Non-compliance can have dire consequences in China
Kristina Koehler-Coluccia
Setting up companies in China for over 20 years | Specialized in China accounting, tax and payroll
No 1: Non-compliance can have dire consequences in China
Foreign companies operating?in China must navigate effectively a complex legal and compliance environment. Most businesses are confronted with a host of requirements that demand strict adherence. Non-compliance can have dire consequences?in China, leading to hefty fines, loss of licenses,?and prohibition to repatriate?profits, among other.?Non-compliance could severely affect any prospects of doing business in China.?It is crucial to ensure compliance to avoid legal issues.??
No 2: Changes to New Company Law will reshape business environment in China
With a remarkable degree of revisions, the recently approved China Company Law will introduce a broad spectrum of changes comprising?shareholder capital contribution, shareholders' rights protection, company capital system, corporate governance, company registration, company financing, and management responsibilities, among other.??Last December, China's president Xi Jinping signed into law the newly revised Company Law, which will come into effect July 1, 2024. The legislation will have a significant impact on the business community, both local and foreign.
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No 3: Foreign investors and companies will be affected by new laws in 2024
Foreign companies operating in China will be affected by a series of new legislations, which will come into effect starting on January 2024. It is important that investors, as well as enterprises, in different industries and sectors familiarize themselves with these latest legislative changes. On January 1, 2024, several new laws and regulations were implemented. Some of these may affect business and everyday life. The following are laws, regulations, or national standards that have special interest for foreign investors.
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