What should Joint Venture do monthly/annually?

What should Joint Venture do monthly & annually
 
What should Joint Venture do monthly & annually? After Joint Venture registration, and finished opening bank accounts, Social Insurance account, accumulation fund account, Tax Initialization, etc. There are things should be done monthly & annually for a Joint Venture to ensure normal operation, which are:
 
1. Monthly Routine;
Tax & Accounting:
Every company including Joint Venture in China should declare tax and keep account(bookkeeping). It’s taxpayers’ duty and obligation. (Ref: Rules for the Implementation of the Law of the People‘s Republic of China on the Administration of Tax Collection)
Entrust such matters to www.WOFEChina.com or other agencies, entrepreneurs can concentrate on their own business, and don’t have to worry about dealing with unfamiliar government administrations.
By outsourcing, entrepreneurs will avoid risks for lack of experience. Meanwhile, our accountants are free to provide pertinent suggestions.
 
2. Annual Routine;
(1). Annual Corporate Income Tax Settlement:
Apart from small scale tax (3%) or VAT (Value Added Tax, service: 6%, trading: 13%), a company, a Joint Venture should also pay Corporate Income Tax.
Every year, from January to June, companies should calculate the Corporate Income Tax of last financial year (Jan,1st- Dec, 31st). Deducted all costs, the Corporate Income Tax is 25%. If a company is in profit, it should pay Corporate Income Tax, otherwise should not.
It’s an annual routine and it very crucial to a Joint Venture company.
 
(2). Annual Audit:
As explained above, every Joint Venture should settle Corporate Income Tax annually. But how? On what basis? Annual Audit Report is the key to provide all figures. Make annual audit first and then we can calculate the Corporate Income Tax.
It’s also an annual routine and it should be done before Annual Corporate Income Tax Settlement and Annual United Inspection.
 
(3). Annual United Inspection:
For domestically funded companies, they should file annual inspections to Administration for Industry & Commerce. However, for Joint Ventures, there would be more administrations to file the inspections. A Joint Venture should file the operation statement to Commission of Commerce, Finance Bureau, Tax Bureau, Administration of Quality Supervision, Inspection and Quarantine, Bureau of Statistics. etc.
It’s also an annual routine and we can help.
 
*(4). Annual Import & Export Inspection (For Import & Export companies only):
For Import & Export Joint Venture companies, the Import & Export registration also need annual inspected, before June.
 
If you have a Joint Venture in China, or you are a Joint Venture’s manager, you are welcome to send an e-mail to: leo@wofechina.com to seek help.


 
WOFEChina.com has successfully helped investors from more than 50 countries (regions) all over the world registered Wholly Owned Foreign Enterprises (WOFE), Joint Ventures (JV), Shanghai Representative Offices (RO), and provide one-stop business solution, including Trademark Registration, Bookkeeping, etc. We have a very skilled consultant team, a set of efficient operation system. We provide high-quality customized services with reasonable price and accurate information, that’s what makes us different.

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Shanghai QiXiang Business Consulting Co., Ltd.

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Contact: Leo Zhang

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Email: leo@wofechina.com

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