BUSINESS SETUP IN CHINA

With the accession to WTO, China is becoming a more and more international market. Most of the Fortune 500 multinational companies have come to China and achieved significant growth as a result. Not limited to multinationals,, thousands of small and medium size companies have set up their presence in China as well.

Our company is engaged in helping china company registration. Please contact us if necessary.Our business service professionals are familiar with the procedures of china business setup, whether the business you intend to set up is a representative office, a joint venture or a wholly foreign owned enterprise. We can advise you on the suitable audit assessmentto set up your business from the very first step in China.

1. WHO SHOULD PREPARE CREDIT MANAGEMENT POLICIES?

Finance managers, professional credit management experts and experienced accountants.

2. WHAT ARE THE OBJECTIVES OF CREDIT MANAGEMENT?

a) Increase sales

b) Control accounts receivable

c) Control department overhead

d) Reduce collection cost and bad debt

e) Develop credit and collection policies

f) Provide supervision and training for credit staff

g) Coordinate with other departments

h) Maintain good relationships with customers

There are three options for you to set up your credit management function. You may choose to set up this function in either Finance Department, Sales Department or a separate Credit Management Department. There are pros and cons for each option.

a)Collect, update and maintain all customer information from business department;

b)Analyze available materials accurately and timely, and propose credit strategy;

c)Manage accounts receivable; and

d)Collect overdue accounts receivable.

a)Contract default risk – the seller not only loses goods and cash from sales, but has to incur collection expenses as well.

b)Opportunitycost – your restricted cash on credit shall not be invested or utilized for other business activities.

c)Guarantee or mortgage risk – you have to incur cost to verify the value of the guarantee or the collateral from the buyer and take risk of their validity.

d)Cost to maintain a credit management function;

e)Cost relating to training provided to credit management department;

f)Time cost – purchasing power of same amount shall decrease;

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