The deadline for business entities to file their annual audit reports with the Chinese authorities is fast approaching. In fact tax clearance shall be performed before May 31st and annual reporting to AIC shall be conducted by June 30st. In China, there is no obligation to appoint a corporate secretary. However, it is mandatory to keep records of the shareholders and/or board decisions. Keeping accurate and timely legal records is indeed essential for companies’ transparency and efficient administration even for wholly owned foreign enterprise with a sole shareholder. Moreover, it is highly recommended to appoint an external corporate secretary, especially in case of frequent management turnover or if you intend to be part of M&A transaction.
You will find below the key points of corporate compliance requirements:
- FREQUENCY OF THE MEETING OF SHAREHOLDERS AND THE BOARD OF DIRECTORS
- WFOE SHAREHOLDERS’ MEETING
- SPECIAL PROVISIONS FOR SINGLE SHAREHOLDER’S WFOE
- BOARD OF DIRECTORS’ MEETING (FOR WFOE AND JV)
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