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Taxation in China 18 in Any Jurisdiction This publication is a joint project with Doing business in China Contents Executive summary 4 Disclaimer This document is issued by Foreword 6 HSBC Bank (China) Company Limited (the ‘Bank’) in China Introduction – Doing business in China 8 in partnership with PricewaterhouseCoopers (PwC). Conducting business in China 13 It is not intended as an offer or solicitation for business to anyone Taxation in China 18 in any jurisdiction. It is not intended for distribution to anyone located Audit and accountancy 32 in or resident in jurisdictions which restrict the distribution Human Resources and Employment Law 34 of this document. It shall not be copied, reproduced, transmitted or Trade 38 further distributed by any recipient. Banking in China 42 The information contained in this document is of a general nature only. HSBC in China 44 It is not meant to be comprehensive and does not constitute financial, Country overview 48 legal, tax or other professional advice. You should not act upon Contacts 50 the information contained in this publication without obtaining specific professional advice. This document is produced by the Bank together with PricewaterhouseCoopers (‘PwC’). Whilst every care has been taken in preparing this document, neither the Bank nor PwC makes any guarantee, representation or warranty (express or implied) as to its accuracy or completeness, and under no circumstances will the Bank or PwC be liable for any loss caused by reliance on any opinion or statement made in this document. Except as specifically indicated, the expressions of opinion are those of the Bank and/or PwC only and are subject to change without notice. This document is not a ‘Financial Promotion’. The materials contained in this publication were assembled in August 2012 and were based on the law enforceable and information available at that time. Executive summary Economic reforms in China • Preferential tax treatments such have led to an unprecedented as tax holidays and reduced change in the nature of the tax rates for enterprises in business environment and Special Economic Zones the opportunities available for have been removed with the foreign investors and privately implementation of a new owned companies. However, corporate income law effective there remain bureaucratic and from 1 January 2008. Incentives operational challenges and this are now available for High- guide presents an introduction New Technology Enterprises to some of the key areas that (‘HNTEs’), Small and businesses should be aware Medium-Sized Enterprises of when setting up operations (‘SMSEs’), qualified and doing business in China. Technology Advanced Service Enterprises (‘TASE’), and Some key issues for foreign foreign investments in the investors are as follows: central and western regions. • China joined the World Trade • There are market access and Organisation (WTO) in 2001 production controls, as well as and market access has been restrictions on operations. gradually phased in. • Distribution and some service • Despite considerable sectors are open to foreign bureaucracy, the government investors. is making efforts to promote foreign investment. • China’s new anti-monopoly law came into effect on 1 August • Although many industries 2008, and China will join other are largely state-owned, countries with anti-trust laws the non-state sector, made that regulate competition. of collectively-owned, foreign-owned and private • Despite the fact that managers companies, is rapidly and skilled labour are still in gaining importance in the short supply, the situation Chinese economy. is getting better with the millions of new fresh university • China has been proactive in graduates coming into the labour removing tariff and non-tariff market every year. barriers for trade in goods through the negotiation and • Protection of intellectual property implementation of regional is an area of concern. free trade agreements. • Certain foreign exchange restrictions are in place. 4 Foreword China has embarked on HSBC looks to be your trusted Helen Wong unprecedented economic partner while always seeking Group General Manager growth since its market ways to better support President & opened up three decades customers. We have produced Chief Executive Officer ago, rising to become the this booklet – ‘Doing Business HSBC Bank (China) world’s second-largest in China’ – in collaboration with Company Limited economy today. Thanks to its PricewaterhouseCoopers, to prudent management under guide you towards the right the 12th Five-Year Plan, a business decisions in China. new path towards sustainable and balanced development, HSBC and alongside a focus on boosting PricewaterhouseCoopers each domestic consumption, maintain wide presence across is opening new opportunities Greater China, well-established in China for continued to provide the financial services industrial innovation and and advice that offer your business expansion. company the best chance for success in this vibrant region. Elsewhere, China’s ‘going out’ strategy over the past decade On behalf of HSBC, may has spurred great promise, I wish you a prosperous with its dynamic enterprises future in China. investing overseas while expanding China’s economic influence worldwide – one that continues to be a lighthouse for growth in spite of a challenging global environment. At HSBC, we are ideally positioned to help businesses with interests in and out of China. Having grown to 120 outlets (at June 2012), HSBC is the foreign bank with the largest network of outlets in China and the most comprehensive range of services. From here, we have cultivated our deep-seated local knowledge to help customers achieve their goals, as we leverage our unique global connectivity reaching out to over 80 countries and territories worldwide. 6 Introduction Doing business in China General business climate materials sourcing for Foreign energy and water conservation Investment Enterprises (FIEs). are required. The coastal China officially joined the Now, FIEs are no longer areas have experienced a World Trade Organisation required to give priority to the greater degree of industrial (WTO) in November 2001, local market when purchasing development than the inland and foreign investment and raw materials, fuels and areas, offering improved trade has grown rapidly as a other materials. Similarly, infrastructural facilities. In result. Under the WTO, tariffs the requirement for WFOEs addition, the government on agreed products have been and CJVs on balancing foreign has issued a series of laws reduced, and market access exchange incomes and and regulations intended to to various regulated industries expenditures has been repealed. encourage foreign investment has been phased in gradually. in the central and western Industrial sectors opened up Large areas of China’s economy regions of China. in the past years are trade are increasingly becoming and distribution, including more market oriented, and Climate for foreign investors franchising, advertising a smaller range of sectors services, inspection services, and products is now under Incentives for freight forwarding agency administrative control. Current foreign investors services, for example. industrial policy places For the purpose of attracting A more open market will emphasis on strengthening foreign investment, the Chinese attract know-how, technology, basic industries, infrastructure, government has introduced services and materials. These energy, and transport. Market a number of benefits and imports, together with China’s forces are now playing a incentives towards overseas rich manpower, both skilled more dominant role in China, investors in particular industries, and unskilled, have turned and the business climate of which we set out a brief list China into one of the most is less subjected to state as follows: important manufacturing administrative guidance bases in the world. than before. Foreign • Qualified small and low-profit participation in investment enterprises and qualified high/ China still holds a number projects continues to be new-tech enterprises are of challenging areas for encouraged by the Chinese subject to reduced income foreign investors. Nevertheless, authorities, and measures tax rates. the government is making are being taken to make efforts to address some the investment climate • TASEs, which include of these areas in order to more favourable and less information technology encourage foreign investment. bureaucratic. The Chinese outsourcing (ITO), business For example, through the government gradually process outsourcing (BPO), and amendment of the ‘Law on delegated more foreign knowledge process outsourcing Wholly Foreign-owned investment approval authority (KPO), are subject to income Enterprises (WFOEs)’, the ‘Law to local governments. This tax benefits: entitled to a on Cooperative Joint Ventures is considered another step preferential Corporate Income (CJVs)’ and the ‘Law on Equity towards reducing bureaucracy. Tax (CIT) rate of 15% and a Joint Ventures (EJVs)’ in 2000 Priority areas for foreign higher education expense and 2001, China has relaxed investment remain those deduction cap of 8%. Income its requirements on foreign where modern technology, derived from the offshore exchange balancing and raw environmental protection, service contracts falling within 8 the scope of ITO, BPO and KPO Foreign exchange restrictions Local competitor attitude Key Markets and Trade this membership, China has are eligible to Business Tax There are certain restrictions toward
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