2023 edition
The China Market
Entry Handbook
Navigate the Complexities of
China's Market with Confidence
The China Market Entry Handbook
2
Disclaimer:
The content of this publication is for informative purposes only. It is not intended to replace the advice of an accounting, tax, or
HR specialist. Individuals and businesses looking to apply the contents of this publication are strongly advised to seek the help of
a professional.
© Integra Group 2023
协曈企业管理咨询（上海）有限公司
3
The China Market Entry Handbook
FOREWORD
The global economy has undergone
significant shifts after the pandemic,
and China has emerged as a key player
in the new landscape. With the country's
growing domestic demand for foreign
products and expertise, there has never
been a better time for businesses to
establish or expand their presence in the
Chinese market. As we enter 2023, China's
ongoing economic reforms and new
policies have created a more mature and
accessible market for foreign companies
than ever before. The tax and regulatory
environment now aligns more closely
with Western and international practices,
presenting unique opportunities s for
growth and collaboration.
However, despite these favorable
conditions, foreign invested enterprises
in China still face challenges related
to tax administration and compliance
procedures. Navigating the complexities of
Chinese regulations is essential to ensure
compliance from the outset, mitigating the
risks of non-compliance, and maximizing
the efficiency of internal procedures.
Many of the tax and regulatory
compliance practices that foreign
invested enterprises are encouraged to
adopt can be reliably outsourced to a
trusted third-party service provider. At
Integra Group, we assist foreign investors
and multinational enterprises in adopting
practices into their business which are
designed to mitigate risks and drive
efficiency – while ensuring compliance
and safeguarding assets in China.
As you embark on your journey of doing
business in China, we hope this publication
serves as a valuable guide, equipping you
with the knowledge and tools necessary to
thrive in this dynamic market.
Jessie Lin
Director
Shanghai Office
Jessie.lin@integra-group.cn
Scan to follow us on WeChat Follow us on LinkedIn
https://www.linkedin.com/
company/integra-asia
Let's Connect:
Jessie Lin
The China Market Entry Handbook
5
The China Market Entry Handbook
Official VAT Invoices (Fapiao)
Filling Requirements
China Accounting Standards
Converting CAS Compliant
Financial Reports
Table of Contents
How to Properly Set Up a
Company in China
Hiring Employees
in China
Profit Repatriation
Strategies
An Overview of the
PRC Tax System and
Administration
The Cost of Hiring
in China
ICP Filing and ICP
License in China
Accounting & Tax
Compliance in China
Tax Planning Strategies:
Methods and Preferential
Policies
Company Setup Tax Planning
Daily Tax Planning
Benefits of Tax Planning
Compensation and Benefits
Individual Income Tax
Holidays and Leave
Termination of Employment
Understand the ICP in China
What are the different types of ICP permits?
What are the benefits of obtaining ICP permits
Frequently Asked Questions About ICP filing and ICP license
Entity Type
Business Scope
Legal Persons
Registered Capital
Other Issues
7
7
8
8
9
10
11
12
12
12
13
14
15
16
17
18
20
20
20
22
31
32
32
32
33
33
34
34
35
36
23
25
26
27
28
29
30
Labor Contracts
Employment Handbook
Payroll Requirements
Hiring freelancers and Contractors
Employer of Record in China
Tax Categories
Tax Residency
Withholding Taxes
Double Tax Relief
Tax Filing Requirements
Preferential Tax Treatments
Dividends
Service Agreements
Royalties
Foreign Loan Interest Payments
Double Taxation Avoidance
Agreements
Transfer Pricing
The China Market Entry Handbook
How to Properly Set Up a Company in China
The China Market Entry Handbook
7
How to Properly Set Up a
Company in China
Entity Type Business Scope
Registering a Foreign Invested Enterprise (FIE) is the first step in your
journey of doing business in China. During the setup process, foreign
investors must make some important decisions that will determine
their allowed business activity and impact the taxes they pay.
Properly forming an FIE in China requires investors to understand
the implications of the decision they make early on. Here you will be
presented the key elements of registering an FIE in China and how to
decide what is right for you.
Three main types of FIE exist in China,
each with their own characteristics and
intended purpose.
Wholly Foreign-Owned Enterprise
(WFOE)– is the most common legal
entity type for foreign investment in
China and is suitable for most forms of
business ventures. WFOEs can hire local
and expatriate employees and engage
in commercial business activities in
accordance with their business scope.
Joint Ventures (JVs)– are legal entities
with shared ownership between two
or more parties. Equity Joint Ventures
(EJV) share risk and return equal to
an investor’s share of ownership. Co-
operative Joint Ventures (CJV) share
risk and reward according to the
terms of a contract – allowing for more
structural flexibility over an equity joint
venture. EJVs can sometimes provide
foreign investors access to industries
restricted for foreign investment.
Representative Office (RO)– are not
considered legal entities in China but
instead as an extension of oversea
entities. Their intended purpose is to
liaise with local parties and coordinate
promotional activities in China on
behalf of their overseas head offices
and therefore cannot engage in
commercial businesses in China. They
can hire employees using a third-party
HR agent and are taxed based on their
costs – as opposed to revenue.
The business scope is defined by the
business and submitted for approval
by theState Administration for Market
Regulation (SAMR) . The business
scope plays an important role in China
as it determines the types of business
activity the business can legally engage
in and the items for which the business
can provide an official VAT invoice
(fapiao).
When determining the desired
business scope, foreign investors
should create an exhaustive list of the
products and services that they wish to
offer and align their descriptions with
the official Industry Classifications.
Business activities in China are
classified as either “Prohibited”,
“Restricted” or “Encouraged” according
to the “FI Encouraged List”,“FI Negative
List”, and the“MA Negative List”.
Encouraged industries are often eligible
for preferential treatment and tax
incentives whereas restricted industries
are subject to special conditions
such as shareholding limits as well as
special approvals by the government.
Prohibited industries are entirely off-
limits for foreign investment. Industries
that do not appear on any of these lists
grant equal market access to foreign
investment as domestic investment.
FI Encouraged List - Catalogue of Encouraged
Industries for Foreign Investment (2022)
FI Negative List -Special Administrative
Measures on Access to Foreign Investment (2021)
MA Negative List - The Negative List for Market
Access (2022 edition)
Industry Classification - The Industrial
Classification for National Economic Activities
How to Properly Set Up a Company in China
The China Market Entry Handbook
8
When registering a business in China,
there are mandatory legal positions
that must be filled and verified
through real-name authentication.
There are no restrictions - such as
nationality - or qualification for who
can hold these positions.
Legal Representative– is the most
important role in the company as they
are the default authorized signatory.
Typically, this is the sole investor
themselves, or a person designated
by the executive director or board of
directors of the China company.
Executive Director– is appointed
by the shareholder to manage the
company. Investors can also appoint
a board of directors which must
consist of 3 or more persons. For small
businesses, the executive director is
typically the same person as the legal
representative.
Financial Responsible Person– is
a mandatory position and cannot
be the same person as the Legal
Representative or Executive Director.
Typically, this is the company’s
internal finance manager or a third-
party financial services provider.
Supervisor– is also a mandatory
role and cannot simultaneously
hold any other legal roles within the
company. The supervisor should be
independent of the daily operations
of the company. This role is normally
fulfilled by the CFO or a legal counsel
to the investor company. You can view
the supervisor is like an auditor who
may examine the books and records
of the China company to ensure full
compliance of (both external and
internal) rules and regulations.
The amount of registered capital - together with the total investment - is defined
on the Articles of Association submitted by the investors during the business license
application process. It is the primary source of funding for the company to meet its
financial obligations before it is self-sustaining.
For most business types, there are no minimum required capital requirements,
unless otherwise specifically set out in laws, regulations, or State Council decisions
currently in effect. Investors are not required to inject the full amount of registered
capital upon registering the company – nor is the registered capital required to stay
in the bank account. It can be spent on capital assets like machinery and equipment
or operating expenses like inventory, salaries, rent, etc.
The period for which capital can be injected normally is dictated by the company’s
articles of association - up to the life span of the company’s operating period.
Thus, the registered capital can be injected over time in order to meet a business’s
financial obligations. For SMEs, we recommend as a ‘rule of thumb’ to estimate
6 months’ worth of operating expenses and asset purchases as the declared
registered capital.
Foreign Debt Quota– is the difference between total investment and registered
capital and is capped by the SAIC.Foreign debt allows investors to provide short-
term or long-term funding to the business to help it meet its financial obligations.
Foreign Debt Quota = Total Investment – Registered Capital
Macro-prudential Method
Additionally, enterprises can choose to apply the Macro-prudential Method for
calculating the upper limit of the amount of foreign debt they are permitted to
register (Yingfa [2017] No. 9). The Macro-prudential Method may allow the enterprise
to register a foreign loan greater than what is permitted under the standard Foreign
Debt Quota.
The foreign debt calculated using the Macro-prudential Method must be submitted
to the SAFE for approval.
Foreign debt limit = (Assets & Net Assets) x (Financing Leverage Ration) x (Macroprudential Adjustment Parameters)
Legal Persons Registered Capital
Amount of Total Investment(USD)
% of Minimum Registered capital to Total
Investment
Note:
3 million or below
3 million - 10 million
10 million - 30 million
30 million or above
70%
50%
40%
1/3
Not less than USD $2.1m
Not less than USD $5m
Not less than USD $12m
How to Properly Set Up a Company in China
The China Market Entry Handbook
9
There are several other issues that investors should be aware of when registering
their business.
