Annual licensing & renewals in China
[ John Zhang, Senior Financial Auditor, Dezan Shira & Associates Shanghai office ]
Audit is not just about financial issues. You also have to submit a range of other documents and licenses to the authorities for checking and renewal if necessary – the so-called “annual co-operative examination”. This is a bureaucratic process, but it is a good time to take stock and ensure all your paperwork is up to date.
Luckily, the authorities do try to make it is easy as possible for you – you can either submit your details via the internet, or by going to an office where officials from a total of seven different agencies come together temporarily for this process.
These seven agencies are (almost) the same as the ones to which you have to submit your audited accounts :
- the Bureau of Foreign Trade and Economic Co-operation (BOFTEC)
- the Administration of Industry and Commerce (AIC)
- the Economic Committee
- the Financial Bureau
- the State Administration of Taxation (SAT)
- the State Administration of Foreign Exchange (SAFE).
- China Customs
The procedure for the annual co-operative examination for FIEs is as described below
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