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Consultancy Services
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product testing
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logistics management services
litigation support
China trade dispute resolution
Business Advisory Services
Arbitration Services
Arbitration is the next preferred method where negotiation fails. Unless the parties can agree on arbitration after the dispute has arisen, the underlying contract or separate agreement must indicate that disputes will be resolved through arbitration. The Arbitration clause shall indicate the process of appointment of arbitrator, place of arbitration and number of arbitrators. In many instances, international arbitration is an effective though perhaps underutilised dispute resolution mechanism Especially in China and India. Arbitration also offers an advantage over litigation because of the finality of the rulings. Court rulings are subject to appeal, which means litigation may continue for a lengthy period of time.Agreements to arbitrate usually specify a choice of arbitration body, which may be located in country of contract party or other country.In China there are two Chinese government-sponsored arbitration bodies for handling cases involving at least one foreign party : China International Economic and Trade Arbitration Commission (CIETAC) and China Maritime Arbitration Commission (CMAC). In India there are major three arbitration institute which provides alternate dispute resolution : Indian Council of Arbitration (ICA) Indian Institute of Arbitration & Mediation (IIAM) The International Centre for Alternative Dispute Resolution (ICADR) In Hong Kong, there are three major arbitration institutions : The Hong Kong International Arbitration Centre (or HKIAC) Hong Kong Mediation and Arbitration Centre (HKMAAC) Hong Kong Institute of Arbitrators (HKIArb) Companies should clearly mention in contract an alternative to any country base arbitration if they choose international body like Singapore Arbitration Centre.
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Project Report Services
Business Project ReportThe process of establishing a new business is preceded by the resolution to select entrepreneurship as an occupation. This calls for recognizing lucrative business ideas upon a meticulous evaluation of the entrepreneurial prospects. Creation of business ideas is not sufficient, they must be tested on techno-fiscal, economic and authorized viewpoints.A project report for new business conducts a profound road map for effectual business venture. It discusses whether the business requires finance or not, the challenging risks, several problems en route, etc. Hence it becomes vital for every new business to prepare a project report, to acquaint them on forewarning issues.We provide sector specific project report for China, Hong Kong and India.Our project report contains all the relevant details as under. Background of the business Customer’s profile Long and short term Corporate Objectives To perform a viability assessment of the proposed new business ideas in terms of marketability, technical feasibility, financing and authorities To be able to prepare a relevant business plan To recognize fundamental startup issues Market Analysis Brief discussion on the type of market, chief influencers, players, etc Market description Reasons for starting business in a particular market Target clients Advantages of the services offered by the new business Market consumption patterns Past and existing supply location Production prospects and limitations Exports and Imports Price structure Flexibility of demand Client behavior, purposes, intentions, impetus, approaches, inclinations and needs Supply network and marketing rules formulated by the government Government and technical limitations imposed on the promotion of the product Financial Assessment Investment expenditure and value of the entire project Methods of investment Anticipated productivity Money flows of the project report Investment value evaluated in context of different points of merit Estimated financial ranking Marketing Assessment Product Price Place Promotion Operational Plan Business models Production of goods and services Financial Plan Management Structure Business structure (Ownership, staff, etc) SWOT Analysis Significant Success aspects depending on Strengths, Weaknesses, Opportunities and Threats to be faced by the firm in futur. Attachments Break-Even Assessment Profit and Loss Synopsis Fund Flow Summary
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Production & Packaging Services
Our qualified staff will visit the factory to assure the order is on the production schedule and maintain timely control of orders. We do following inspection to meet the quality requirements of clients : Pre Production inspection, before we place orders with the suppliers, our staff will check factories standards, their certificates and make sure that they can meet your requirement and quality. We will send you complete report of the process after very detail evaluation. During Production Inspection, we would also check the goods and the stage of production regarding the time and quality. We make sure there is no delay in time and quality during this phase and will keep you updating about the order status. Final Production Inspection, after the goods are ready to pack. Once we get the goods in our ware house, pack the goods as per your requirement with assurance that logo, color, size, quantity etc are as per order.
