax authority is most critical. The tax authority will go to your company to conduct a full tax audit from the date of inception of the company until its field work date. All vouchers, ledgers, financial statements, contracts, tax filings documents, tax payment receipts, etc., must be provided for its review. Any questions from the tax authority should be promptly explained. Any discrepancy from tax rules may result in repayments, fines or penalties due to your noncompliance.

We can work with your accounting staff, handle liquidation committee, and coordinate various government relationships to smoothly withdraw you from a non-performing business.In a word, we are a professional deregistration of company. Please contact us if necessary.

TECHNICAL CENTER

1. WHAT ARE THE AVAILABLE CHANNELS IN APARTMENT LOCATING AND THEIR ADVANTAGES AND DISADVANTAGES?

annels	Advantages	Disadvantages
Public media (newspaper, internet)	Much information and easy to obtain, cost-saving	Possibility of being cheated, not easy to understand Chinese for a foreigner, over-flooded with useless information, time-consuming
Chinese friends	Reliable and familiar with the local market, cost-saving	Limited information and less alternatives, time-consuming
Foreigner friends	Have similar experience and know exactly what you want You can ask them for suggestions.	Unfamiliar with the local market, time-consuming
Agent	Provision of assistance on negotiation on terms of lease contract, act as coordinator between foreigner and local landlord, sufficient alternatives, fast,	Possibility of being cheat, need to pay professional fee.

2. WHAT IS THE USUAL DEPOSIT REQUIRED?

The normal practice in China is that most landlords require a two-month holding deposit once the contract is signed and the monthly rental fee should be paid upfront every month. This deposit will be held until the end of the tenancy agreement and refunded according to the terms of the contract. If you terminate your tenancy agreement early, this holding deposit shall not be refundable. So you need to keep this in mind when you sign a lease tenancy agreement longer than two years.

3. WHAT ASPECTS SHOULD I BUILD IN OUR CREDIT POLICY?

a)Mission

b)Objectives

c)Duties

Do credit research to collect, assess information of customers,

Maintain and update credit information system

Supervise potential problematic customers

Approve and adjust customers’ credit

Approve orders

Handle feedback information

Respond credit investigation organizations, creditors and banks

Check ages of receivables

Collect receivables, confirm overdue receivables, push payment and follow up

Handle customers’ concerns on credit policy

Approve payments

Post bills

d)Approve credit amount and advise the way of using credit amount

e)Define typical sales term

f)Guarantee requirements on items and procedures

g)Collection policies such as collection method, circumstances stop credit sales

You need to focus on the following aspects.

a) Profit fluctuation as compared to prior years

b) Relationships between the compensation to board of directors and sales or profits

c) Management discussion and analysis in their annual report

d) Non-operating items

e) Other irregularities such as qualified auditors’ opinion, significant items in financial statement not in line with business, contingencies, etc.

5. HOW CAN I CONDUCT A CREDIT RESEARCH?

You may collect information from the sources as follows.

a)the customer to whom you shall grant credit

b)industry association or trade promotion committee

c)stock exchange

d)Administration of Industry & Commerce

e)bank

f)related government bodies

g)customer’s customer

h)publications

i)a professional firm

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