Company (Chinese) Name–need to contain four elements: the unique business
name, industry description, location, and legal form. The industry description,
location, and legal form are determined by the nature of the company and
cannot be freely decided upon. The unique business name is up to the discretion
of investors. It’s important to remember that the business name is printed on
official VAT invoices and engraved on the company’s seal, so it’s generally a good
idea to choose something which is simple.
Bank Accounts –All businesses in China are required to have at least two bank
accounts; the capital account, for depositing the registered capital, and the RMB
basic account for day-to-day business operations. Foreign businesses might also
require foreign currency accounts which are separate accounts.
Registered Address –In order to complete the company registration process,
businesses must have a valid rental contract to which their business is registered.
Some districts allow multiple addresses business to a single address, so make
sure to check whether the district you wish to register in allows this before
deciding to rent shared office space.
Common Mistakes
One of the common mistakes investors make when registering their FIE in China
is selecting a business scope that is not suitable for their planned business
activities. For some industries, a business scope that is too broad may prevent
the FIE from obtaining preferential policies or tax incentives. On the other hand,
a scope which is too narrow can prevent the business from issuing VAT invoices
for specific product or service categories.
Another common mistake by investors is allocating too little registered capital.
FIEs in China may find it difficult to apply for a bank loan as they lack credit
history and assets to secure a loan. The registered capital becomes the primary
source of funding for the business until it is cash flow positive. Allocating too
little registered capital can prevent investors from providing additional funding
in the form of capital injection and financing in order to meet their financial
obligations.
These issues can be addressed by making changes to the business license,
though this takes time and a cumbersome process to complete. Investors are
advised to carefully consider the details of their registration application – and
seek the help of a professional if needed.
Other Issues
Gigi Yin
Senior Manager, Shanghai Office
Properly establishing a company in China comes
down to finding the most effective way to carry
out certain business activities from both a tax and
operational perspective.
”
“
An overview of the PRC Tax System and Administration
The China Market Entry Handbook
10
An overview of the PRC Tax
System and Administration
Tax Categories
As China becomes part of the global
economy and domestic demand
for foreign products and expertise
continues to grow, more and more
businesses are deciding to establish a
presence in China. In order to achieve
an overall greater return on investment
and minimize risks, investors need to
fully understand the People’s Republic
of China (PRC) tax system and the
associated costs before making a final
investment decision.
Below we provide an overview of the
PRC tax system and administration
to provide investors background
information on the associated tax costs
of doing business in China. We also
discuss some of the business activities
which do not involve direct investment
within China and the applicable taxes
triggered by these types of activities.
The information provided does not
cover taxes levied in Hong Kong and
Macau which are special administrative
regions of the PRC. Hong Kong and
Macau retain their own tax systems
and the taxes applicable in Mainland
China do not apply in Hong Kong and
Macau.
The major taxes applicable to
foreigners, foreign enterprises (FE), and
foreign investment enterprises (FIE)
doing business in China are as follows:
Value-added tax (VAT) - The sales
or importation of goods, provision of
services, sales of intangible assets or
real estate, are subject to VAT. VAT rates
depend on the business scope; sale of
goods (13%), special sectors (9% - 10%),
and services (6%). Businesses can also
register as a small-scale VAT taxpayer
and apply a flat VAT rate (3%) levied on
total revenue but prohibit the use of
input VAT deductions.
Customs duty - applies to imported
goods and is based on the value of the
transaction or specific duty (e.g. RMB
80 per unit or kg). The applicable duty
rates depend on the category of goods
and the country of origin.
Categories
Items
Turnover Tax
流转税
增值税
消费税
关税
企业所得税
个人所得税
资源税
城镇土地使用权
房产税
车船使用税
城市维护建设税
土地增值税
车辆购置税
印花税
契税
Value-Added Tax (VAT)
Consumption Tax
Custom Duty
Corperate Income Tax (CIT)
Individual Income Tax (IIT)
Resources Tax
Urban and Rural Land Use Tax
Real estate Tax
Vehicle and Vessel Use Tax
Urban Maintenance and Construction Tax
Land Appreciation Tax
Vehicle Purchase Tax
Stamp Tax
Deed Tax
Income Tax
所得税
Resources, Property,
Action Tax
资源、财产、行为税
@ Integra Group 2023
An overview of the PRC Tax System and Administration
The China Market Entry Handbook
11
Consumption tax - is levied on
manufacturers and importers of
specific consumer goods such as
alcohol, tobacco, cosmetics, jewelry,
fireworks, gasoline, automobiles, luxury
watch, etc. The tax liability is computed
based on the sales amount and/or
the sales volume depending on the
goods concerned. Consumption tax
is imposed in addition to applicable
Customs duty and VAT.
Corporate Income Tax (CIT) – is levied
on the net profit of the company.
Generally; The CIT rate is 25%. The
qualified new/high tech enterprises
are able to apply for a reduced CIT
rate of 15%. For “Micro and Small-sized
Enterprises” (MSE), CIT rates range from
5%-25% depending on the total revenue
and profits.
All businesses and individuals, inside
and outside of China, are classified
either as PRC tax residents or non-PRC
tax residents.
PRC Tax Resident Enterprise (TRE)
refers to an enterprise established
according to the Chinese law or an
enterprise established according to
foreign laws but with its effective
management located in China.
TREs - are taxed on all sources of
income - including income derived
from overseas. The TREs will be allowed
to deduct the tax paid overseas within
limit from its tax liability in China
provided that a Double Taxation
Tax Residency
Individual Income Tax (IIT) – China uses a progressive IIT rates ranging from 3% -
45% for individuals’ comprehensive income, 5% - 35% for individual’s income from
operations (e.g. income derived by private industrial and commercial activity; sole
proprietorship; etc.), and a fixed rate of 20% for other incomes (e.g. interest, dividend,
incidental income, etc.). For comprehensive income, such as wages and salaries,
China’s IIT law provides a standard annual deduction of RMB 60,000 and additional
itemized deductions available to all individuals.
Other taxes: Resource tax, real estate tax, stamp tax, deed tax, urban construction
and maintenance tax, educational surcharge, etc. – are a series of taxes or
surcharges levied on specific types of transactions and business activities.
Avoidance Agreement (DTAA) is in
place. All registered legal entities in
China are automatically classified as
TREs. Overseas businesses without
a registered legal entity in China
can still be classified as TREs if they
are determined to have effective
management in China.
Non-TREs – are taxed only on China-
sourced income. Overseas entities are
generally considered to be non-TREs.
Representative Offices (ROs) in China
are also considered to be non-TREs
as they are treated as an extension
of oversea entities, and only perform
liaison & promotional activities in China
for their oversea head offices.
Items
Tax rate
Value-Added Tax
(VAT)
Corporate Income Tax
(CIT)
Individual Income Tax
(IIT)
General VAT Taxpayer
Small Scale VAT Taxpayer
Normal Company
Small and micro enterprise
Comprehensive Income
Income from Operations
Other Incomes
6% - 13%
3%
25%
5% - 10%
3% - 45%
5% - 35%
20%
@ Integra Group 2023
An overview of the PRC Tax System and Administration
The China Market Entry Handbook
12
Businesses in China all have to meet monthly, quarterly, and annual statutory filing
requirements. Reporting and tax declaration are mostly done online, through an
online tax portal for the local municipality to which your business pays taxes to.
VAT – Value added tax is filed and collected monthly for general VAT taxpayers and
quarterly for small-scale VAT taxpayers – due before the 15th day of the following
month or following the end of the quarter. Special circumstances may require VAT
to be paid upon issuing the tax invoice (fapiao).
Double tax relief is granted through
Double Taxation Avoidance
Agreements (DTAA) signed between
China and other countries and
provide relief from the double
taxation of income, assets, or financial
transactions. They allow for tax credits
to be claimed in China up to the
amount paid in tax to a foreign country
within the same tax category – and
vice versa. DTAAs effectively reduce the
taxes withheld from income or other
financial transactions between the two
countries.
As of January 31, 2023, China has DTAA’s
in place with 112 jurisdictions. It’s
important to consider the implications
of a DTA before deciding on a final
investment structure for your new
company.
Tax Filing Requirements
Double Tax Relief
Withholding taxes (WHT) are levied on payments made to overseas entities (non-
TREs) and must be withheld by the Chinese entity before remittance can be made.
Passive income derived by Non-TREs – including dividend, royalty, rental, capital
gain, and interest are subject to withholding taxes of VAT (6 - 13% per category) and
CIT (20%, reduced to 10% under current provisions). Under a tax treaty, the WHT rates
can be lower or even exempted depending on the destination country.
If the passive income is derived by a foreign individual of non-PRC Tax Resident, it’s
subject to withholding taxes of IIT (20%) instead.
A “Tax Completion Certificate” is provided for deducting tax paid in China from the
tax liability in the oversea home countries according to the tax treaties.
Withholding Taxes for non-TREs
Tax Fliling Period Due Days
Value-Added Tax
(VAT)
Corporate Income Tax
(CIT)
Individual Income Tax
(IIT)
Custom Duty
Monthly (General VAT Taxpayer)
Quarterly (Small Scale VAT Taxpayer)
Quarterly
Annual Return
Monthly
Annual Return - Comprehensive Income
Annual Return - Income from operations
before 15th of the following month
before 15th from the end of each quarter
before 15th from the end of each quarter
before 31st May of the following year
before 15th of the following month
01st March - 30 June of the following year
before 31st March of the following year
01st March - 30 June of the following year
Annual Return - Oversea sourced income
for PRC Tax Resident
On a transaction-by transaction basis
@ Integra Group 2023
An overview of the PRC Tax System and Administration
The China Market Entry Handbook
13
CIT – Corporate Income Tax is filed and collected quarterly for all businesses – due
before the 15th day following the end of the quarter. An annual CIT reconciliation
return is filed once per year, due before the 31st of May of the following year.
Businesses should pay the tax shortage or claim back any overpaid taxes during
their annual return. Any tax losses may be carried forward for a period of up to five
years, subsequent to the year of the loss.
IIT – all individuals are required to file and pay individual income taxes before the
15th day of the following month, either withheld by the withholding agents (e.g. the
employers) or through self-declaration by the taxpayers. Individual PRC Tax residents
who meet specific criteria must also file an annual tax reconciliation return between
01st March and 30th June of the following year for their comprehensive income.
China employs a “predominantly industry-oriented, limited geography-based”
tax incentive policy, aiming at directing investments into those industry sectors,
projects, or regions that are encouraged and supported by the state.
Industry-oriented: agriculture, forestry, animal husbandry, and fishery projects;
Specified basic infrastructure projects; Environment protection, energy conservative
projects; qualified new/high tech enterprises, etc.
The tax incentive policies mainly include tax reduction and exemption, reduced tax
rates, and additional tax deductions.
Preferential Tax Treatments
Anny Wu
Senior Manager, Tax
Shanghai Office
Investors need to fully understand the China
tax system and the associated costs before
making a final investment decision
”
“
Accounting & Tax Compliance in China
The China Market Entry Handbook
14
Accounting & Tax
Compliance in China
Ofcial VAT invoices (fapiao)
China has over the last two decades progressed
to a market-driven system and developed its
accounting and bookkeeping procedures more in-
line with international standards. However, certain
accounting and bookkeeping practices will still
present new challenges and considerations for
companies setting up in China.
The official VAT invoice system – known locally as fapiaos – is a VAT anti-
counterfeit measure developed and implemented by the Chinese tax
authorities. Upon issuance, VAT fapiaos will record and share relevant sales
data with the tax authorities including sales amount, tax amount, customer
name, customer tax registration number, and the type and quantity of goods
or service in question.
Two types of official VAT invoices exist. General VAT fapiaos can be used for
qualified expense deductions for CIT purposes but cannot offset Input VAT on
purchases against output VAT on sales. Special VAT fapiaos, on the other hand,
allow for qualified expense deductions for CIT purposes as well as the input VAT
amount to be deducted from the output VAT payable. As such, only a net VAT is
collected by the tax authorities rather than the full gross amount.
A company is given a limited number of special VAT invoices they can issue
within a given period and must request more if needed. Special VAT fapiaos
must also include additional information such as customers bank account
number, bank name, phone number, and registered address.
The tax authorities closely monitor the issuance of special VAT fapiao as this
represents the main source of tax revenues for the government. With the
implementation of the new Golden Tax System, the tax authorities are able to
keep track of the upper and lower streams of the transaction to ensure VATs are
properly calculated and paid to the relevant tax authorities on time. This makes
tax evasion and the issuance of a “fake” fapiao virtually impossible to carry out.
Accounting & Tax Compliance in China
The China Market Entry Handbook
14
Accounting & Tax Compliance in China
The China Market Entry Handbook
15
Filing Requirements
The fiscal year for enterprises in China
runs from January 1st to December
31st. Depending on the nature of the
business activities, tax reports must
be files either monthly, quarterly, or by
transaction.
The chart on the right summarizes the
tax filing requirement for enterprises
in China based on their tax registration
status:
Annual CIT return filing
In China, it’s common that accounting
standards differ slightly from tax laws,
often resulting in a difference in the CIT
tax payable and the total profits of the
companies as shown in the accounting
records. The State Administration of
Taxation (SAT) requires that all China
resident enterprises submit an annual
CIT return together with a reconciliation
sheet before May 31st following the
end of the fiscal year to ensure all tax
liabilities have been met according to
PRC tax law. Companies must either
pay a tax shortage or claim a tax refund
during this process.
Companies that meet specific
conditions may also be required to
submit a tax audit report prepared
by a Certified Tax Agent in China for
compliance purposes. The conditions
vary between local jurisdictions and
generally required if the company has
incurred substantial tax losses year
to date, applying for tax refunds or
revenues have met certain thresholds.
Moreover, FIE’s that frequently engage
in related party transactions and
intercompany agreements are also
required to file an Annual Related-Party
Transaction Report and Transfer Pricing
Documentation to assess the impact
of the transactions in question on the
company’s taxable income.
Annual Joint Inspection
FIEs in China are required to undergo
an annual joint inspection by the
MOFCOM, MOF, SAT, AQSIQ, NBS, and
SAFE to serve the information collection
requirements of each government
department. In a joint announcement
by the MOFCOM, Administration of
Market Supervision, and SAFE [2019]
No. 72 on January 3rd, 2020, the annual
AIC filing and the joint inspection will
be combined in a single report filed
through the National Enterprise Credit
Information Publicity System starting
with the 2019 fiscal year.
FIE’s are required to submit the
financial reports for the prior year and
additional registration information,
including;
• Information regarding the
company registration status;
• Information regarding investments
in establishing companies or
equity purchases;
• Information regarding the paid-
in capital in the case the company
is a limited liability company or a
company limited by shares;
• Information regarding change
in equity or transfer of equity of
company limited by shares;
• Information regarding the number
of employees, total assets, total
liabilities, total owners’ equity,
total revenue, gross profit, net
profit, total tax payable, and other
financial information.
The Annual Joint Inspection report
must be submitted online through the
National Enterprise Credit Information
Publicity System before June 30th of
the following year.
Annual Statutory Audit Report
Currently, an annual statutory audit
report is not a mandatory requirement
for all companies to meet regulatory
compliances. However, if requested by
relevant government authorities, the
company must provide an audit report
signed by a Certified Public Accountant
in China. The following are several
common scenarios that require the
company to produce an annual audit
report:
• The company records substantial
tax losses cumulatively which
jeopardize the continuity of the
enterprise;
• The company intends to distribute
after-tax earnings to shareholders
in the form of dividends;
• Shareholders or trustees mandate
an annual audit for internal
monitoring purposes;
• The Company is looking for
financing in which the lending
party requires the latest audit
financial report.
An annual statutory audit report in
China includes an audit of the balance
sheet, income statement, and cash
flow statement. Auditors will express
an opinion on whether the relevant
financial statements fairly state the
company’s financial position at year-
end, operating performance, and
it’s cash flow according to the China
Accounting Standards (CAS).
China Filing Requirements
Small-Scale VAT Taxpayer
VAT Filing
CIT Filing
Annual Audit
Joint-Inspection
Quarterly filing
Not mandatory fro compliance purposes
Not mandatory for compliance purposes
Required for compliance purposes
Required for compliance purposes
Quarterly filing;
Annual CIT reconciliation filing
Monthly filing;
Transactional filing
Quarterly filing;
Annual CIT reconciliation filing
General VAT Taxpayer
@ Integra Group 2023
Accounting & Tax Compliance in China
The China Market Entry Handbook
16
Accounting and bookkeeping practices in China are governed by the China
Accounting Standards (CAS) – also known as the Generally Accepted Accounting
Principles in China (PRC GAAP). The CAS framework consists of two standards:
Accounting Standards for Business Enterprises (ASBE); and
Accounting Standards for Small Business Enterprises (ASSBE).
Most Foreign Invested Enterprises use ASBE when preparing their annual financial
reports – which are structured similarly to IFRS and US GAAP. The ASSBE uses the
ASBE as a reference and is intended to make it easier for small businesses to follow
accounting standards and tax laws. The tax calculation methods in the ASSBE are
designed to be closer to tax laws, thus simplifying the process of making year-end
adjustments.
The IFRS recognizes that the ASBE “substantially converge” with IFRS and in
a roadmap published by the Ministry of Finance, Chinese authorities declared
the ASBEs will be revised and improved in accordance with the revision and
improvement of IFRS.
The chart below highlights some important discrepancies between CAS and IFRS.
There are several other minor discrepancies between CAS and IFRS in addition to
those mentioned above. Both CAS and IFRS provide more detailed rules on some
practices that are common in their relevant jurisdiction and only affect specific
financial activities.
China Accounting Standards
CAS vs. IFRS
China Accounting Standards International Financial Reporting Standards
Valuation of fixed assets can only be done using
the historic-cost method.
Valuation of fixed assets can be done using
either the historical cost method or by
revaluation of aseets.
vs.
vs.
vs.
vs.
An impairment of loss on an asset must not be
reversed
An impairment of loss on an asset (except
goodwill) may be reversed
Fiscal years starts from January 1st
The start of the fiscal year can be decided on by
the company, but must last 12 concecutive
months.
Accounts are clasified by function
Accounts are clasified by nature
@ Integra Group 2023
Accounting & Tax Compliance in China
The China Market Entry Handbook
17
The issue of different accounting and financial reporting standards is most apparent
when financial statements are provided to overseas companies. Group reporting
is not possible without first converting the CAS compliant financial reports to the
reporting standard of a specific jurisdiction.
The information on the Chinese financial reports must be converted to fit the
reporting standards of the target jurisdiction, through a process called “mapping”.
Accountants must first map the accounts on the financial reports to that of the
target accounting standard. This is typically a one-time procedure.
Accountants also need to pay special attention to the differences in the accounting
standards used in China and the standards of the target jurisdiction and identify
any financial activities that may be affected. For most companies, this is a manual
process. Large companies can develop specialized software to carry out this function
in real-time based on their requirements.