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Product Sourcing Services
Risk is a fact of business life, more so of international business. Importing can be an effective way of finding low-cost supplies, reducing your costs and making your business more competitive. It might even allow you to branch out into a whole new product line, selling something that isn’t generally available in India. Importing of products at low cost and selling at higher price in domestic country is well known and profit making trading business. But at the same time, importing is more complex than buying from a local supplier. And when things go wrong, sorting them out can be more difficult and expensive. Importing is particularly cash flow intensive for two key reasons – economies of scale make it more efficient to place large orders, and long delivery times mean working capital can be tied up for many months. The distance between importing country and country of supplier is much greater than when importer sources locally. This applies to geographical distance, but equally to cultural and language differences. This can make it more difficult to deal with quality control, or to return faulty goods. Import can be proved extremely complex, confusing, costly and loss making if you are not vigilant importer. Expected gains can often be erased by long transit times, rising or fluctuating delivery costs, unexpected delays and fraud by supplier. Risk is part of business and it cannot be avoided but it can be mitigated or reduced to some extent. Due to our expertise and network we are able to provide services to traders and manufacturers in importing quality products at least risk with best price. Our service starts from sourcing of product to till the final delivery of goods at your location.Sourcing of productProduct Sourcing simply means “Finding products to sell through your business.” This refers to importing products at a wholesale price and selling them in domestic market for a profit. Sourcing product from right place is most important to reap the benefits in domestic market. There are hundred options for a particular product to be imported in respect of color, size, length, grade, country etc. We will help your company find sources to source your product from Asian country. We can provide numerous sourcing options for your product. We help you to source the product that meets your requirements. In addition before we start sourcing the product we provide our valuable views on market conditions, related duty and risk associated with product you want to import. This will save your money and time to focus on other profit making product.How we source the product for you : Client provides us the details of product to be imported We give our first report on marketability of product in importing country if the importer is importing first time We take price and specification of product to be imported from at least 10 manufacturers/suppliers that help us to decide the geographical location, market price and quality of product to be imported Based on various industry reports and country’s regulation we finally select the supplier, method, location and quality & quantity of product to be imported and share the final source with client.
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Payment Settlement Services
In a cross border transactions, learning more about your trading partner is a critical part of business decisions. In global trade there is little room for error in choosing a trustworthy supplier or relying on a credible buyer. Some of the common frauds in import business are : No response from supplier after opening of Letter of Credit. No response from supplier after payment of initial deposit as per contract. Fake Bill of Lading is submitted by supplier along with other shipping documents and payment is made as per contract either LC terms or TT. Product delivered is totally different from product ordered and payment of LC (at sight) is released by bank based on fake Bill of Lading. Sometime supplier ships product is either banned or on which Anti dumping duty is applicable in importing country. Delivered product is different from approved sample product and it does not match with your requirement in terms of color, chemical composition, size, length, taste etc To relive yourself from the above problems and be sure that you paid for what you intended to buy, we at China Trade Solution helps our clients to get the right product at their destination.Our Payment term depends on product, quantity and business policy of manufacturer. We normally accept Telegraph Transfer payment, Western Union Money Transfer for order value below our specified limit. In case of large value order we accept Letter of Credit at Sight issued by prime bank in issuing country. We take order only after written approval from the client Payment terms are mutually decided before sourcing product Client will make payment to CTS authorized person/company intimated by CTS in writing
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Logistics Services
Once product is ready to ship, we arrange the fastest, reliable, reasonable and professional logistic company to ship the cargo by Sea or Air as per your requirements and depending on nature of product.We inspect cargo at two levels: Empty Cargo Inspection To Check that container is clean and safe for loading To check that gates, side wall & roof are perfect and not broken any where Loading Supervision at loading port To check the quantity of the products being loaded To check the condition of the container after loading To check the secure seal after loading to ensure that right products would be delivered We take care of custom clearance and documents required. Utilizing shipping technology, we select and suggest the best cost-effective shipping method as well as service provider for you, or you can choose it by yourself. For your convenience, you would have 24/7 online access to track your cargo once BL is issued.
