Guangzhou company bookkeeping is a must once your WFOE (referred to wholly foreign-owned enterprise) is officially registered, since it's required to maintain proper accounting records in accordance with accounting standards in China and to report taxes on both monthly (for business tax, individual income tax) and quarterly (corporate income tax) basis. Late submissions will face penalties and surcharges.
Documents Required For Bookkeping
For WFOEs, all accounting vouchers, ledgers as well as financial statements should be prepared and maintained under PRC Generally Accepted Accounting Principles (GAAP).
1. Source documents, Journal Vouchers (JVs) and ledgers should be in Chinese.
2. Standard China Chart of Accounts (COA) should be adopted.
3. All JVs in the prescribed format should be filed and bound according to China¡¦s standard accounting practice.
4. The bank book, cheque records and bank reconciliation should be maintained as part of the accounting records.
Financial Statement
1. The balance sheet and profit & loss statement are required monthly statutory filings for trading WFOEs.
2. Financial statements should be prepared under PRC GAAP using the defined format.
3. Financial statements to be submitted to the Tax Bureau should contain the company stamp before submission.
Tannet’s Bookkeeping Service for WFOE
1. Initial accounting system set-up;
2. Update the books of WFOE in accordance with Chinese Accounting Standards;
3. Prepare monthly financial statements for tax filing purpose and submit if applicable;
4. File monthly Business Tax Return;
5. File Corporate Income Tax Return, Quarterly;
6. Individual Income Tax Filing for local employees;
7. Individual Income Tax Filing for expat employees;
8. Advise you with tax planning opportunities that might help the WFOE reduce the burden of tax on itself and its staff.
Contact Us
If you have further inquires, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website english.tannet-group.com, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143422, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.
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