Tag: china

Resuming work for industrial enterprises in Shanghai

On Saturday, 16 April 2022, the Shanghai Commission of Economy and Informatization issued a guideline (‘Guideline’) for industrial enterprises to start the orderly resumption of work and production with controlled risks to prevent COVID-19 outbreaks. Overall, enterprises that are required to return to work shall implement robust controls to prevent the spread of COVID-19 and…

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What you should know about Anti-Money Laundering in China

The International Monetary Fund estimates the total amount of laundered money to be 2-5% of the global GDP in one year. Money laundering refers to transforming illegal money generated from criminal activity(such as drug trafficking, extortion, illegal arms sales, insider trading, fraud and so) into legitimate money. Such illegal actions are considered in most jurisdictions…

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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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