Foreign Investment in China and China Tax Regulation Updates
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- Archibald Baldwin
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1 Foreign Investment in China and China Tax Regulation Updates
2 Agenda 1. Comparison of Main Investment Vehicles 2. Foreign Investment in Main Industries 3. Incorporation Procedures 4. New Tax Rules 5. Profit Repatriation 2
3 Comparison of Main Investment Vehicles 3
4 Main Investment Vehicles in China Company Wholly Foreign Owed Enterprise ( WFOE ) Foreign Invested Commercial Enterprise ( FICE ) Sino-foreign Equity Joint Venture ( EJV ) Sino-foreign Cooperative Joint Venture ( CJV ) Representative Office ( RO ) RO 4
5 Company RO Registered Capital Minimum RMB 30,000 of registered capital required for a limited liability company. Not applicable. Operation Period of Parent Company Function Independent Legal Person/Limited Liability No requirements except for certain special industries. Engage in direct business activities, generate revenue, enter into contracts, and issue invoices. Yes, in most cases. Parent company established for more than 2 years. Market research and liaison function only Not applicable. 5
6 Company Hiring of Staff Can employ own staff Through qualified recruitment agency RO Lead Time to Establishment 3 months, FICE likely to take a month longer 2-3 months 6
7 Tax Implication Company - Value Added Tax ( VAT ) at the rate of 17% on taxable product revenue - Business Tax ( BT ) at the rate of 3% to 20% on taxable service revenue - Enterprise Income Tax ( EIT ) at the rate of 25% on taxable profit - EIT preferential rates High technology enterprises (15%) Western regions (15%) Small profit enterprises (20%) - Local Surcharges /Additional Taxes ( AT ) including: Urban City Construction Tax at the rate of 7%, 5% or 1% on turnover taxes Education Surcharge at the rate of 3% on turnover taxes Local Education Surcharge at the rate of 2% on turnover taxes - Stamp Duties ( SD ) at the rate of 0.05%, 0.3% 0.5%, 1% on dutiable contract - Custom Duty (if there is importation), the tax rate of which might be very different according to the type of imports. RO - BT at the rate of 5% on taxable revenue - EIT at the rate of 25% on taxable profit - AT including: Urban City Construction Tax at the rate of 1%, 5% or 7% on turnover taxes Education Surcharge at the rate of 3% on turnover taxes Local Education Surcharge at the rate of 2% on turnover taxes Others - SD where applicable - Tax assessment method: If the RO keeps proper books and records; and can accurately account for the taxable income commensurate with its function performed and risks assumed, the taxes can be calculated according to its actual basis. Where actual basis cannot be used, taxes of RO is usually assessed by using a cost-plus method with a deemed profit rate. Gross income = Total expenditure for current period 1 15% (deemed profit rate) 5% (BT rate) - EIT payable = gross income x 15% (deemed profit rate)x 25% - BT payable = gross income x 5% 7
8 Tax Filing Requirements Company - VAT, BT and AT should be filed and paid monthly - EIT should be filed and prepaid quarterly as well as assessed and adjusted annually by end of May. - SD is levied and should be filed when certain documents are executed or used in China. - Custom duty should be paid when importing goods from overseas. RO - BT and AT should be filed quarterly - EIT should be prepaid quarterly and adjusted annually by end of May. 8
9 WFOE EJV CJV Industry Restriction Cannot set up WFOE in specific industries Leverage on Chinese partner s licenses which are not open to WFOEs Equity Holding Foreign investor(s) to contribute 100% of registered capital At least one foreign investor and one Chinese investor. Foreign investor to contribute at least 25% of registered capital Profit/ Responsibility Full profit and responsibility In proportion to their respective contributions to its registered capital In accordance with the cooperative/jv contract Independent Legal Person/Limited Liability Normally established as limited liability companies. However, subject to approval, may also be established with other forms of liability Always formed as limited liability company Can be limited liability companies as well as other forms of companies 9
10 How to decide on the Investment Vehicle? Business model in China Business model of investor company Market access limitation or preapproval of this industry The catalogue for guidance on foreign investments ( Catalogue ) (2011) is a legal pronouncement by the Ministry of Commerce. It specifies the types of investments that are: (1) Encouraged (2) Permitted (3) Restricted (4) Prohibited Decide the investment vehicle If the industry is classified under restricted investments or prohibited investments, investor can choose a Joint Venture ( JV ) or RO to develop the business in China 10
11 Foreign Investments based on Industries 11
12 Market Access Limitation or Pre-approval of some Industries Pre-approval by Administration of Industry and Commerce is necessary. Advertisement Medicine WFOE: Investor established and engaged in advertisement for more than three years. JV: Investors established and engaged in advertisement for more than two years. Pharmaceutical Trading License is required. Classified into permitted industries since Education Only allowed to set up JV. Human Resource Agency Human Resource Agency License is required. WFOE: Only for HK and Macau Service Supplier, RC USD125,000. JV: 49% Foreign Investment 25%, RC USD300,000. Commercial Performance License is required. Performance Broker WFOE: Only for HK and Macau Service Supplier (since 2008). JV: 49% Foreign Investment 25%. 12
13 Consulting Services 13
14 The Chinese government encourages foreign investment in consulting services in relation to international economy, technology, and environment protection. Pre-approvals issued by relevant authorities are required for consulting services in accounting, audit, law and tourism. 14
15 Wholesale and Retail 15
16 Special Commodities Foreign investors share cannot exceed 49% when the following conditions are met: Purchase of grains; and wholesale, retail, and distribution of grains, cotton, vegetable oil, sugar, tobacco, crude oil, agricultural chemicals, agricultural plastic film, and fertilizers; More than 30 chain stores have been opened; and Selling products of different varieties and brands from multiple suppliers. HK or Macau service supplier can establish WFOE to run the above business. 16
17 Tax Implications for different Industries Service company Usually subjected to BT, EIT, AT, SD, etc. Certain service companies in Shanghai should be subject to VAT rather than BT with the implementation of VAT pilot rules. Trading company Usually subjected to VAT, EIT, AT, SD, Custom duty, etc. If the company imports cosmetics or alcoholic drinks, there might be consumer tax - the tax rate of which depends on the type of goods imported. 17
18 Incorporation procedures 18
19 Feasibility Study Report Profit Forecast The profit forecast for the next 5 years should be practical and positive. Registered Capital ( RC ) and Total Investment ( TI ) The gap between RC and TI is the max amount of foreign loan that the foreign invested company can borrow in the future. 19
20 Registration Address Validity of Registration Address The landlord should be the owner of the property, or the one who is allowed to sublet the property by the owner in writing; The property should be used for commercial purpose; and The registration address is available and valid in the AIC registration system (i.e. the address has not been registered by any other company). 20
21 RMB Direct Investments in China RMB direct investments should be approved by the Commission of Commerce and the State Administration of Foreign Exchange. The registered capital in RMB should be injected into the RMB Capital Special Account. The RMB Capital Account cannot collect or pay cash directly. To confirm with overseas and domestic banks if RMB can remitted between them freely. RMB investments depend on the RMB offshore market. There are abundant RMB investments in HK, Southeast Asia, South America and London, so the investors there can invest RMB directly. 21
22 Capital Injection Once or in stages (according to Articles of Association) Once - 90 days after issuing the temporary business license In stages - 20% (15%) or above of the registered capital should be injected into the WFOE s capital account within 90 days after the issuance of the temporary business license; the remaining should be injected within 2 (3) years. Note: The party remitting the capital should be the direct shareholder of the WFOE. If not, the capital cannot be accepted and credited into the account. 22
23 Payment on behalf of Pre-Operating Cost Specific requirements on payments on behalf Very limited type of payment on behalf could be remitted outside of China. Examples include: salary cost including salaries, social securities, certain commercial insurances for employees; expenditures of business trips outside China; allocated R&D costs and purchasing costs; Only qualified multinational corporations could remit payment on behalf outside of China without pre-approval. 23
24 New Tax Rules 24
25 Tax Incentives for Foreign Investment Foreign invested enterprises established after 16 March 2007 will no longer enjoy the lower preferential enterprise income tax rates and preferential tax policies, such as the two-year exemption and threeyear half rate policy. However, local financial subsidy, namely local tax refund is still applicable. The local tax refund rates vary depending on different regions and different industries (2%-15% of tax contribution). 25
26 VAT Pilot Rules Introduction of pilot scheme to convert Business Tax to VAT 关 于 印 发 营 业 税 改 征 增 值 税 试 点 方 案 的 通 知 财 税 [2011] No.110 outlines the overall framework: The pilot industry and effective time Tax rate, calculation methods and tax basis VAT on service import and export Transitional policy during period of the pilot reform 26
27 VAT Pilot Rules Certain modern services industry Transportation industry Certain modern services industry Land transportation Water transportation Air transportation Pipeline transportation R&D and technology services Information technology services Culture and creative services Logistics auxiliary service Movable property leasing Authentication and consulting services 27
28 VAT Pilot Rules Applicable tax rate General VAT taxpayers Movable property leasing Transportation services R&D and technology services Information technology services Culture and creative services Logistics auxiliary services Authentication and consulting services 17% 11% 6% 6% 6% 6% 6% Small scale VAT taxpayers All VAT pilot services 3% 28
29 Profit Repatriation 29
30 Profit Repatriation Methodology Service fees Royalties Comments Must be genuine services with substance rather than general management services If service provider is considered to have a permanent establishment in China, EIT is based on deemed profit If no permanent establishment, then apply for EIT exemption A charge for the use of software, patents, trademarks, design, model, secret formula, etc The royalty arrangement should be acknowledged by certain governmental authorities 30
31 Profit Repatriation cont d Methodology Comments Interest Foreign loan should be registered with the local SAFE Foreign loan quantum cannot exceed the difference between total investment and the registered capital Thin capitalization rules apply. Debt to equity ratio is 2 : 1 Dividends Dividends can only paid to direct parent Dividends can only be paid out of after-tax profits 31
32 RSM Chio Lim Stone Forest RSM Chio Lim LLP is a public accounting entity offering assurance and tax services. Stone Forest is the umbrella name under which the business advisory and business support services operate. 32
33 Group Structure Chio Lim Stone Forest RSM International CPA Business Advisory Business Services Specialist Groups RSM Chio Lim LLP Audit Tax Compliance GST Services RSM Tax Advisory Cross-border Tax Planning Corporate Restructuring Fund Structuring & Incentives Tax Audit & Investigation Transfer Pricing Stone Forest Corporate Advisory Corporate Recovery Litigation Support Digital Forensics Corporate Finance Mergers & Acquisitions Transaction Support Valuations RSM Ethos Corporate Governance Enterprise Risk Advisory Internal Audit Sarbanes-Oxley Act Compliance & Advisory Technology Assurance & Advisory PayrollServe Payroll Administration HR Administration AccountStaff Contract Accountant Services Managed Services Office Staff Services Temp/Perm Placements for Finance & Accounting Personnel Accounting Payroll Tax Advisory SBA Stone Forest AccountServe SWAT Accounting Business Crisis Management Routine Accounting XBRL Filing Stone Forest IT IT Infrastructure SAGE ERP Accpac IT Health-check IT Training IT Outsourcing Company Secretarial Services Audit NPO Practice Japanese Desk Funds Practice China Practice Group Our Sister Company FMG Corporate Services Business Formation Corporate Compliance Employment Pass & Visa 33
34 Presence in China Locations Beijing Chengdu Shanghai Tianjin Suzhou Shenzhen Hangzhou Our Services Help businesses enter China Support Foreign Investment Enterprises in China Help Chinese businesses venture abroad Provide accounting, payroll & HR, tax, business assurance, risk management, and corporate services 34
35 Contact Details Chio Lim Stone Forest 8 Wilkie Road, # 03-08, Wilkie Edge, Singapore Tel: (65) Fax: (65) SBA Stone Forest Corporate Advisory (Shanghai) Co., Ltd. 12 th Floor, Shartex Plaza No. 88 Zun Yi Rd (South), Shanghai , PRC Tel: (86) Fax: (86) Ms Tan Lee Lee Tel: (86) tanleelee@sbasf.com 35
36 Thank You 36
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