Annual Audit Report is also known as joint annual inspection for foreign capital companies. This is mainly for the convenience of foreign funded enterprises, which is conducted by several departments at the same time, simplifying procedures, conducting case checks and putting all departments together in one place. There are seven departments in total: industry and commerce, state tax, local tax, statistics, finance, foreign trade and foreign exchange bureau. What’s more, the annual inspection time of foreign invested enterprises is from March 1 to June 31 every year.
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Beijing Joint Annual Audit Procedure
1.Declare online
2.Print the joint annual inspection form
3.Get approvals of each audit department
Checklist for Beijing Joint Annual Audit
1. Annual Inspection Report.
2. Certificate of the designated representative or principal agent of the enterprise.
3. Copy of the business license.
4. Copies of the relevant licenses and approval documents affixed with the seal of the enterprise if there are any pre-registration administrative license business items in the scope of business.
5. Annual Balance Sheet and Profit and Loss Statement.
6. Audit reports issued by accounting firm.
7. Audit Report on Foreign Exchange Income and Expenditure Statement issued by Accounting Firm.
8. Where an enterprise has a branch of an illegal person, it shall also submit a copy of the business license of the branch.
9. Original and photocopy of the final capital verification report of an enterprise.
10.Other materials required by the State Administration for Industry and Commerce and the Administration of Foreign Exchange.
Legal Consequences of Not Participating in Annual Inspection for Foreign Enterprises
If a foreign-funded enterprise fails to accept the annual inspection of industry and Commerce in accordance with the regulations, it will have an impact on the credit of the enterprise. Once the credit of the enterprise is affected, the customer's credit to your company will be reduced, which will affect the normal operation of the company. Therefore, it is vital to participate in the joint annual inspection on time.
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