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Litigation Support Services
Disputes and litigation are a part of modern life. In today’s environment, these disputes or potential disputes often involve complex financial, economic and business issues.Whether in litigation or other dispute resolution means, clients and their counsel require the rapid mining, modelling and analysis of data in order to make case-critical decisions. We provide quantitative analytic solutions in instances where facts are disputed and answers are buried in voluminous, complex collections of transactional data.At China Trade Solution we take a creative approach to litigation and arbitration support, finding thoughtful solutions that are time-sensitive and tailored to our clients’ legal strategy. We partner with outside counsel and in-house teams to collect the information needed to get results, whether it’s evidence to support a legal position or for leverage against opponents.Our expert lawyers can assist in a wide range of areas : Claims relating to M&A transactions Investment disputes Claim against manufacturer or supplier International Arbitration Professional negligence claims Breach of contract, breach of warranty Construction and capital project disputes We at China Trade Solution, follow three different approaches to solve any dispute in the interest of clients to save time and cost. Negotiation Arbitration Filling Lawsuit NegotiationNegotiation is first and most cost effective means of dispute resolution. In fact, the majority of commercial contracts have a standard clause stipulating that negotiation should be pursued before other dispute settlement mechanisms are used. This is also the expectation within other business culture more generally and failure to adequately follow this may be interpreted as a lack of courtesy or goodwill, or a lack of cultural sensitivity.Breach of contract generally results in termination of the contract and damages for any losses incurred. In China however, a greater emphasis is placed on preserving business relationships or using personal connections to assist in resolving disputes. When a foreign firm experiences difficulty in directly negotiating a solution to a dispute with its counter party, companies sometimes seek assistance from government officials who can encourage the counter party to honor the terms of the contract. However, negotiations do not always lead to resolution.What we do We meet your counter party and put all our efforts to honor the terms of the contract We negotiate between you and your counter party to reach at some mutually accepted level of resolution and follow up to ensure that party performs the obligation in stipulated time.
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Lawsuit Filing Services
A final step to resolve a commercial dispute is through litigation in courts. In China, foreign individuals and companies have the same ability to bring action in court as Chinese citizens and companies. There are three levels of courts in China. Every major city has basic courts and intermediate courts. Supervising these courts are the provincial high courts.In Hong Kong Civil proceedings can be instituted by : The Government against individuals (including companies); or Individuals against the Government; or Individuals against other individuals. The standard of proof is based on the balance of probabilities. The main branches of civil law include contract, tort, property, administrative, family and revenue law.Our lawyers have earned international acclaim for providing cutting-edge legal solutions to many foreign companies doing business in or with China & Hong Kong. Our vast experience handling China-Hong Kong specific entity formation, contracts, intellectual property matters, and dispute resolution gives our clients the security of knowing they have a truly seasoned legal team behind them.Tips to avoid disputes : Have clear contract terms. Specify exact terms of payment and performance standards. Set timelines. Include specific dispute resolution clauses, including details on the procedure and maintenance of operations during a pending dispute. Pay careful attention to details, such as initialising pages of contracts and signing properly. Make sure the Chinese version of the contract is consistent with the English version. Do not attempt to enter into an agreement without sound legal advice. Make certain your project is economically viable by its own terms. Profitability of a project or the sale of goods and services should be based on sound economic criteria. Make sure you know your buyer/seller. Take due diligence report from consulting firm. Choose your partner carefully and only after a careful examination of experience and dependability. Check the reliability of the data your partner or customer provides from independent sources. Make sure you get paid. A contract with an insolvent partner or customer is worthless. Pay careful attention to how you get paid, when you get paid and in which currency. Search for problems & its solution before they materialize. In addition to creating pro forma balance sheets, spend some time at the beginning of a project to examine what you will do if things go wrong. Try to anticipate possible problem areas. If you can’t find any, you are not looking hard enough. Create a strategy to deal with potential problems with the help of your consulting firm. Do a thorough risk analysis. Be realistic about how much risk you are willing to accept in your business venture. Make sure you use reliable sources for this assessment. Use more than news media sources or your immediate partners to evaluate the risk. Limit your exposure. Set milestones for a particular transaction. Always start with small value order as trial.
