Bookkeeping and documentation provisions of the FCPA To ensure proper paper trails are created, documented and retained, the Foreign Corrupt Practices Act (FCPA) requires that proper accounting and internal controls b...Bookkeeping and documentation provisions of the FCPA To ensure proper paper trails are created, documented and retained, the Foreign Corrupt Practices Act (FCPA) requires that proper accounting and internal controls be established for foreign entities. These requirements are basic, and prudent organizations should maintain these provisions. The展开更多
With the upsurge in foreign investors wanting to set up joint ventures (JVs) in China, we examine the points to consider when taking this investment route.
If you are running a listed U.S. company in China, you need to take account of U.S. legislation as well as the Chinese variety, notably the new Sarbanes-Oxley Act on corporate gover- nance. One important implication o...If you are running a listed U.S. company in China, you need to take account of U.S. legislation as well as the Chinese variety, notably the new Sarbanes-Oxley Act on corporate gover- nance. One important implication of the act is that if you are a U.S. company, your Chinese based accountants, whether local or foreign, must be registered with the U.S. authorities. Here, we provide a detailed explanation of the act and its implications.展开更多
Beijing and northeast China are fast becoming an area of growing interest to international investors. Here we highlight some aspects of the major cities and consider options for setting up business in this area. Chang...Beijing and northeast China are fast becoming an area of growing interest to international investors. Here we highlight some aspects of the major cities and consider options for setting up business in this area. Changchun China’s car city Changchun means cars. The city’s most famous enterprise, First Automobile Works (FAW), created China’s very first road vehicle, the "Jiefang" truck, back in 1956. FAW now covers an enormous area stretching for several kilometers in the Changchun Auto Economic Trade展开更多
Auditor independence In addition to the establishment of an independent institution overseeing public accounting firms, the act enforces auditor's independence. Registered firms are prohibited from performing most...Auditor independence In addition to the establishment of an independent institution overseeing public accounting firms, the act enforces auditor's independence. Registered firms are prohibited from performing most non-audit services for the public company they audit. However, certain tax services are not prohibited and the board can, on a case-by-case basis, give permission to a firm to perform otherwise prohibited services. Still, any展开更多
Joint ventures (JVs) wer e the fir st business entity openedto for eigners and for a long time have been an unpopu-lar veh i c le for interna tional investors looking to Chinafor lower production costs or for market a...Joint ventures (JVs) wer e the fir st business entity openedto for eigners and for a long time have been an unpopu-lar veh i c le for interna tional investors looking to Chinafor lower production costs or for market access. Yet recently, we noticed展开更多
WHOLLY FOREIGN-OWNED ENTERPRISES, FOREIGN-INVESTED COMMERCIAL ENTERPRISES AND JOINT VENTURES Faulty license applications & tax structuring problems The scenarios and problems below apply to all the above categorie...WHOLLY FOREIGN-OWNED ENTERPRISES, FOREIGN-INVESTED COMMERCIAL ENTERPRISES AND JOINT VENTURES Faulty license applications & tax structuring problems The scenarios and problems below apply to all the above categories of foreign investment but for sake of convenience we have used the "Foreign-invested Enterprise" (FIE) term to cater for all. Sending start-up funds to somebody else before FIE is展开更多
Structuring your WFOE Wholly foreign-owned enterprises (WFOEs) require some fairly complicated documentation. To many people, however, this appears to be merely an administrative issue that
Beijing and northeast China are fast becoming areas of growing interest to international investors. Here we highlight some aspects of cities in northeast China and consider the options for setting up business in the c...Beijing and northeast China are fast becoming areas of growing interest to international investors. Here we highlight some aspects of cities in northeast China and consider the options for setting up business in the capital.展开更多
Beijing and northeast China are fast becoming areas of growing interest to international investors. Here we highlight some aspects of major cities including the capital itself and other regional centers, and consider ...Beijing and northeast China are fast becoming areas of growing interest to international investors. Here we highlight some aspects of major cities including the capital itself and other regional centers, and consider the options for setting up business in this area. While east and south China have developed primarily as export-based manufacturing centers, Beijing and northeast China represent two quite different aspects of China's macro economy. The capital is of course China's brain, with the展开更多
Currently, the European Union (EU) has few provisions in place to deal with the risks to EU business, relating to corruption, in developing countries like China. In this respect, the EU lags well behind the United Sta...Currently, the European Union (EU) has few provisions in place to deal with the risks to EU business, relating to corruption, in developing countries like China. In this respect, the EU lags well behind the United States. According to our recent research, plans to rectify this are in the pipeline. When these plans will emerge, however, is an open question. Existing provisions and policy In 1995, EU ministers adopted the Convention on展开更多
Beijing and northeast China are fast becoming areas of growing interest to international investors. Here we highlight some aspects of cities in northeast China and consider the options for setting up
Catalogue of Priority Industries for Foreign Investment in the Central-Western Region took effect on September 1, 2004. This covers Shanxi, Jilin, Heilongjiang, Anhui, Jiangxi, Henan, Hubei, Hunan, Chongqing, Sichuan,...Catalogue of Priority Industries for Foreign Investment in the Central-Western Region took effect on September 1, 2004. This covers Shanxi, Jilin, Heilongjiang, Anhui, Jiangxi, Henan, Hubei, Hunan, Chongqing, Sichuan, Guizhou, Yunnan, Tibet, Shaanxi, Gansu, Qinghai, Ningxia, Xinjiang, Inner Mongolia and Guangxi. Catalogue for the Guidance of Foreign Investment Industries Let's look first at the general situation in most of China, before discussing the central and western regions. The lion's share of fore...展开更多
Ninety percent of problems when set- ring up business in China can be avoided by the deployment of due diligence at the front end of the investment planning.Here we point out some of the areas that can hinder a sensib...Ninety percent of problems when set- ring up business in China can be avoided by the deployment of due diligence at the front end of the investment planning.Here we point out some of the areas that can hinder a sensible approach to due diligence,the hidden risks and basic checks.The process does not have to be expensive. Chinese business licenses You should ask for a copy.It will list(in Chinese)details of the legally responsible person,the registered address,the amount of registered capital(which is also the limit-展开更多
If the world’s capital markets could use a harmonized accounting framework it would not be necessary for a comparison between two or more sets of accounting standards. However,there is much to do before this becomes ...If the world’s capital markets could use a harmonized accounting framework it would not be necessary for a comparison between two or more sets of accounting standards. However,there is much to do before this becomes reality.This article aims to pres- ent a general overview of China’s General Accepted Accounting Principles(GAAP), U.S.General Accepted Accounting Principles and International Financial Reporting Standards(IFRS),and to analyze the differ- ences among IFRS,U.S.GAAP and China GAAP using fixed assets as an example.展开更多
Ninety percent of problems when set- ting up business in China can be avoided by the deployment of due diligence at the front end of the investment planning.Here we point out some of the areas that can hinder a sensib...Ninety percent of problems when set- ting up business in China can be avoided by the deployment of due diligence at the front end of the investment planning.Here we point out some of the areas that can hinder a sensible approach to due diligence,the hidden risks and basic checks.The process does not have to be expensive. Land use rights These relate to the status of the land on which your Chinese partner has his prem-展开更多
Intellectual property is very much an emotive issue when it comes to China, and there are many misconceptions or misunderstandings about the subject and how to cope with intellectual property when it comes to "th...Intellectual property is very much an emotive issue when it comes to China, and there are many misconceptions or misunderstandings about the subject and how to cope with intellectual property when it comes to "the China issue." Let's examine some of the more common mistakes:展开更多
文摘Bookkeeping and documentation provisions of the FCPA To ensure proper paper trails are created, documented and retained, the Foreign Corrupt Practices Act (FCPA) requires that proper accounting and internal controls be established for foreign entities. These requirements are basic, and prudent organizations should maintain these provisions. The
文摘With the upsurge in foreign investors wanting to set up joint ventures (JVs) in China, we examine the points to consider when taking this investment route.
文摘If you are running a listed U.S. company in China, you need to take account of U.S. legislation as well as the Chinese variety, notably the new Sarbanes-Oxley Act on corporate gover- nance. One important implication of the act is that if you are a U.S. company, your Chinese based accountants, whether local or foreign, must be registered with the U.S. authorities. Here, we provide a detailed explanation of the act and its implications.
文摘Beijing and northeast China are fast becoming an area of growing interest to international investors. Here we highlight some aspects of the major cities and consider options for setting up business in this area. Changchun China’s car city Changchun means cars. The city’s most famous enterprise, First Automobile Works (FAW), created China’s very first road vehicle, the "Jiefang" truck, back in 1956. FAW now covers an enormous area stretching for several kilometers in the Changchun Auto Economic Trade
文摘Auditor independence In addition to the establishment of an independent institution overseeing public accounting firms, the act enforces auditor's independence. Registered firms are prohibited from performing most non-audit services for the public company they audit. However, certain tax services are not prohibited and the board can, on a case-by-case basis, give permission to a firm to perform otherwise prohibited services. Still, any
文摘Joint ventures (JVs) wer e the fir st business entity openedto for eigners and for a long time have been an unpopu-lar veh i c le for interna tional investors looking to Chinafor lower production costs or for market access. Yet recently, we noticed
文摘WHOLLY FOREIGN-OWNED ENTERPRISES, FOREIGN-INVESTED COMMERCIAL ENTERPRISES AND JOINT VENTURES Faulty license applications & tax structuring problems The scenarios and problems below apply to all the above categories of foreign investment but for sake of convenience we have used the "Foreign-invested Enterprise" (FIE) term to cater for all. Sending start-up funds to somebody else before FIE is
文摘Structuring your WFOE Wholly foreign-owned enterprises (WFOEs) require some fairly complicated documentation. To many people, however, this appears to be merely an administrative issue that
文摘Beijing and northeast China are fast becoming areas of growing interest to international investors. Here we highlight some aspects of cities in northeast China and consider the options for setting up business in the capital.
文摘Beijing and northeast China are fast becoming areas of growing interest to international investors. Here we highlight some aspects of major cities including the capital itself and other regional centers, and consider the options for setting up business in this area. While east and south China have developed primarily as export-based manufacturing centers, Beijing and northeast China represent two quite different aspects of China's macro economy. The capital is of course China's brain, with the
文摘Currently, the European Union (EU) has few provisions in place to deal with the risks to EU business, relating to corruption, in developing countries like China. In this respect, the EU lags well behind the United States. According to our recent research, plans to rectify this are in the pipeline. When these plans will emerge, however, is an open question. Existing provisions and policy In 1995, EU ministers adopted the Convention on
文摘Beijing and northeast China are fast becoming areas of growing interest to international investors. Here we highlight some aspects of cities in northeast China and consider the options for setting up
文摘Catalogue of Priority Industries for Foreign Investment in the Central-Western Region took effect on September 1, 2004. This covers Shanxi, Jilin, Heilongjiang, Anhui, Jiangxi, Henan, Hubei, Hunan, Chongqing, Sichuan, Guizhou, Yunnan, Tibet, Shaanxi, Gansu, Qinghai, Ningxia, Xinjiang, Inner Mongolia and Guangxi. Catalogue for the Guidance of Foreign Investment Industries Let's look first at the general situation in most of China, before discussing the central and western regions. The lion's share of fore...
文摘Ninety percent of problems when set- ring up business in China can be avoided by the deployment of due diligence at the front end of the investment planning.Here we point out some of the areas that can hinder a sensible approach to due diligence,the hidden risks and basic checks.The process does not have to be expensive. Chinese business licenses You should ask for a copy.It will list(in Chinese)details of the legally responsible person,the registered address,the amount of registered capital(which is also the limit-
文摘If the world’s capital markets could use a harmonized accounting framework it would not be necessary for a comparison between two or more sets of accounting standards. However,there is much to do before this becomes reality.This article aims to pres- ent a general overview of China’s General Accepted Accounting Principles(GAAP), U.S.General Accepted Accounting Principles and International Financial Reporting Standards(IFRS),and to analyze the differ- ences among IFRS,U.S.GAAP and China GAAP using fixed assets as an example.
文摘Ninety percent of problems when set- ting up business in China can be avoided by the deployment of due diligence at the front end of the investment planning.Here we point out some of the areas that can hinder a sensible approach to due diligence,the hidden risks and basic checks.The process does not have to be expensive. Land use rights These relate to the status of the land on which your Chinese partner has his prem-
文摘Intellectual property is very much an emotive issue when it comes to China, and there are many misconceptions or misunderstandings about the subject and how to cope with intellectual property when it comes to "the China issue." Let's examine some of the more common mistakes:
