In China, the invoice — or fapiao (发票) — is an essential component of the State Administration of Taxation (SAT). In accordance with the Administrative Measures of the People's Republic of China for Invoices (revised in 2010), invoices refer to the certificate of payment or receipt of money made or received in purchases and sales…
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On 25 June 2018, the Bank of China issued the Notice of the People’s Bank of China requirements for non-financial institutions to report large transactions (the Notice) effective from 1 January 2019. Below, we highlight the main takeaways from the Notice. Who is required to report? Any non-financial institution holding a payment business license, including…
Read moreIn practice, the corporate governance of a company in China is established in the utilisation of a company’s corporate seals and company seal policies. The corporate seal, often called a "chop", represents an unlimited power of attorney vested in the holder of the corporate seal(s). Once the seal is affixed to a document, the company…
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