Enterprises in China are encouraged to seek an accounting and tax professional
for meeting their accounting and tax compliance requirements. If you have any
concerns about the compliance status of your business or would simply like to
improve on your compliance procedures, contact Integra Group for advice based on
your individual circumstances.
Converting CAS Compliant Financial Reports
Anny Wu
Senior Manager, Accounting &
Compliance
Shanghai office
Accounting compliance is not just about meeting
government requirements, it’s also about providing
business owners the clarity and confidence in
financial reports to assist them in making make
important decisions.
”
“
Hiring Employees, Contractors, and Freelancers in China
The China Market Entry Handbook
18
Hiring Employees,
Contractors, and
Freelancers in China
Labor Contracts
High on the list of priorities for companies doing business in China is hiring
employees to help grow their business. With the growing availability of local
talent in China and the many benefits they bring to the company, foreign invested
enterprises in China often put emphasis on building up their local teams.
Notably, relevant labor laws and their implementation is inclined to protect the
employee in China. Thus, its equally important to implement HR management
practices that ensure compliance and manage risk as it is to develop management
practices that attract top talents.
Laws and regulations governing the hiring of employees in China are mainly as
follows:
• Labor Law of the PRC
( 中国人民共和国劳动法 )
, issued 1994 and most recently
revised in 2018;
• Labor Contract Law of the PRC
( 中国人民共和国劳动合同法 )
, issued in 2008 and
most recently revised in 2012.
• Social Insurance Law of the People’s Republic of China
( 中华人民共和国社会保险
法)
, passed in 2010 and most recently revised in 2018.
It should be noted, additional laws, such as the Implementation of Labor Law of
the PRC, exist to supplements laws governing HR practices in China and provide
necessary clarification on their intended interpretation.
Labor Contract Law of the PRC
is predicated upon Chinese and
Expatriate employee’s right to know
which days and hours they are
expected to work. A standard labor
contract should thus include the
following:
• Location at which work should be
carried out,
• Days on which the employee is
expected to work; and,
• The number of hours to work each day.
Furthermore, Labor Law of the PRC
mandates the standard number of
working hours, rest days and holidays.
Employers should note the following
laws:
• The standard workday should last
up to 8 hours.
• Any work performed after 8 hours
within a single day are considered
overtime and shall be paid at 150%
of the employees’ hourly rate;
• The maximum amount of overtime
performed per day is 3 hours;
• The maximum amount of overtime
performed per month is 36 hours;
• Overtime hours performed on rest
days should be paid at 200% of the
employee’s hourly rate; and
• Overtime hours performed on
statutory holidays should be paid
at 300% of the employee’s hourly rate.
The State Council of the People’s
Republic of China will announce -
generally in September - the statutory
holiday schedule for the following year.
Under Article 39 of the Labor Law of
the PRC, enterprises who are unable
to implement the provisions of the
standard working hour system are, with
the approval of the local labor bureau,
allowed to implement other working
hour systems. These are known as the
Comprehensive Working Hours System
and the Flexible Working Hours System.
Hiring Employees, Contractors, and Freelancers in China
The China Market Entry Handbook
19
Comprehensive Working Hours
System
The Comprehensive Working Hour
System refers to the comprehensive
calculation of working hours based on
the cycle of weeks, months, quarters,
years, or other predetermined amount
of time, but the average working hours
and the average weekly working hours
shall be the same as the standard
working hours.
Under a Comprehensive Working Hour
System, employers and employees
can set the number of working hours
worked per cycle according to PRC
Labor Law before statutory overtime
payments are invoked. Note, when
overtime payments are invoked, the
standard rates according to PRC Labor
Law is applied.
Enterprises in China can implement a
Comprehensive Working Hour System
for the following types of employees:
• Employees in transportation,
railway, post and
telecommunications, water
transportation, aviation, fishery
and other industries who need
to work continuously due to the
special nature of their work;
• Employees in industries restricted
by seasons and natural conditions,
such as geology and resource
exploration, construction, salt
production, sugar production, and
tourism; and
• Other employees who are suitable
for the implementation of the
comprehensive working hours
system.
A Comprehensive Working Hour
System must be approved by the
local Labor Bureau before they can be
utilized and may need to be renewed
annually.
Flexible Working Hours System
The Flexible Working Hours System
refers to that employees can choose
the specific work scheduleflexibly
and autonomously on the premise of
completing the prescribed work tasks
or fixed working hours, instead of the
unified fixed commuting time system.
Under this Flexible Working Hours
System, if the employee worked on the
weekend for the tasks, overtime pay
can be avoided.
Enterprises in China can implement a
Flexible Working Hour System for the
following types of employees:
• Senior management personnel,
field personnel, sales personnel,
on-duty personnel and other
employees who cannot be
measured by standard working
hours system due to the special
nature of their work;
• Long-distance transportation
personnel, taxi drivers, loading and
unloading personnel of railways,
ports, warehouses, and employees
who need mobile operations due
to the special nature of their work;
and
• Other personnel suitable for a
Flexible Working Hours System to
due to production characteristics,
special needs of work, or scope of
duties.
A Flexible Working Hours System must
be approved by the local labor bureau
before they can be utilized and may
need to be renewed annually.
Probation period
According to Article 19 of Labor
Contract Law of the PRC, the probation
period terms of a labor contract are
limited as follows:
• If the fixed term of the labor
contract is more than 3 months
but less than 1 years, the probation
period shall not exceed 1 month;
• If the fixed term of the labor
contract is more than 1 year but
less than 3 years, the probation
period shall not exceed 2 months;
• If the fixed term of the labor
contract is more than 3 years or is a
non-fixed-term labor contacts, the
probation period shall not exceed
6 months.
• During the probation period, the
employer shall not terminate
the labor contract unless the
employee falls under the following
circumstances:
• The employee is found not to meet
the conditions for employment
during the probationary period
or the employee satisfied the
criteria for immediate termination
outlined in Article 39 of the Labor
Law of the PRC;
• The employee cannot perform his
duties due to illness or injury, or,
determined to be unqualified after
training or adjusting the job.
• Employers may not stipulate a
probation period for fixed-term
labor contracts with a term of less
than 3 months and Task-based
labor contacts.
Confidentiality obligations and
non-competition clauses
Article 23 of the Labor Contract Law of
the PRC stipulates that an employer
and the employee may agree in the
labor contract on confidentiality
obligations and non-competition
clauses to protect the employer’s
business secrets and confidential
matters related to intellectual property
rights.
For employees who are obligated to
keep confidential information, the
employer may agree with the employee
to provide the employee a monthly
payment within the non-competition
period.
According to the Shanghai Higher
People's Court of Labor Judicial
Interpretation, if the labor contract
provides a non-competition clause
but did not provide details on the
compensation amount to the
employee, the employee can claim
non-competition compensation
through negotiation with the employer
during the non-competition period.
If an agreement through negotiation
fails, the non-competition payment to
the employee typically falls be between
20-50% of the worker’s previous normal
wages for a period of no more than
2 years. If the employee violates the
agreement, they shall pay the employer
damages in accordance with the
agreement.
The persons subject to restrictions on
confidentiality and non-competition
shall be limited to:
• Senior management;
• Senior technical personnel; and
• Other personnel with
confidentiality obligations to the
employer.
The confidentiality obligations and
non-competition period shall not
exceed two years.
Hiring Employees, Contractors, and Freelancers in China
The China Market Entry Handbook
20
According to Article 50 of Labor Contract Law, the company shall establish labor
rules and regulations in accordance with the law. But it is not always suitable for
all rules and regulations to be included in the labor contract in which case many
companies will utilize the Employment Handbook.
An employment handbook can provide a detailed overview of company-specific
policies, procedures, guidelines, and benefits while also providing legal protection.
In the event of a labor dispute such as the company having been accused of
wrongful employment termination, harassment, and discrimination claims, courts
will rely heavily on the contents of both the labor contract and employee handbook
in determining the outcomes of the dispute. A clear and well-thought-out employee
handbook offers a critical layer of protection against employee lawsuits or claims.
Article 50 of Labor Law of the PRC stipulates that wages shall be paid monthly to the
workers themselves in the form of currency. In practice, this has been interpreted as
wages shall be paid no less than once per month.
Regardless of the duration of the payroll cycle, the company must perform the
individual income tax calculation and filing on a monthly basis using the employee’s
gross monthly salary. Employers are required to act as withholding agents for their
employee for the purpose of individual income tax.
In the event of a public holidays or rest day, salary payment shall not be delayed and
shall be paid in advance.
As opposed to hiring full-time employees, the agreement between a company and
a contractor or freelancer is not governed by Labor Law of the PRC. This means the
company is not bound by the requirements of the Labor Law of the PRC, such as
paying social insurance, paying severance, and providing other benefits such as paid
leave and sick leave.
Instead, the company is permitted to define the terms of the service agreement
signed between the Company and the Contractor subject to Contract Law section
of the Civil Code.
Employment Handbook
Payroll Requirements
Hiring freelancers and Contractors
Hiring Employees, Contractors, and Freelancers in China
The China Market Entry Handbook
20
Hiring Employees, Contractors, and Freelancers in China
The China Market Entry Handbook
21
Classification of a Contractor or Freelancer
Freelancer and Contractor are terms used interchangeable with one another to
define the working relationship between the company and the individual. The
company is considered to have hired a contractor or freelancer if the company pays
the individual in exchange for services and is not deemed to constitute an employee
and employer relationship.
Company should be careful that their relationship with a contractor does not trigger
an employee-employer relationship, thus fundamentally changing the nature of the
engagement.
