Once a company is set up in China, it is necessary to maintain proper records in line with Chinese accounting laws and principles. Periodic reporting of accounting statement and tax reporting to authorities are required.
The changeable Asian regulatory policies requires the experience and expertise of excellent accounting team to cope with.With decades of experience in the field, Elite Stage global accounting team understand the complexities involved in accounting practices and global tax planning.
Elite Stage has established a strategic cooperation with 17Win Company invested by ServyouGroup, put into use of a digital financial and taxation software system based on big data, cloud computing, artificial intelligence, and launched online functions to provide the intelligent accounting management and tax guardian service conducts all-tax risk detection.
Maintaining an independent tax and accounting team of advanced English competence is an expensive option , especially for SME; therefore many companies have choose to outsource it to an experienced accounting firm.
We provide a full range of accounting, tax and auditing services in China, We can offer a fully outsourced accounting, tax and auditing solution for you, or can just handle part of it in collaboration with your internal functions.
We can provide assistance in the following areas:
- Setup of initial accounting system and methodology for WFOE, JV or rep office
- Monthly preparation of accounting books in line with Chinese accounting standards
- Monthly and annual preparation of tax filing with Chinese tax authorities
- Preparation of filing for business tax, individual income tax and corporate tax
- Annual audit of financial statements
- Invoice issuing to clients and application for tax refund
The Chinese accounting system shall follow the framework of Chinese Generally Accepted Accounting Principles (GAAP), also known as Chinese Accounting Standards (CAS). These standards have evolved over time and are now quite in line with the globally recognized International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (GAAP) of the United States. There are still differences that will impose challenges.
There are also regular discrepancies between Chinese and International Standards, which are not caused by disagreement in treatment, but slow update processes.
Elite Stage offers the adjustment in different Accounting Standards.