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Commercial Due Diligence Services
Looking to do business with a Chinese company?Looking to do business with a Indian company?Want to know whether that foreign company is worthy of your business and your trust?Solution : Due DiligenceWhy Due Diligence is critical : The significant value involved in buying a business both in time and money The quality of financial information can vary significantly The brevity of information provided in the negotiation phase of the sale & purchase transaction Our Commercial due diligence services allow corporate clients to make confident business decisions before dealing with country party : We conduct deep due diligence into 1) market segments, 2) organizations, and 3) key individuals in China, Hong Kong and India Our methods rely heavily on fieldwork in addition to open source research Our due diligence investigations cover strategic, commercial, financial and operational issues Our deliverables answer key strategic questions such as whether to acquire a company or enter into a business relationship with an organization or individual We offer due diligence support in the following situations:Due diligence in connection with investments: Acquisition due diligence Joint venture partner due diligence Private equity due diligence Vendor due diligence
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Business Set-Up
Business Laws and Regulations for Hong KongHong Kong Companies Ordinance provided by the Department of Justice, Hong Kong SAR Government. Bilingual Laws Information System provided by the Hong Kong Department of Justice, Hong Kong SAR GovernmentBusiness structuresBusiness in Hong Kong can be conducted through limited companies, limited partnerships or by individuals acting as sole traders. To incorporate a company or to set up a business can be done through the appropriate Hong Kong government departments.Types of businesses in Hong Kong: Public limited company. Can offer shares to the general public on the stock exchange. “Limited” means that shareholders potential losses are limited to their share holdings only. Private limited company. Provisions are similar to applicable provisions of the Companies Act, 2013 in India. Such companies are not allowed to trade shares on the stock exchange. “Limited” means that shareholders potential losses are limited to their share holdings only. Limited partnerships. Two or more partners can form a business. In a Limited partnership” there must be one partner who has unlimited liability for the partnerships’ debts while the other partners’ exposure to debt is limited to their initial investment in the partnership. (Similar to LLP in India) Sole trader. Is a single owner who sets up a business and must pay profit tax on that business. The owner is liable for all debts incurred by his/her business. TaxationHong Kong has a very simple system of taxation with low rates making it easy to conduct business. There is no capital gains tax, no tax on dividends, estate duty or inheritance tax, no payroll tax, no VAT tax and no tax on profits derived from outside of Hong Kong. Some indirect taxes such as vehicle registration fees and duties on tobacco and liquour are in place.Trade regulationsHong Kong has an open door policy on trade and does not charge tariffs on exporting or importing goods. Import and export licencing is kept to a minimum.Labour lawsHong Kong’s labour legislation is in line with those of international laws and it has implemented many conventions from the ILO (International Labor Organization). It has legislated policies to facilitate the entry of highly skilled financial professionals. A statutory minimum wage was introduced in May 2011.Foreign investmentForeign investment is strongly encouraged. All industry sectors with some exceptions are open to foreign investment and it is not uncommon to have 100% foreign investment in an industry. There is no discrimination between foreign and domestic investors.Corporate governance Hong Kong has in place high standards to ensue effective corporate governance. A Draft Code on Corporate Governance Practices and Corporate Governance Report issued by the government in 2004 has become the standard for corporate governance in Hong Kong. For More details Read our Guide on Doing Business in Hong KongDownload Presentation on Doing Business in Hong Kong
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Business Set-Up In China
When a foreign investor chooses to enter the China market, they will first need to decide whether to launch their business by establishing a legal entity with a capital investment in China or to start more cautiously by testing the market, building networks and/or hiring local representatives.If a legal entity is the preferred route, the foreign investor will have to consider, in addition to the general commercial and strategic considerations: the business sector, the amount to be invested and whether a Chinese partner is desirable or even mandatory. Government rules for specific industries may affect the size and form of the investment. For instance, media, automotive and telecom industries are all industries that may require foreign invested enterprises to have local partners.Representative Office (RO)A Representative Office (RO) can represent the interests of a foreign investor by acting as a liaison office for the parent company. ROs can conduct market research, develop partnerships and business channels and, since they do not have a minimum investment requirement, ROs are not considered to be a Foreign Invested Enterprise (FIE). ROs are the least complicated way for a foreign firm to have a legal presence in China and were, at one time, the first choice for foreign companies with little or no previous experience in the country. However all business transactions, including the issuance of invoices, must be managed by the parent company and ROs can only hire a maximum of four foreign employees. Any local employees must be hired through government-authorised employment agencies. ROs are usually taxed on a proportion of gross monthly expenses. Given the restrictions on transactions, employment and the taxation on expenses, WFOEs are generally now considered a better option for entrants seeking to develop their business in the China market.Wholly Foreign Owned Enterprise (WFOE)A WFOE is a limited liability company (LLC) that is fully invested by one or more foreign investors. Along with the rights afforded to a RO, a WFOE may also legally conduct business transactions within China and hire local employees on its own accord. However, foreign investors do have to make an investment into the company and, depending upon the business activity, there may be a minimum capital requirement. WFOEs have begun to outpace joint ventures as the most popular vehicle for a China presence. Joint Ventures (JVs)There are two types of joint venture structure in the China market: Equity Joint Venture (EJV) – EJVs have capital investments from both local and foreign firms. The percentage of the capital investment determines the amount of profit and risk that both the foreign and local company assumes. Foreign firms entering business sectors where WFOEs are prohibited often use EJVs, although this is becoming less prevalent as more and more sectors are being opened up to WFOEs. Cooperative Joint Venture (CJV) – CJVs are also partnerships with a local company; however, the amount of risk and profit shared by each party is not determined by capital investment but is agreed upon at the beginning of the partnership. CJVs were used more frequently in the 1990s when the Chinese economy was not as developed. International companies often injected funds, while local Chinese companies provided equipment and other necessities. Laws, regulations and procedures for establishment can vary substantially between sectors. The common risks associated with entering into partnerships also apply in China but this is often exacerbated by disparities in the culture and business practices between the foreign and local partners. Foreign companies should enter into JVs only when both parties have established a clear understanding of the business objectives and appropriate exit strategies have been developed. Mergers and Acquisitions (M&A)M&A has become an increasingly popular route to invest in China in recent years. There are many options for M&A in China, including equity and asset acquisitions, as well as mergers. As a form of foreign direct investment, the general rules on establishment of FIEs also apply to any M&A.
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Business Planning Services
A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals. A business plan is also a road map that provides directions so a business can plan its future and helps it avoid bumps in the road. Effective business planning can be the key to your success. A business plan can help you secure finance, prioritise your efforts and evaluate opportunities.Market EntryA market entry study is the first recommended step when looking to start business in China or Hong Kong. At this stage we can help our clients to provide following sector specific services: Market research and market analysis; Individual preparatory consultations; Customs information and service; Trade show participation preparation, support, and follow-up; Preparation of business trips and company visits. Business StrategyIn any business venture it is important that you figure out what you want. Having a clear strategy which defines what you expect of your adventure in China/Hong Kong makes every step you take easier. Besides the standard reasons to write a business plan or perform a thorough market feasibility study it is especially important in negotiations with Counter party. Knowing what you want is the difference between success and failure when looking to start business in foreign country. Our team at has the extensive knowledge and experience needed to do so, and therefore we are able to assist our clients to successfully plan and expand their business operation in China or Hong Kong.At this stage our team will guide you on following important things :Company Structure Organizational Structure (Directors, Managers and other senior level staff) Local Partner Sourcing and Selection Physical Set-upOur team will help you to select office premises and we will assist you in lease rent agreements or sale deed for outright purchase of office premises.Company RegistrationCTS offer a full range of consulting and services on the establishment, changing or closing of Wholly-Foreign Owned Enterprises (WFOE or WOFE), Pvt. Ltd. or Public Ltd or Joint Ventures (JV) and Representative Offices (RO). Advice on the procedure and process with respect to the establishment of the business entity; Preparation all documents and other necessary reference files for establishment of the business entity; Registering of all necessary documents and completing administration procedures with legal authorities Opening a company bank account in China and Hong Kong, as well as conduce the capital injection and capital verification of the business entity.
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Arbitration & Mediation Services
Arbitration is the next preferred method where negotiation fails. Unless the parties can agree on arbitration after the dispute has arisen, the underlying contract or separate agreement must indicate that disputes will be resolved through arbitration. The Arbitration clause shall indicate the process of appointment of arbitrator, place of arbitration and number of arbitrators. In many instances, international arbitration is an effective though perhaps underutilised dispute resolution mechanism Especially in China and India. Arbitration also offers an advantage over litigation because of the finality of the rulings. Court rulings are subject to appeal, which means litigation may continue for a lengthy period of time.Agreements to arbitrate usually specify a choice of arbitration body, which may be located in country of contract party or other country.In China there are two Chinese government-sponsored arbitration bodies for handling cases involving at least one foreign party : China International Economic and Trade Arbitration Commission (CIETAC) and China Maritime Arbitration Commission (CMAC). In India there are major three arbitration institute which provides alternate dispute resolution : Indian Council of Arbitration (ICA) Indian Institute of Arbitration & Mediation (IIAM) The International Centre for Alternative Dispute Resolution (ICADR) In Hong Kong, there are three major arbitration institutions : The Hong Kong International Arbitration Centre (or HKIAC) Hong Kong Mediation and Arbitration Centre (HKMAAC) Hong Kong Institute of Arbitrators (HKIArb) Companies should clearly mention in contract an alternative to any country base arbitration if they choose international body like Singapore Arbitration Centre.
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Accounting & Taxation Services
Accounting & Bookkeeping standards in China differ from one country to another, even though most countries GAAP have been modified to be in compliance or similar to International Financial Reporting Standards (IFRS). Chinese accounting standards are the accounting rules used in mainland China. As of February 2010, the Chinese accounting standard systems is composed of Basic Standard, 38 specific standards and application guidance.Every accounting and bookkeeping GAAP has its own standards and sometimes allows for more than one way to report. For example, there are different rules for impairment of assets, inventory costs & reversal, capitalization of development costs, depreciation expenses, interest & dividend expenses and asset valuation. Those different methods can have an impact on your business ratios, profitability and tax burden.Our Accounting Services Setting Up of Appropriate Accounting Systems Maintenance of Accounting Books and Records Preparation of Monthly, Periodic and Annual Financial Reports Management Accounting Our Tax Services Advice on Corporate Tax Planning Tax Returns Tax Compliance Services Like Preparation of Profits / Salaries Tax Return Design Tax Strategies to Minimize Profits Tax and Enhance Tax Efficiency Advice on Tax Effects of Inter-company Transactions / Offshore Claims Personal Tax Planning Read more about Taxation in ChinaAccounting & Taxation in Hong KongAccountancy in Hong Kong is regulated by the HKICPA under the Professional Accountants Ordinance (Chapter 50, Laws of Hong Kong). The auditing industry for limited companies is regulated under the Companies Ordinance (Chapter 32, Laws of Hong Kong), and other Ordinances such as the Securities and Futures Ordinance, the Listing Rules, etc.Accounting standards in Hong Kong are known as Hong Kong Financial Reporting Standards (HKFRS) and set out recognition, measurement, presentation and disclosure requirements dealing with transactions and events that are important in general purpose financial statements. It is the application of HKFRS that gives us a “true and fair view” of financial statements. The HKICPA has also issued a Financial Reporting Standard (SME-FRS) for certain qualifying SMEs. Since 30 April 2010, the Institute issued the Hong Kong Financial Reporting Standard for Private Entities (HKFRS for Private Entities) for Hong Kong companies that do not have public accountability. The HKFRS for Private Entities will eliminate some accounting treatments permitted under full HKFRSs, remove topics and disclosure requirements that are not generally relevant to private entities, and simplify requirements for recognition and measurement.Tax Structure in Hong KongTaxes collected in Hong Kong can be generally classified as : Direct tax – including Salaries Tax, Property Tax and Profits Tax; the guiding statue is Inland Revenue Ordinance (Cap 112) Indirect tax – including Stamps Duty and others. Income Tax: Salary Tax and Profit Tax Property Tax (levied on the income arising in letting of immovable property in Hong Kong) Stamp Duty (collected upon existence of certain transactions in Hong Kong) Our Accounting Services Setting Up of Appropriate Accounting Systems Maintenance of Accounting Books and Records Preparation of Monthly, Periodic and Annual Financial Reports Management Accounting Our Tax Services Advice on Corporate Tax Planning Tax Returns Tax Compliance Services Like Preparation of Profits / Salaries Tax Return Design Tax Strategies to Minimize Profits Tax and Enhance Tax Efficiency Advice on Tax Effects of Inter-company Transactions / Offshore Claims Personal Tax Planning
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Export Import Services
Accounting Services
Accounting & Bookkeeping standards in China differ from one country to another, even though most countries GAAP have been modified to be in compliance or similar to International Financial Reporting Standards (IFRS). Chinese accounting standards are the accounting rules used in mainland China. As of February 2010, the Chinese accounting standard systems is composed of Basic Standard, 38 specific standards and application guidance.Every accounting and bookkeeping GAAP has its own standards and sometimes allows for more than one way to report. For example, there are different rules for impairment of assets, inventory costs & reversal, capitalization of development costs, depreciation expenses, interest & dividend expenses and asset valuation. Those different methods can have an impact on your business ratios, profitability and tax burden.Our Accounting Services Setting Up of Appropriate Accounting Systems Maintenance of Accounting Books and Records Preparation of Monthly, Periodic and Annual Financial Reports Management Accounting Our Tax Services Advice on Corporate Tax Planning Tax Returns Tax Compliance Services Like Preparation of Profits Salaries Tax Return Design Tax Strategies to Minimize Profits Tax and Enhance Tax Efficiency Advice on Tax Effects of Inter-company Transactions Offshore Claims Personal Tax Planning Read more about Taxation in ChinaAccounting & Taxation in Hong KongAccountancy in Hong Kong is regulated by the HKICPA under the Professional Accountants Ordinance (Chapter 50, Laws of Hong Kong). The auditing industry for limited companies is regulated under the Companies Ordinance (Chapter 32, Laws of Hong Kong), and other Ordinances such as the Securities and Futures Ordinance, the Listing Rules, etc.Accounting standards in Hong Kong are known as Hong Kong Financial Reporting Standards (HKFRS) and set out recognition, measurement, presentation and disclosure requirements dealing with transactions and events that are important in general purpose financial statements. It is the application of HKFRS that gives us a “true and fair view” of financial statements. The HKICPA has also issued a Financial Reporting Standard (SME-FRS) for certain qualifying SMEs. Since 30 April 2010, the Institute issued the Hong Kong Financial Reporting Standard for Private Entities (HKFRS for Private Entities) for Hong Kong companies that do not have public accountability. The HKFRS for Private Entities will eliminate some accounting treatments permitted under full HKFRSs, remove topics and disclosure requirements that are not generally relevant to private entities, and simplify requirements for recognition and measurement.Tax Structure in Hong KongTaxes collected in Hong Kong can be generally classified as : Direct tax – including Salaries Tax, Property Tax and Profits Tax; the guiding statue is Inland Revenue Ordinance (Cap 112) Indirect tax – including Stamps Duty and others. Income Tax: Salary Tax and Profit Tax Property Tax (levied on the income arising in letting of immovable property in Hong Kong) Stamp Duty (collected upon existence of certain transactions in Hong Kong) Our Accounting Services Setting Up of Appropriate Accounting Systems Maintenance of Accounting Books and Records Preparation of Monthly, Periodic and Annual Financial Reports Management Accounting Our Tax Services Advice on Corporate Tax Planning Tax Returns Tax Compliance Services Like Preparation of Profits Salaries Tax Return Design Tax Strategies to Minimize Profits Tax and Enhance Tax Efficiency Advice on Tax Effects of Inter-company Transactions Offshore Claims Personal Tax Planning
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