China Company Annual Renewal
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What is annual inspection of enterprise
Annual inspection of enterprises is a statutory system in which industry and commerce administrations inspect enterprises on a yearly basis to verify whether the enterprises are qualified to continue operation.
Annual inspection is required for all limited liability companies, joint-stock limited companies, non-company entities and other business units granted the Business Licence of the PRC for an Enterprise as a Legal Person, Business Licence of the PRC, Business Licence for an Enterprise as a Legal Person, or Business Licence. Enterprises newly established shall attend the annual inspection from the year following the year of establishment.
Object and scope of the annual inspection
Objects of the annual inspection are limited liability companies, joint-stock limited companies, non-company entities, partnerships, individual proprietorship enterprises, enterprises operating in China from foreign countries/regions, and other business units granted a business licence.Enterprises newly established shall attend the annual inspection from the year following the year of establishment.
What happens if an enterprise does not attend the annual inspection?
If an enterprises does not accept the annual inspection as required, the enterprise registration authorities will order the enterprise to accept the annual inspection within a specified time limit, and to pay a penalty between 10,000 Yuan and 100,000 Yuan if the enterprise is a company (limited /joint-stock/listed company), or a penalty below 30,000 Yuan if the enterprise is a branch company, a non-company entity or branch thereof, an enterprise operating in China from a foreign country/region, or other business unit granted a business licence, or a penalty below 1,000 Yuan if the enterprise is a partnership or an individual proprietorship enterprise or branch thereof.
If the enterprise fails to accept the annual inspection within the specified time limit, the enterprise registration authorities will make an announcement. The enterprise’s business licence will be revoked if the enterprise still fails to accept the annual inspection within 60 days from the announcement.
Every year, Chinese authorities on enterprise administration conduct annual inspection of enterprises. It is a routine formality, but still a bit complicated. Trust it with us, and you will save a lot of time and energy to engage in your business.
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If you have further queries, don’t hesitate to contact ATAHK anytime, anywhere by simply visiting ATAHK’s website www.3737580.net , or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82148419, or emailing to info@citilinkia.com.