According to the Labor Law of the PRC, an employee-employer relationship is
triggered when:
• The company pays the individual a set salary and/or provides insurance or other
social benefits;
• The contractor is required to follow the company’s guidelines and their work is
under the control of the company; or
• The contractor is performing an essential function of the company’s core
business operations.
Furthermore, if the company has worked with an independent contractor for 10
consecutive years or more or has signed two consecutive fixed-term contracts with
the independent contractor, the company is required to sign a non-fixed term labor
contract with the individual.
Standard contract terms for hiring Contractors or Freelancers
The terms of the contract between a Contractor and the company are subject to
the mutual agreement of both parties. In order to avoid misclassification of the
contractor as an employee and to clearly define the working relationship, it is
important to define the following standard contract terms:
• The detailed scope of work;
• Details of expected tasks for the project to be considered complete;
• The project’s start and end date;
• The amount, delivery method, and payment structure of compensation;
• Rights to any intellectual property (IP) created during the engagement if
applicable;
• Liability for outcomes and resources used in relation to the scope of work;
• Non-disclosure statements (NDAs) or non-compete clauses if applicable; and
• Clause for termination of the contract for each party.
Hiring Employees, Contractors, and Freelancers in China
The China Market Entry Handbook
21
Hiring Employees, Contractors, and Freelancers in China
The China Market Entry Handbook
22
An Employer of Record (EOR) is a third-
party organization that serves as the
legal employer for the employees of a
foreign company operating in China.
By partnering with an EOR, companies
can hire local or foreign staff without
the need to register a local company
or subsidiary. The EOR manages
administrative and legal aspects of
employment, such as labor contracts,
payroll, employee benefits, visa
sponsorship, and compliance with local
labor laws and regulations.
In China, the Employer of Record
service is also known as staff
outsourcing. By leveraging EOR
services in China, foreign companies
can enjoy several advantages:
Simplified market entry
EOR service providers enable
companies to start operations in
China without the time-consuming
and costly process of establishing a
local subsidiary. Foreign companies
can also use the provider’s capacity to
rapidly recruit and onboard employees,
enabling them to adjust their workforce
size according to market demands.
Compliance assurance
Doing business in China presents a
unique set of challenges and risks for
foreign companies. EOR possesses
extensive knowledge of Chinese
labor laws and regulations, ensuring
that businesses remain compliant
and avoid potential hazards or legal
complications.
EOR can provide guidance on best
practices for protecting intellectual
property in China, helping foreign
companies safeguard their assets and
protect their reputation.
Cost and Operational efficiency
EOR will serve as the employee’s
nominal employer, handling all the
administrative and legal aspects
of employment, allowing foreign
businesses to concentrate on their daily
business activities. This approach also
leads to substantial cost savings, as
foreign businesses are not required to
invest in infrastructure, legal services,
human resources, or other overhead
expenses.
Enhanced global mobility
EOR can sponsor work visas for
foreign employees, making it easier for
businesses to hire and relocate talents
in China.
Employer of Record in China
Cost of hiring employees in China
The China Market Entry Handbook
23
Compensation and Benets (C&B)
China has the largest labor market in the world and has
long been a strategic location for many manufacturers
and labor-intensive industries to set up operations.
However, as the Chinese economy continues to grow
and wages rise, so does the cost of hiring in China.
The cost of hiring in China consists primarily of
mandatory expenses such as employee’s gross salary
and social security contributions. It is also common
practice in China to provide other incentives and
bonuses to employees based on performance or other
criteria – though this is entirely up to the discretion of
employers.
When considering the total cost of employment in
China, employers should first determine the gross
salary using fair compensation for similar work in the
designated city. Factoring in the various additional
costs borne by the employer – such as mandatory
social security benefits – and other voluntary benefits,
employers can then begin to see the total cost of
hiring employees in China.
C&B is typically divided into three
parts: wages and salary, incentives and
bonuses, and mandatory social security
contributions.
• Wages & Salaries are generally
paid monthly and vary from 12-
13 months. A 13th-month pay
scheme is common practice –
but not mandatory - in China,
with the 13th month’s pay issued
during the Chinese Spring Festival.
Overtime pay according to PRC
labor law is calculated as 150% of
normal wages when performed on
weekdays, 200% when performed
on rest days (i.e. weekends), and
300% performed in public holidays.
• Incentives and Bonuses - are
generally tied to individual
performance and/or team/
company overall performance.
They can be paid monthly,
quarterly, or annually and
are normally not guaranteed.
Examples include individual
performance, team performance,
profit sharing (payouts based
on organizational profitability),
comprehensive performance
(awards based on the performance
of the company, team, and
individuals), sales bonuses,
sales commissions, and special
recognition awards.
• Social securities – refers to the 5
social insurances and 1 housing
provident fund.Social security
contributions are mandatory for
both employers and employees
and comprise a significant portion
of the total employment costs.
Generally, the employer portion
ranges between 35-40 percent
of the employee’s monthly gross
salary up to a fixed limit.
Cost of hiring
Employees in China
Net Salary
Individual Income Tax
Social Security Employee
Social Security Employer
Example:
Monthly employmemt cost:
Gross salary:
20,025
15,000
5,025
2,625
228
34%
17.5%
Note: The above example is based on 2022 social security rates for
Beijing and utilized the RMB 5,000 monthly standard deduction
and additional RMB 3,000 itemized deductions.
1.5%
81%
12,148
134%
100%
Cost of hiring employees in China
The China Market Entry Handbook
24
Normally the contributions are based on the employee’s average monthly gross
salary of the previous year and are limited to Maximum Base and Minimum Base.
The Maximum and Minimum bases are typically 300% and 40% of the local average
gross wages of the previous years. However, they differ between cities and are
announced by the local government annually.
Pension Insurance
Medical Insurance
Unemployment Insurance
Work Injury Insurance
Maternity Insurance
Housing Provident Fund
13 - 16%
5% - 12%
0.5% - 1%
0.1% - 2%
0.5% - 1%
5% - 12%
8%
Around 2%
0.2% - 0.5%
-
-
5% - 12%
Category Employer Portion Employee Portion
Note: Contributions (including minimum base and cap base) and percentages vary between local
jurisdictions and are updated each year for each individual jurisdiction.
@ Integra Group 2023
China Social Security Contributions
Cost of hiring employees in China
The China Market Entry Handbook
25
Individual income for wages and salary in China is taxed based on a progressive tax
system with seven tax brackets ranging from 3%-45%.
China tax residents are taxed on their gross wages and salary (including base
salary, bonuses, allowance, etc.) minus the employee portion of the social security
contributions and allowed itemized deductions. All China tax residents are also
allowed an additional RMB 60,000 standard deduction per year.
Taxable Income = gross salary – employee social security contribution – standard
deduction – additional itemized deductions – other allowable deductions
Expatriate employees currently enjoy more preferential policies when it comes to
deductible expenses. Until December 31st, 2021, expatriates can fully deduct certain
expenses items from their taxable income – without clearly defined limits. Starting
in 2022, expatriates will no longer be able to enjoy the preferential tax treatment but
can still utilize the standard itemized deductions available to all China tax residents.
Individual Income Tax (IIT)
Itemized Deductions
Preferential policy for expatriates
Children's education
Housing rental
Meals & laundry
Relocation & travel allowance
Language training
Airtickets for home visit
*No-cap deductions must be claimed using authentic fapiaos (China official tax invoices) and relevant supporting documents.
Children's education
Housing rental
Housing mortgage interest
Expenditures on dependent
parents
Continuing education expenses
Baby and child care(below 3 years
old)
Healthcare cost for serious illness
Cap at 1k/month/child
Cap at 1.5k/1.1k/800/month
Cap at 1k/month up to 20 years
Cap at 2k/month/family
Diploma: Cap at 400/month up to 4
years; Professional Qualifications:
3.6k/one-off
Cap at 1k/month/child
Over RMB 15,000 up to RMB
80,000/annum
No cap*
No cap*
No cap*
No cap*
No cap*
Standard itemized deductions
Two round trips/annum*
@ Integra Group 2023
China Individual Income Tax Rate Table China Individual Income Tax Rate Table
1
2
3
4
5
6
7
1
2
3
4
5
6
7
Level
Level
Tax Rate
Tax Rate
Quick Deduction
Quick Deduction
Taxable Income
Taxable Income
(Monthly)
(Annual)
0
3,000
12,000
25,000
35,000
55,000
80,000
0
36,000
144,000
300,000
420,000
660,000
960,000
2,999
11,999
24,999
34,999
54,999
79,999
-
35,999
143,999
299,999
419,999
659,999
959,999
-
3%
10%
20%
25%
30%
35%
45%
3%
10%
20%
25%
30%
35%
45%
0
2,520
16,920
31,920
52,920
85,920
181,920
0
210
1,410
2,660
4,410
7,160
15,160
Note: The above Tax Rates are only applicable for Comprehensive Income. Not applicable for other individual income such as interest, dividents, income
from lease or transfer of property, incidental income, income from operations etc.
@ Integra Group 2023
Cost of hiring employees in China
The China Market Entry Handbook
26
IIT for expatriates
• Expatriates who reside in China for cumulative 183 days or longer within a
calendar year are considered PRC tax residents. After 6 consecutive years of PRC
Tax Residency status, expatriate’s worldwide income will become subject to tax
in China.
• The table below shows the tax liability for expatriates in China based on various
income sources;
Expatriate in China who wants to avoid subjecting their worldwide income to
taxation in China, can reset the 6-year requirements by exiting China for more than
30 days consecutively or 183 days cumulatively in any tax year during a 6-year period.
According to regulations issued by the PRC Ministry of Human Resources and
Social Security, expatriates must also pay into the mandatory social security funds
in China. As of Dec 31st, 2019, China has entered into Bilateral Social Security
Exemption Agreements with 10 countries providing exemptions from social security
contributions for expatriate employees from these countries.
However, enforcement of social security contributions for expatriate employees
varies between jurisdictions. In practice, many employers in certain cities choose to
not make social security contributions for expatriate employees.
Public holidays
Public holidays in China are arranged
according to both the Lunar calendar
and the Gregorian calendar. The central
government will announce, typically in
November, the public holiday schedule
for the following year. In total, there
are 11 fully paid public holidays. In
addition, the government will typically
provide additional “rest days” following
the Chinese Spring Festival and Mid-
Autumn festival public holidays
to extend the holiday. Employees
should work one or two rest days (i.e.
Saturday or Sunday) to make up for the
additional time off given to them.
Holiday and Leaves:
Holidays & Statutory Leave
China IIT: Tax Resident & Non-tax Resident
Stay in China Paid in China Paid oversea Paid overseaPaidin China
Tax Resident
Non-Tax Resident
>=183 days
<183 days
>= 6 years
< 6 years
>= 90 days
< 90 days
Taxable
Taxable
Taxable
Taxable
Taxable
Taxable
Taxable
Non-Taxable
Taxable
Taxable
Non-Taxable
Non-Taxable
Taxable
Non-Taxable
Non-Taxable
Non-Taxable
China sourced income Oversea sourced income
@ Integra Group 2023
Public Holidays
Annual Leave
Sick Leave
Marriage Leave
Maternity Leave
Paternity Leave
11 days
5 - 15 days
Maximum 3 months to
2 years
3 - 30 days
98 + Additional days
0 - 15 days
Fully paid; Public holiday schedule is announced the
year prior
Fully paid; Increases with the duration of employment
up to 15 days.
Paid 40% - 100% of daily wages depending on staff
seniority and city/procince.
Fully paidl Rural cities generally have more marriage
leave.
Pay is covered by the local Social Security Bureau up
to certain limitsl Additional days varies by
city/province.
Regulations regarding paternity leave vary betwee
local jurisdictions, as does the method of caculating
compensation.
@ Integra Group 2023
Duration
Remarks:
Cost of hiring employees in China
The China Market Entry Handbook
27
Terminating an employment contract according to China’s Labor Laws
requires employers to give 30-days prior notice and pay severance to the
employee. Severance pay is generally equivalent to one month’s salary
per year of employment with the company - or half month salary if the
employee worked for less than 6 months with the company.
Companies can avoid paying severance if;
a. Termination of a labor contract is mutually agreed upon; or,
b. The employee is fired for violation of the labor contract (breach of
contract provisions or disciplinary rules) with solid documentation
and supporting evidence.
It’s important to note that labor disputes in China generally favor
the employee. The burden falls on the employer to provide solid
documentation and evidence to assert its right to terminate a labor
contract and penalty for wrongful termination is generally two times the
amount of the original compensation.
Termination of Employment Contracts
Sunny Peng
Senior Manager, Accounting
Shanghai Office
Annual leave
By law, the minimum fully paid
annual leave granted to full-time
employees is 5 days following one year
of employment and increases with
the number years of employment as
follows – up to 15 days after cumulative
20 years of employment.
Companies may provide more paid
time off as part of their company policy
or personal benefits for their employees
at their own discretion.
Sick Leave
Employees are granted a fixed number
of paid sick days per year depending
on the seniority of the employee.
The minimum number of paid sick
days and pay varies by city/province –
generally a percentage of daily wages.
Other Paid Leave
According to China labor law,
employees are also entitled to various
paid leave such as marriage leave, pre-
maternity leave, maternity/paternity
leave, funeral leave.
Tax Planning in China: Methods and Preferential Policies
The China Market Entry Handbook
28
Tax Planning in China: Methods
and Preferential Policies
Whether a multinational corporation with operations in various countries or an early-
stage business, businesses are naturally concerned about the amount of tax they pay.
Businesses aim to achieve greater tax efficiencies and improve cash flow through
effective tax planning. However, when operating in overseas markets a key challenge
is always navigating the various local tax laws and regulations that apply to the
business and its activities.
Tax planning is the means by which businesses regularly assess and strategically
manage the tax liability arising from their business activities. Generally, this includes
Corporate Income Taxes (CIT), Value-Added-Tax (VAT), and Individual Income
Taxes (IIT). As the complexity of a business increases, so does the tax planning
considerations. Here we share some of the key tax planning considerations for
businesses of all complexities to guide foreign investors in China.
During the company setup, the business owners must make several decisions that
affect the future tax payables of the business.
Taxpayer Status
Applying for small-scale VAT taxpayer status allows businesses to apply a flat 3%
VAT rate for both products and services – as opposed to the standard 6% (servicing)
and 13% (product trading) paid by General VAT Taxpayers. However, small-scale VAT
taxpayers are not allowed to offset their VAT payable using input VAT deductions.
Instead, they pay a flat 3% VAT on gross sales revenue.
Determining which taxpayer status is more efficient varies case by case depending
on several factors including the amount of estimated input expenses, whom your
suppliers are, the expected turnover of the company, and more. We suggest working
with a professional tax accountant to determine the most efficient taxpayer status
based on individual circumstances.
Business Scope
Tax rates vary between products (9% - 13%) and services (6%). Separating products
and services allows businesses to apply a lower tax rate for revenue generated
through services. Generally, both product and service business scopes can be
applied for under a single business license. However, in some cases where it is
difficult to separate the service from the product – such as certain hardware and
software applications – the company may be required to register two separate
companies to effectively apply a lower tax rate.
Additionally, in order to qualify for various preferential policies and incentives,
businesses must meet a specified business scope. The business scope cannot be
too broad, or it might affect their ability to apply for preferential treatment and
incentives.
Preferential policies and incentives
There are various preferential policies and incentives provided in China including –
reduced tax rates, special “super deductions”, tax holidays, reduced interest rates,
Company Setup Tax Planning
Tax Planning in China: Methods and Preferential Policies
The China Market Entry Handbook
29
cash incentives, and other fiscal stimuli. Preferential policies follow the current
economic agenda outlined in the various “Encouraged Catalogues” and can change
frequently. Generally, they are awarded based on the following factors:
Business activities – such as infrastructure investment, high-new technology
enterprises (HNTEs), and other industry sectors which meet the economic and social
development needs of each region.
Location – such as Free Trade Zones (FTZ), High-Tech parks, Belt and Road Initiative
(BRI) areas, and other areas outlined as “in-need” for investments (Example: China’s
Western Regions).
The first stage of applying for preferential tax treatment and incentives requires
you to engage with an advisor to determine whether your business meets the
qualifications set out by local jurisdictions. In some cases, the criteria are clearly laid
out and other times this involves liaising with the relevant regional authorities over
the permissible business activities and incentives.
Micro- and Small Sized Enterprises
Micro- and Small Sized Enterprises (MSEs) are defined as “having a relatively small
size in personnel and scope of business”. The standard for classification of MSMEs is
based on the industry, operating income, total assets, and the number of employees
belonging to a company. Over 95% of all Chinese businesses classify as MSEs.
Various preferential tax policies are targeted to China MSEs and effectively reducing
the tax payable up to prescribed limits, including;
• The first RMB 1 million of taxable income will be taxed at a preferential CIT rate
of 20% for 25 percent of their income, with the remaining 75 percent tax-free
(effective tax rate 5%).
• Taxable income for the next RMB 1 million to RMB 3 million will be taxed at a
preferential CIT rate of 20% for 50 percent of their income, with the remaining
50 percent tax-free (effective tax rate of 10%). In year 2023, there is extra 50% tax
exemption (effective tax rate 5%).
• Taxable income above RMB 3 million will be taxed at CIT rate of 25%.
• Small-scale VAT taxpayers with monthly revenue of less than RMB 100k will be
exempted from remitting VAT on certain items. If monthly revenue is above
RMB100K (monthly filing taxpayer) or quarterly revenue is above RMB 300K
(quarterly filing taxpayer), all revenue of small-scale VAT payer will be taxed at
VAT rate of 1% in year 2023.
The transactions a business engages
in on a daily business not only have an
impact on the cash flow, but also the
underlying tax liability of the business.
Effectively managing the taxes you
pay requires an understanding of how
transactions are recorded and their
related bookkeeping procedures. Below
are some tax planning matters to be
considered:
VAT planning
China’s official VAT invoices (fapiaos)
Daily Tax Planning
play an important role in the daily tax
planning of businesses. Once a fapiao is
issued, the resulting VAT payable is due
upon the next VAT declaration.
Chinese businesses are required to
self-declare and pay VAT monthly or
quarterly depending on their taxpayer
status. However, special transactions
– such as overseas remittances – can
sometimes require the business to pre-
pay VAT.
Generally, businesses should be
mindful when issuing fapiao and
carefully monitor each invoice to avoid
issuing duplicate fapiao. Good practice
is to specify in sales contracts when a
fapiao is issued and align those terms
with the collection of sales revenues.
Businesses should also be mindful of
purchase contracts and request fapiaos
be issued together with the payments
made to those suppliers.
29
Tax Planning in China: Methods and Preferential Policies
The China Market Entry Handbook
30
CIT planning
Taxable income is revenue minus qualified expense deductions. Regardless of
whether the company made a profit, an unqualified deduction can result in the
business paying CIT on some of its expenses.
Expenses entered into the financial records without an accompanied fapiao, or
an unqualified fapiao attached are considered to be unqualified expenses. It is
important the business maintains up-to-date financial records and implements
procedures to ensured supporting fapiao are qualified to protect the integrity of
their accounting records.
