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New Policy Changes: Simplifying Company Set Up, Construction Projects & Obtaining Access to Government Services

Posted by PTL Group
PTL Group
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on Thursday, 28 June 2018
in Business in China

The Chinese authorities have recently announced new policies for easing business in China. Some measures will be taken to simplify and drastically reduce approval time for starting a foreign-invested enterprise (FIE), construction projects, and accessing government services. The measures will be implemented in specific areas of the country first, and then will apply nationwide by the first half of 2019.

Business Establishment Regulations: One-Stop, One-Form

By June 30, the previous long and complex process to set up a new foreign-invested business will be turned into a “one-stop, one-form” procedure, slashing through the bureaucratic processes. Filling and registration process will be executed together, in one single office or online, allowing for the possibility to submit an electronic application. Previously, one needed a paper-registration and had to apply in person. This will no longer be necessary. Additionally, they have removed the need for company names to be approved in advance, and are planning to reduce the processing time for invoice applications and insurance registration. 

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China to Take 7 Major Measures to Cut Taxes for SMEs and High-Tech Firms

Posted by PTL Group
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on Thursday, 28 June 2018
in Business in China

Following China government’s objective to ease business for foreign investors and businesses, new policies will take place in order to alleviate financial pressure on small & medium companies in addition to high-technology firms. It was announced that 7 measures will be applied nationwide starting this year, after a successful test period in eight zones that included Beijing, Shanghai, & Suzhou industrial park. In the long term, such measures are expected to reduce the tax burden of more than 60 billion RMB (equal to 9.4 billion USD) for SMEs and high-tech firms in China.

The 7 Actions Plan

Over the VAT three-tiered rate structure (17%, 11% & 6% rates), the 17% and 11% rates will be decreased to respectively 16% and 10%. The statement did not indicate any changes to the 6% VAT rate. 

1.Raise the per-unit value of newly purchased R&D instruments and equipment that is eligible for a one-time tax deduction from 1 million RMB (157,000 USD) to 5 million RMB (784,000 USD).

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Update to Work Permit Renewal Process in China Announced

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on Monday, 15 January 2018
in Business in China

This December, the China State Administration of Foreign Expert Affairs announced a change in the foreigner work visa renewal process that will affect every foreigner in China. The announcement states that all applications to renew their Chinese work permit must be submitted at least 30 days before the expiration on their permit. This means that all required paperwork must be prepared well in advance of the renewal period. The new regulation is to take effect on February 28th, 2018, just days after the 2018 Chinese New Year holiday.

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New Chinese “High-end Talent Visa” for foreigners is implemented in 2018

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on Thursday, 11 January 2018
in Business in China

China introduces a new free, fast-track visa, for “high-end” foreign talent. The report, released by the state news agency Xinhua, stated that under new policy from the State Administration of Foreign Expert Affairs, applicants who qualify for the Certificate for Foreign High-End talent can obtain the new visa as fast as five working days. With this certificate applicants can apply for new 5 or 10 year multiple entry visas.

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China Slashes Import Tariffs on Consumer Goods

Posted by PTL Group
PTL Group
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on Thursday, 11 January 2018
in Business in China

Beginning December 1st, 2017, The Ministry of Finance has stated that there will be a cut on import tariffs on a diverse range of consumer products. This initiative comes as an effort to facilitate the increasingly varied domestic demand and to aid the “consumption upgrade”. As foreign imported good are seen as higher quality and safer than locally produced products, they are currently more desirable to consumers hence, and this initiative is hoped increase consumer spending.

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