Accounting Services for WFOEs in China
Once your WFOE company is officially registered in China, it’s required to maintain proper accounting records in accordance with accounting standards in China and to report taxes on both monthly (for value add tax (VAT), individual income tax/salary tax, etc..) and quarterly (corporate income tax) basis. Late submissions will face penalties and surcharges by tax department.
WFOE must register its tax reporting method with the local tax authority and apply for an official invoice book which will allow the WFOE to issue invoice to it’s clients within China and abroad.
Our accountant can assist you by negotiating with local tax officer to use the proper tax reporting method for your WFOE, as well as submit the tax reports monthly and quarterly on your behalf.
We can also advise you with tax planning opportunities that might help the WFOE reduce the burden of tax on itself and its staff.
The details of our services are set out below and our fee schedule also list below
(1) Initial accounting system set-up;
(2) Update the bookkeeping for WFOE in accordance with Chinese Accounting Standards;
(3) Prepare monthly financial statements for tax filing purpose;
(4) Prepare monthly financial statements for tax filing purpose and submit if applicable;
(5) File monthly value add tax (VAT) Return;
(6) File Corporate Income Tax Return, Quarterly;
(7) Individual Income Tax Filing for local employees;
(8) Individual Income Tax Filing for expat employees;
Fees for monthly accounting services:
The figures shown in the table below are estimations and actual costs will be discussed after review of the actual operation of your WFOE
|Monthly accounting services||Service Fee (RMB)|
|Monthly Accounting services for Consulting WFOE||2,000 RMB|
|Monthly Accounting services for Service & I.T. WFOE||2,000 RMB|
|Monthly Accounting services for Trading WFOE||2,500 RMB|
|Monthly Accounting services for Forwarding WFOE||2,500 RMB|
|Monthly Accounting services for Retailing WFOE||2,500 RMB|
|Monthly Accounting services for Food & Beverage WFOE||2,500 RMB|
|Monthly Accounting services for Manufacturing WFOE||4,500 RMB|