The deductibility for certain expenses is limited based on the thresholds set by
the tax authority. Expenses beyond these limits are required to be “added back”
for income calculation purposes and levy applicable CIT rates to said amount. It
is important to monitor these tax-deductible thresholds and be mindful of the
additional tax payable above these limits.
Tax planning has many benefits for
companies of all sizes ranging from
operational cash flow to a lower
underlying tax liability. Companies are
advised to consider the tax planning
methods discussed and adopt policies
to monitor their tax payable regularly. A
majority of businesses, especially MSEs,
can enjoy the benefits of tax planning
using these methods.
In addition, the tax planning methods
available to companies meet a certain
degree of size and complexity go
beyond those discussed here. These
include businesses with large R&D
expenditure, multinational companies
with subsidiaries in China and overseas,
and companies with a mix of both
services and products. Companies that
meet these general criteria should
spend more time exploring the tax
planning options available to them and
how they can maximize their benefits.
For more information about tax
planning in China and assistance with
applying these methods, businesses
are advised to speak with a professional
tax accountant or advisor.
Benets of tax
planning
Anny Wu
Senior Manager, Tax
Shanghai Office
Multinational companies engaged in the
Chinese market need to consider not only their
tax compliance in China, but also their overall
tax structure and whether there are any tax
efficiencies to be had.
”
“
Expense Category Limits
Deduction Item
Employee Benefits
Employee Union Fund
Employee Educations
Bussiness Hospitality
(Entertainment etc)
Marketing & Advertising
Marketing & Advertising: Cosmetics,
Pharmaceuticals, and Beverage
Marketing & Advertising: Tobacco
Public Welfare Donation
14%
2%
8%
60%
0.5%
15%
30%
0%
15%
Non-transferable
Non-transferable
Transderable
Non-transferable
Non-transferable
Transferable
Transferable
Non-transferable
Transferable for 3 years
Duduction Base
Annual Grass Salary
Annual Grass Salary
Annual Grass Salary
Deductible Expense Amount
Limit: Annual Gross Renenue
Annual Gross Revenue
Annual Grass Revenue
Non- deductible
Annual Gross Profit
Deduction Base Deduction Limit Transferable
@ Integra Group 2023
Profit Repatriation Strategies for China
The China Market Entry Handbook
31
Prot Repatriation
Strategies for China
China has long maintained strict foreign exchange controls over funds leaving the
country, meaning foreign investors face a series of compliance challenges before they
can successfully move funds out of the country.
With the current pace of regulatory changes and with the banks adopting different
anti-money laundering procedures, foreign investors in China are naturally concerned
about their ability to move funds and most importantly, repatriate profits to their home
countries.
Foreign investors in China are advised to use the various methods available to them to
best optimize the tax liability resulting from funds leaving the country. In this article, we
discuss the four primary ways for foreign-invested enterprises (FIE) to repatriate profits
as well as applications of transfer pricing in China.
Dividends to shareholders are the most
commonly utilized method for FIEs in
China to repatriate profits to foreign
entities - despite being a fairly costly
method for repatriating profits.
Dividends can only be paid from after-
tax earnings following the annual CIT
reconciliation – i.e. the annual tax filing
– typically in May of the following fiscal
year. The relevant tax authorities will
confirm the total amount of profits
which can be paid as dividend and
whether all previous year’s losses have
been made up.
Additionally, FIEs who wish to repatriate
profits must place at least 10% of net
profits in a reserve account - up to a
limit equal to 50% of the registered
capital. Reserve funds can further
be used to cover future losses, cover
Prot Repatriations (Dividends)
operating expenses, or be reinvested in
the business at a later date.
China provides various tax benefits that
lower the taxable corporate income
– such as those enjoyed by qualified
micro, small, and medium-sized
enterprises. These effectively increase
the amount of retained earnings which
can be paid as dividends making it a
more efficient means of repatriating
profits
Calculation Amount
Profit
Corporate Income Tax
Mandatory Reserve
Withholding CIT*
Net amount for repatriation
(a)
(b) = (a) x 25%
(c) = (a - b) x 10%
(d) = (a - b - c) x 10%
-
100
25
7.50
6.75
60.75
@ Integra Group 2023
Dicidend Payment
* Withholding CIT paid in China can be deducted from the tax liability overseas under a DTAA.
Profit Repatriation Strategies for China
The China Market Entry Handbook
32
Certain business functions may be
carried out at the group company
level or by a related party in exchange
for a service fee. Some examples
include accounting, HR, information
technology, marketing, and other
supporting functions that can be
administered at the group level. For
service fees paid to overseas, the
China entity must withhold CIT, VAT
and other local surtaxes on behalf of
the overseas entity. CIT is calculated
based on the standard 25% CIT rate
and a deemed profit ranging from
15% to 30% for revenue from project
operations, design and consulting
services, and 30% to 50% for revenue
from management services.
The process of engaging in
intercompany service agreements
has become simpler in recent years.
However, given their potential for
misuse, tax authorities reserve the
right to call into question the validity of
intercompany service agreements. It’s
important that the necessary steps be
taken to ensure such agreements are
done in compliance with PRC laws and
regulations should they be challenged
by Chinese authorities.
Royalties are fees paid to an entity concerning the use of intellectual property
such as patents, copyrights, trademarks, or proprietary technologies. When paying
royalties to an overseas entity, the China entity is required to withhold CIT, VAT, and
local surcharges before payment out of China can be made. Royalty agreements
must also be registered with the trademark bureau and detailed royalty agreements
provided, including the rationale for calculating royalty fees.
FIEs in China are permitted to register foreign debt - up to the Foreign Debt Quota
- on which they can pay interest to the issuer of the loan. FIEs are permitted to pay
interest at a rate not exceeding the official interest rate provided by the Bank of
China – generally around 4%.
Furthermore, in order to utilize foreign loans, the business must specify a total
investment which is greater than the registered capital on their Articles of
Incorporation and register the foreign loan with SAFE.
Businesses may decide - within their allowed limits - how much of the total
investment they wish to register as a foreign loan. Like with royalties, the China
entity is required to withhold CIT, VAT, and local surcharges before payment out of
China can be made.
Service fees
Royalties
Foreign Loan Interest Payments
Service Agreements
Calculation Amount
Servise Agreements
VAT
Withholding CIT*
Net amount for repatriation
(a)
(b) = (a) / (1+6%) x 6%
(b) = (a) / (1 + 6%) x 30%** x 25%
-
100
5.66
7.08
87.26
@ Integra Group 2023
* Withholding CIT paid in China can be deducted from the tax liability overseas under a DTAA.
**Based on a deemed profit rate of 30%.
Service Agreements
Service Agreements
Calculation Amount
Royalty
VAT
Withholding CIT*
Net amount for repatriation
(a)
(b) = (a) / (1+6%) x 6%
(d) = (a) / (1 + 6%) x 10%**
-
100
5.66
9.43
84.91
@ Integra Group 2023
* Withholding CIT paid in China can be deducted from the tax liability overseas under a DTAA.
**Based on a deemed profit rate of 30%.
Royalties
Service Agreements
Calculation Amount
Interest
VAT
Withholding CIT*
Net amount for repatriation
(a)
(b) = (a) / (1+6%) x 6%
(d) = (a) / (1 + 6%) x 10%**
-
100
6
9.43
84.91
@ Integra Group 2023
* Withholding CIT paid in China can be deducted from the tax liability overseas under a DTAA.
**Based on a deemed profit rate of 30%.
Foreign Loan Interest Payments
Profit Repatriation Strategies for China
The China Market Entry Handbook
33
Double Taxation Avoidance Agreements (DTAA) signed between China and other
countries provide relief from the double taxation of income, assets, or financial
transactions. They allow for tax credits to be claimed overseas up to the amount paid
in tax in China – and vice versa.
In some cases, DTAAs effectively reduce the tax withholding rate from income or
other financial transactions between China and foreign countries. For example, the
DTAA between HK and China effectively reduces the withholding CIT for dividends
from 10% to 5% for shareholders with over 25% equity share.
Tax residents of jurisdictions that have a DTAA in place with China may also be
granted CIT exceptions and other preferential treatment for intercompany service
agreements. However, these are only available on a case-by-case basis and subject
to pre-approval of the relevant tax authorities.
When determining a profits repatriation strategy, investors are encouraged to
carefully review DTAAs in place – if one exists - between China and the shareholding
jurisdiction before making a final investment decision.
Transfer Pricing is an accounting practice for establishing the price of goods
or services exchanged between two related companies. Transfer pricing is an
important concept for multinationals as it allows companies to fairly distribute
earnings amongst groups or related parties.
However, due to the potential for misuse or unfair pricing, the tax authorities will
often carefully examine both parties involved in such transactions focusing in
particular on;
• How each party benefited from the transaction;
• The necessity of services in question;
• The rationale for determining the price – was it done in accordance with the
Arm‘s Length Principle?;
• And in the case of royalties, how much value the company derived from the use
of the intangible assets.
Thus, it’s important that intercompany transactions are accompanied by detailed
supporting evidence and are carried out in compliance with PRC law should they be
challenged by the tax authorities.
Additional Considerations
When choosing methods of profit repatriation, one must consider the options
available to their unique business situations keeping in mind that the tax authorities
in China reserve the right to question the validity of many of the methods discussed.
It’s also important that the business conducts thorough cashflow forecasts before
repatriating profits to avoid needing to further increase its working capital in the
future should it need additional funding.
