how start your business in china ---by zhao qin. about the speaker zhao qin msc ib student ceram...
TRANSCRIPT
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How start your business in China
---by Zhao Qin
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About the speaker Zhao Qin
MSc IB student CERAM 2003-2004 Department Head Metro 2004-2005 Department Mgr. Changhai 2005-2006 Vice-President Changhai 2006-Now
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Classifacation of Chinese Enterprise
State Enterprise Private Enterprise Joint Venture
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Classifacation of Chinese Company
Limited Company 2 to 50 investors Registered capital: 0.03M RMB or more
Stock Limited Company 5 to infinite investors Registered capital: 5M RMB or more
Individual enterprise single investor Registered capital: 1 RMB
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Procedure of setting up your company
Entitle Capital verification Compose articles of corporation Register company in industrial and commerci
al bureau Apply Organization Code Certification from s
upervision bureau
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(continue)
Certificates from other function department Open primary account of your company Apply Tax Registration Certificate from tax bu
reau Apply your company’s invoice Start your business
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How entitle your company
江西省 昌海 糖酒食品 有限公司 Region name industry Ltd. Co. Chinese only “China” “National” “Intertional” state enterpris
e only No same name in the same industry and regi
on
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Procedure of verifying capital
Get “Name Approval Certificate” from industrial and commercial bureau
Open a temporary account of your company Enough money in the account Articles of your company Sharehoulder’s ID certificate Accountant office verify the capital
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Which documents you need to register the company
capital verification report articles of corporation rental contract Name Approval Certificate fill the sheets
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make your seals
offical seal contract seal business seal
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Function of industrial and commercial bureau
Company registration Advertising supervision Consumer right protection Brand registration Keep market order
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Use of Organization Code
ID number of the company tax, bank, social security, vehicle, custom
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Function of supervision bureau
standardisation goods’ bar code goods’ quality and quantity supervision
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Which function departments you also need to contact?
Sanitation bureau Bureau of Culture Commercial Commission Commission of Science Technology Education bureau
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Primary account
only one and required taxation supervision draw cash
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Types of Chinese tax
Turnover taxes Income taxes Resource taxes Taxes for special purposes Behaviour taxes Agricultural taxes Customs duties
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Chinese taxation system
State taxation office Local taxation bureau Financial department Custom department
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VAT ratesCoverage of collection Rates
Exportation of goods (except otherwise stipulated by the State)
0%
Agriculture, forestry, products of animal husbandry
13%
Crude oil, mine salt and goods other than those listed above, and services of processing, repairs and replacement
17%
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Consumption tax ratesTaxable items Tax rates Tobacco 50% 40% 25% 25% 30%
Alcoholic drinks and alcohol 25% 15% 240 yuan per tonne 220 yuan per tonne 10% 5%
Cosmetics 30%
Skin-care and hair-care products 8%
Precious jewellery, pearls, precious jade and stones 5% 10%
Firecrackers and Fireworks 15%
Gasoline 0.2 yuan per litre 0.28 yuan per litre
Diesel 0.1 yuan per litre
Motor Vehicle Tyres 10%
Motor-cycles 10%
Motor cars 3%,5%,8%
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Business tax rates
Taxable items Tax rates
communications and transportation 3%
construction 3%
financial and insurance businesses 8%
culture and sports 3%
post and tele-communication 3%
entertainment 5%-20%
services 5%
transfer of intangible assets 5%
sales of immovable properties 5%
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Enterprise income taxes
Normally, the amount of Enterprise Income Tax payable is computed on the basis of the taxable income and by applying the rate of 33%.
Besides the statutory rate, two lower rates of 18% and 27% are designed for some less profitable enterprises.