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Yearly Joint Annual Inspection for Shanghai Foreign Companies

Updated:2020-8-4 12:27:41    Source:www.tannet-group.comViews:476

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With the improvement of China's investment environment, more and more enterprises choose to set up foreign-invested enterprises in Shanghai. The Chinese government requires relevant departments to conduct joint annual inspection on foreign-invested enterprises to ensure the continuation of their legitimate rights and interests. The joint annual inspection shall be carried out in the following year before 30th, June.

Joint Annual Inspection Procedure
Provide the required information for annual audit
To issue audit reports of accounting firms
Apply for joint annual inspection
Stamp the annual inspection stamps of relevant government departments
Transfer of relevant information

Time Required for Joint Annual Inspection
Generally 1 st , April to 30th, June each year.

Joint annual inspection involves government departments
Foreign trade and economic cooperation bureau
Industrial and commercial burea
Bureau of finance
Local taxation bureau
Bureau of statistics (NBS)
Administration of foreign exchange

What will happen if the joint annual inspection is overdue?
The relevant government departments will punish those enterprises that fail to carry out annual inspection in time according to laws and regulations. Businesses in serious cases will be forced to close.

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