Double Taxation Avoidance Agreements
How Transfer Pricing works
Jessie Lin
Director
Shanghai office
t‘s not uncommon that a related company
provides service or intellectual property in
some form without directly invoicing its China
subsidiary. Companies should first look at what
supporting functions or IP they are receiving and
consider whether it can be utilized as a mean of
repatriating profits overseas.
”
“
ICP Filing and ICP License in China
The China Market Entry Handbook
34
ICP Filing and ICP License
in China
ICP stands for Internet Content
Provider (ICP). As China maintains strict
control over websites, games, apps, and
e-commerce within its borders, any
“internet content provider” must first
register for licenses with the Chinese
Ministry of Industry and Information
Technology (MIIT) to be able to post
information and/or do business online.
The requirement was instated
in September 2000 by
theTelecommunications Regulations
of the People’s Republic of Chinaand
Articles 3 and 4 ofAdministrative
Measures on Internet-Based
Information Systems:
There are two types of ICP permits available in China. Based on your application,
game, or platform, your business might need either one or both of them:
• ICP Filing
(ICP 备案 )
The ICP registration, also known as ICP Beian or ICP Recordal, is a mandatory
requirement for hosting a website in China. Enforced by the Chinese Ministry of
Industry and Information Technology for non-commercial websites, it is managed at
the provincial level for each domain. A distinct ICP Registration is needed for every
top-level domain.
For non-commercial sites (sites that are purely informational and not involved in
selling goods or services), this is the only ICP required. You cannot generate revenue
with an ICP Filing, so if the purpose of your site is to generate revenue, then you
will need an ICP License instead. ICP Filing guidelines were established in 2005
inAdministrative Measures For the Filing of Not-For-Profit Internet Information
Services.
• The numbers follow the format
京 ICP 备 12345678 号 ,
where the first character
indicates the province where the filing was issued. Your ICP Filing will be
registered and accessible through anonline database. No paper certificate will
be issued.
Understand the ICP in China
What are the different types of ICP permits?
Article 3.Internet-based information
services are divided into services of a
commercial nature and services of a
non-commercial nature.
Commercial internet-based information
services refer to compensatory services
which provide information to or create
web pages for online users through the
Internet.
Non-commercial internet-based
information services refer to non-
compensatory services which supply,
through the Internet, to online users
information which is open to and
shared by the general public.
Article 4.The State shall implement
a license system for internet-based
information services of a commercial
nature, and implement a filing-for-
record system for internet-based
information services of a non-
commercial nature.
No one shall engage in internet-based
information servces without having
obtained a license or having completed
the filing-for-record procedures.
ICP Filing and ICP License in China
The China Market Entry Handbook
35
• ICP License
(ICP 许可证 )
An ICP License allows a Chinese company to publish a website, platform, or software
in China that generates revenue or provides a platform for others to generate
revenue. Its official name is
信息服务业务 ( 仅限互联网信息服务 )
. It is also referred to
as anICP Zheng,ICP Commercial License, or aB25 ICP License, as it is regulated
under category B25 in the Value-Added Telecommunication Services (VATS)
licensing system.
•
• An ICP License is issued on a per-company basis. You will still need to submit an
ICP Filing for each top-level domain you use.
•
• These numbers follow the format
京 ICP 证 12345678 号
, where the first character
indicates the province where the license was issued.
ICP Licenses are required for:
o any commercial website (a website that is not purely informational)
o paid games or games that have in-app payments and/or in-app advertising
o apps that have in-app payments and/or in-app advertising
o SaaS platforms
o app stores or game stores
o online marketplace for goods, services or information
o online games
o live streaming platforms (although an additional, separate license is also required for this as well)
o community platform services (a platform for question and answer, social sharing or communication)
o real-time interactive services
(platorms with real-time communication, interactive voice IVR, and video call functions)
o information protection and processing services (mobile assistants, anti-virus software)
o shrinking query services (which are not included in browser, with content retrieval in app)
o information release and express services
(maps, discount networks, libraries, life service and information browsing webpages)
• Hosting your website in China
ensures quicker loading times and
a lower risk of being blocked by
the Great Firewall of China.
• You become eligible to use the
".cn" and ".com.cn" domain names,
which enhances SEO and boosts
credibility.
• Baidu, China's leading search
engine, favors websites hosted
within the country.
• You gain a considerable edge over
competitors hosting their websites
outside of China.
What are the
benets of obtaining
ICP permits
ICP Filing and ICP License in China
The China Market Entry Handbook
36
Who is eligible for an ICP Filing?
• Any company registered with a Chinese business license in Mainland China –
including joint ventures, Wholly Foreign-Owned Enterprises (WFOE), and 100%
domestically-owned companies.
Who can get an ICP License (Commercial)?
• Chinese-owned businesses with a Chinese business license.
• Sino-foreign joint ventures where the proportion of foreign investment does
not exceed 50%.
Is it possible for a foreign company to obtain an ICP in China?
Foreign companies without a Chinese entity are not qualified to obtain an ICP
permits. Having a representative office in China is insufficient; you must possess a
registered Chinese business license, as mentioned earlier.
What is the process for a foreign company to obtain an ICP permit in order to
launch an app or game in China?
Typically, foreign organizations collaborate with Chinese internet companies to
launch their platforms, and using the licenses held by the Chinese partner company.
This is where AppInChina can help. We help get you the licenses you need, and
you will even be able to avoid some licensing requirements entirely due to our
partnership agreement. Our wide range of services and expertise allows you
to publish and operate worry-free in China, knowing that you are in full legal
compliance with all Chinese laws.
When you sign up for AppInChina’s services, you always retain the right to your
own content and complete control of your own operations, while at the same time
taking advantage of our company status and many years of expertise in the Chinese
market. You retain full control and copyright over your app, game or platform
through your contract agreement with us.
Frequently Asked Questions
About ICP ling and ICP license
Rich Bishop
CEO, AppInChina
36
China Data and Cybersecurity Assessment
The China Market Entry Handbook
37
Abbreviations
CIT – Corporate Income Tax
CJV – Cooperative Joint Venture
DTAA – Double Taxation Avoidance Agreement
EJV – Equity Joint Venture
FE – Foreign Enterprise
FIE – Foreign Invested Enterprise
FTZ - Free-Trade Zone
HNTE – High-New Technology Enterprises
IIT – Individual Income Tax
JV- Joint Venture
MSE – Micro and Small-sized Enterprises
PRC – Peoples Republic of China
RO – Representative Office
SAIC – State Administration for Industry and Commerce
TRE – Tax Resident Enterprise
VAT – Value Added Tax
WFOE – Wholly Foreign Owned Enterprise
WHT – Withholding Tax
37
2023 edition
Accounting
Audits
Payroll & HR
CFO Services
Company Registration
BPO
Pierre Wong
Managing Director
Shanghai Office
Email: Pierre.wong@integra-group.cn
In Conclusion
With Integra Group, you have a team of experts by your side to help you navigate
your business as efficiently as possible while providing financial insight to the
important business decisions you will face.
We manage and support the accounting, tax, and HR functions with a focus
on value and efficiency. Most importantly, we free you up from managing the
compliance tasks so that you can spend more time working on your business.
Our Services
Integra Group is a fully licensed Asia-focused accounting, taxation, and business
advisory firm – with dedicated offices in Shanghai, Beijing, Singapore, and Taipei.
We have helped companies ranging from Fortune 500 companies to small and
medium-sized businesses who wish to establish and grow their presence in Asia.
Corporate Tax
Due diligence
38
2023 edition
Integra Group is an established provider of
company incor-poration, accounting, tax,
HR, and outsourced corporate services in
Asia. We help multinational businesses tap
into the rapidly expanding Asian markets
through our cost effective and reliable
corporate services. With our wide range
of value-added services and personalized
approach, Integra helps businesses unlock
new efficiencies and easily navigate the
unique regulatory, business, and cultural
environment in which they do business.
We have helped companies ranging from
Fortune 500 companies to small and
medium sized enterprises across a wide
range of industries grow their business in
Asia. With dedicated offices in Hongkong,
Shanghai, Beijing, Taipei, and Singapore,
Integra Group is uniquely prepared to
help businesses reach their potential in an
increasingly global business environment.
If you have any concerns about the
compliance status of your business or
world simply like to improve on your
compliance procedures, contact Integra
Group for a free consultation. Speak
one-on-one with a compliance expert in
China to find what's right for you.
About
Integra Group
Get assurance now
Pierre Wong
Managing Director
Shanghai Office
Pierre.[email protected]
Jessie Lin
Director
Shanghai Office
Jessie.lin@integra-group.cn
Gigi Yin
Senior Manager
Shanghai Office
Sunny Peng
Senior Manager, Accounting
Shanghai Office
Anny Wu
Senior Manager, Tax
Shanghai Office
Shanghai
Unit 809, Central Park · Jing'an, 329 Hengfeng Rd, Shanghai, 200070
Tel: +86 (21) 6230 7675
Beijing
Level 24, Tower 3, China Central Place, 77 Jianguo Road, Chaoyang District, Beijing, 100025
Tel: +86 (10) 8587 2208
Singapore
16 Rafles Quay #17-03 Hong Leong Building, Singapore, 048621
Tel: +65 6950 5365
Taipei
Floor 12, No. 148, Sec. 4, Zhongxiao East Rd., Da’an District, Taipei, Taiwan
Tel: +886 (2) 8773 8880
Hong Kong
Room 1204, 12/F, C C Wu Building, 302-308 Hennessy Road, Wanchai, Hong Kong
Tel: +852 2151 2411
Email: Info@integra-group.cn
Website: www.integra-group.cn
Our Offices:
