Tag: china

Companies are required to utilise company collection payment codes from 1 March 2022

What you should know The Notice on Strengthening the Management of Payment Acceptance Terminals and Related Business No. 259 (“Notice 259”) issued by the People’s Bank of China on October 13, 2021, and effective from 1 March 2022, is the first legislation to regulate quick response (“QR”) code payments. Notice 259 requires QR code payments to…

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Why good corporate governance is so important in China?

A major challenge for foreign investors is maintaining proper governance of their Chinese entity and generating a profitable business. Whilst there are significant improvements in the business environment, including regulatory reforms to streamline administrative procedures, investors, especially those residing abroad, face challenges in establishing the proper corporate governance and ensuring the Chinese subsidiary is correcting…

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Are you prepared for the Data Security Law effective from 1 September 2021?

On 10 June 2021, the Standing Committee of the 13th National People's Congress adopted the Data Security Law of the People's Republic of China ("Data Security Law") effective from 1 September 2021. The Law establishes an overarching framework to regulate data handling and management accordingly with national sovereignty, security, and development interests. Under the Data…

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