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more facilitations for foreigner’s work permit in china!

with the strong support of the ministry of science and technology and the state administration of foreign experts affairs (safea), shanghai is pioneering more open and more convenient policies for introducing foreign experts. here are 6 major q&as on matters related to the policies. 

more facilitations for foreigner's work permit in china!
with the strong support of the ministry of science and technology and the state administration of foreign experts affairs, shanghai is pioneering more open and more convenient policies for introducing foreign experts, giving full play to the autonomy of employers in selecting, evaluating and employing foreign experts, and creating a world-class business environment that facilitates such employment. 
 
matters related to online approval (ver 4.0) are hereby interpreted, let’s check the details! 
 
1. what are the favorable policies for foreign scientific and technological talents?
(1) further relax the limits in terms of age, academic degree or work experience;
(2) implement a “notice pledge” system for those with no criminal record;
(3) allow foreign scientific and technological talents working in shanghai to find part-time jobs; 
(4) support application for confirmation letter for foreign high-end talents by foreign researchers of research teams. 
 
2. how do foreign scientific and technological talents working in shanghai apply for a part-time job?
step 1: 
only foreigners who have a foreigner’s work permit in china and are qualified as “foreign scientific and technological talents” may work part-time in china. the part-time jobs shall be related to their full-time ones. the employers shall submit such application based on the approval of the science and technology commission of shanghai municipality (stcsm). 
 
step 2: 
before submission, it is necessary to obtain the consent of the original employers and sign a written tripartite agreement with the original employer and the part-time employer to clarify each party’s rights and obligations.
 
step 3: 
the original part-time job application form and the original tripartite agreement shall be reviewed at the windows.
 
3. how is the scope of application extended of the confirmation letter for foreign high-end talents?
the scope of application of the confirmation letter for foreign high-end talents is further extended according to the online approval for foreigner’s work permit in china (ver 4.0). 
 
foreign researchers participating in national task forces and young foreign talents, including recent doctoral graduates from key disciplines such as science, engineering, agriculture and medicine, upon identification by the stcsm, may directly apply for the letter according to relevant regulations. 
 
in addition, they may apply for an r visa with a validity period of up to 10 years. their accompanying family members may also apply to an r visa with the same validity period. 
 
4. what are the requirements for applying for and extending a foreigner’s work permit in china by foreign innovative entrepreneurial talents?
to regulate innovative entrepreneurial talents in shanghai, for foreign talents such as legal persons making investment or innovative entrepreneurship and small investors, after an enterprise is legally established, limits in terms of age, academic degree or work experience may be relaxed when they apply for their first work permit in china. 
 
for foreign investors who have a physical office, their work permits in china may be extended based on the operating status, taxes, and social security payment of their companies. 
 
foreign investors with virtual registration shall submit all documents required, including but not limited to operating status, taxes, and social security payment for an extension which is necessary according to the circumstances. 
 
5. who are qualified as foreign talents with special expertise?
to facilitate economic and social development in shanghai and attract more foreign talents with special expertise to work in shanghai, for those who are not up to the standards for foreign high-end talents (category a) but meet one of the following 3 requirements, limits in terms of age, academic degree or work experience may be further relaxed. in principle, they shall be under 70. 
 
those who are eligible may be granted a work permit valid for at least 2 years
 
(1) hold a general foreign vocational qualification; 
(2) skilled talents urgently needed in shanghai;
(3) hold other international vocational notifications. 
 
6. how is a foreign highly skilled talent determined?
foreign skilled talents who hold senior foreign vocational qualifications that are included into management under the national vocational qualification system may directly work in shanghai.
 
such qualifications include commercial and retail management certificate and business administration certificate (excluding international language certificates). for other certificates, refer to foreign vocational qualification certificate management platform. 
web of the platform: http://gjzsb.osta.org.cn/ 
 
foreign skilled talents who have expertise and rich practical experience in production and service positions, and are in line with the urgently needed occupations for the development of major industries in shanghai, after obtaining overseas skills certificates and with recommendation from competent authorities of the industries, may apply for a work permit. see the annex for the urgently-needed skilled and technical professionals in key industries in shanghai. 
 
talents holding other unspecified international vocational qualifications (such as acca certificate in financial management, and international football coaching qualification) will be determined based on their employers’ qualifications the shortage in the industry, the specialization demonstrated by the certificate and the talents’ work experience and competence, etc. 
we will keep following the updates on the latest preferential measures and policies for foreigners in china. stay tuned! 
 
if you have any questions about doing business or working in china, please feel free to contact hacos

more facilitations for foreigner's work permit in china!

in order to help you reach the latest update on the global pandemic situation, hacos has set a quick link on the menu of our wechat page. follow us, you can check it whenever you want! 

 

more facilitations for foreigner's work permit in china!

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more facilitations for foreigner's work permit in china!

source | shanghai administration of foreign experts affairs

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new chinese policies affect you soon! let’s check

a series of new policies and measures have now been or will soon formally adopted and come into force. let’s see how they will affect your everyday life in china and check the updates of important news! 

– 01 –

china’s first personal bankruptcy administration inaugurated

new chinese policies affect you soon! let's check
△ shenzhen mayor chen rugui and luo wenzhi, the city’s top legislator, unveil the plaque of the shenzhen bankruptcy affairs administration
 
the shenzhen bankruptcy affairs administration, china’s first government agency addressing affairs related to personal bankruptcy, was inaugurated yesterday in the shenzhen municipal justice bureau building in futian district yesterday, when china’s first personal bankruptcy rule came into effect in the city. 
 
china has planned to build the personal bankruptcy system. in brief, personal bankruptcy is a legal procedure, in which a natural person is declared insolvent and incapable of paying his/her debts. 
 
new chinese policies affect you soon! let's check
 
according to the rule, city residents who have made social insurance payments for 3 consecutive years and meet certain clauses will be able to seek personal bankruptcy protection. 
 
under the new rule, debtors can opt for liquidations, reorganizations or resettlements if they cannot pay off debts or become insolvent due to production or operating losses and other reasons like living and consumption costs. 
– 02 –
china’s amended law lowering criminal liability age to 12 take effect
new chinese policies affect you soon! let's check

china’s age of criminal responsibility has been lowered to 12 in special cases to prevent serious offenses by very young individuals, per a criminal law amendment effective from monday. 

 

under amendment xi to the criminal law, the age of criminal responsibility will remain unchanged at 16. however, children aged 12 to 14 shall be held criminally liable for intentional homicide by extremely cruel means or intentional injury by extremely cruel means leading to death or severe disability if such prosecution requests are approved by the supreme people’s procuratorate. 

the standing committee of the national people’s congress, china’s national legislature, adopted the amendment in december 2020. 

– 03 –
teachers now empowered to discipline ill-behaved students

new chinese policies affect you soon! let's check

last year, the ministry of education introduced a long-awaited rule for ensuring discipline in primary and middle schools. 
 
the rule, which has been effective from march 1, stipulates that schools and teachers can take disciplinary action when students commit acts of disobedience, engage in disorderly conduct, endanger others’ safety, or infringe on others’ rights. 
 
the rule also specifies the methods teachers may not adopt when punishing students, including corporal punishment and using discriminative and insulting words that can denigrate students. 
 
– 04 –
now it’s time to make annual settlement and payments of iit

new chinese policies affect you soon! let's check

 
on feb 8, 2020, china’s state taxation administration (sta) released the announcement of the final settlements and payments of individual income tax on the annual comprehensive income in 2020, which requires taxpayers to make a settlement during the period between march 1 and june 30. 
 
new chinese policies affect you soon! let's check
taxpayers need to calculate their annual iit payable, then deduct their prepayment to get the annual amount of the tax refund or payment and make a declaration to the authorities. 
 
you can check the following link to know more about the iit settlement. 
 
related article:  
– 05 –
shanghai further facilitate foreigner’s work permit application

new chinese policies affect you soon! let's check

with the strong support of the ministry of science and technology and the state administration of foreign experts affairs, shanghai is pioneering more open and more convenient policies for introducing foreign experts. 
 
in order to facilitate employment and provide a better business environment, shanghai will implement several favorable policies for foreign scientific and technological talents, including:
 
  • further relax the limits in terms of age, academic degree or work experience; 
  • implement a “notice pledge” system for those with no criminal record; 
  • allow foreign scientific and technological talents working in shanghai to find part-time jobs; 
  • support application for confirmation letter for foreign high-end talents by foreign researchers of research teams. 
– 06 –
inbound rules tightened for third-country travelers to china 

new chinese policies affect you soon! let's check

in recent days, chinese embassies and consulates in several countries and regions have issued notice and updated the travel requirements. 
 
for those from the countries or regions with direct flights to china, the chinese embassy and consulate will not issue a green health code or health declaration form to transit passengers. 
for those from the countries or regions without a direct flight to china, the chinese embassy and consulate will accept the application for health codes and health declaration forms based on the ‘one transit only’ principle. 
 
new chinese policies affect you soon! let's check
 
starting from february 24th, all passengers departing from indonesia to china should take direct flights, from february 25th and from march 1st, the embassy in singapore, cote d’ivoire and nepal will no longer grant requests for green health codes from passengers transiting to china via a third country. 
 
many other chinese embassies and consulates have issued similar notices. please check the official website of the embassy to get more info. 
 
– 07 –
new rules of nat for travelers entering guangdong from hk

new chinese policies affect you soon! let's check

guangdong will have new requirements for nucleic acid test reports produced by travelers entering the province from hong kong, beginning march 1, according to shenzhen’s office of port of entry and exit. 
 
a nucleic acid test must be conducted under the new rule through nasopharyngeal swab sampling or nasal and throat swab-combined sampling under the new regulations. 
 
such sampling methods should be clearly indicated on test reports; otherwise, they will be deemed invalid. children aged below six should be sampled via throat swabs. 
 
the office also updated arrangements for isolation venues for travelers entering the chinese mainland via the shenzhen bay checkpoint on february 23. 
 
travelers bound for huizhou and shanwei cities will be transported to their destination cities for centralized quarantine, while those bound for shenzhen and 18 other cities within guangdong will undergo medical observation in designated hotels in shenzhen or dongguan. 

new chinese policies affect you soon! let's check

in order to help you reach the latest update on the global pandemic situation, hacos has set a quick link on the menu of our wechat page. follow us, you can check it whenever you want! 

new chinese policies affect you soon! let's check

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new chinese policies affect you soon! let's check

source | china gov / shenzhen daily / gdtoday

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good news! more tax reduction and fee waivers for hk companies!

on wednesday, hong kong financial secretary paul chan delivered the annual budget for the 2021/22 fiscal year in the legislative council. the budget will be effective from april with a series of preferential measures, let’s check the details! 

good news! more tax reduction and fee waivers for hk companies!

△ hk financial secretary paul chan delivers the budget on wed. 

hong kong financial secretary paul chan on wednesday unveiled the hk annual budget with measures to strengthen hong kong’s economy and relieving people’s burden
 
according to chan, this year’s budget aims to alleviate the hardship and pressure caused by the economic downturn and the epidemic through the focuses on stabilizing the economy through the introduction of counter-cyclical measures costing over hk$120 billion
 
good news! more tax reduction and fee waivers for hk companies!
 
in order to overcome the epidemic, the government will implement a series of measures to support enterprises, safeguard jobs and relieve people’s burden. we will share the info of part of the proposed measures. you can also clike the “read more” to get the full document of the budget speech. 
 

good news! more tax reduction and fee waivers for hk companies!

△ total government revenue & expenditure for the 2021-22 fiscal year. 

 
support enterprises 
 
enhance financing guarantee scheme 
extend the application period of 100% guarantee low-interest loan for enterprises to the end of this year, raise loan ceiling to hk$6 million, extend repayment period and duration of principal moratorium. 
 
reduce profits tax 
reduce profits tax for 2020-21 assessment year by 100%, subject to a hk$10,000 ceiling. the reduction will be reflected in the final tax payable for the year of assessment 2021/21. this will benefit 128, 000 businesses. 
 
waive business registration fees  
waive the business registration fees for 2021-22. this will benefit 1.5 million business operators and reduce government revenue by hk$3 billion. 
grant rental/fee concession for certain properties 
continue to grant 75% rental or fee concession for eligible government properties/short-term tenancies and waivers for 6 months (100% concession for those closed at the government’s request). 
 
good news! more tax reduction and fee waivers for hk companies!
 
revive the economy
 
issue electronic consumption vouchers
issue hk$5,000 electronic consumption vouchers in instalments to each eligible hong kong permanent resident and new arrival aged 18 or above to facilitate and stimulate local consumption. 
 
develop smart id platform for enterprises 
develop the business version of the “iam smart” digital authentication platform. 
provide electronic submission means for most government forms and licence applications by mid-2022. 
 
provide e-payment options 
provide e-payment options (including faster payment system) for making payments of most government bills and licences starting from mid-2022. 
 
good news! more tax reduction and fee waivers for hk companies!

stipulate the economy 
 
improve cargo handling capacity 
with the expansion of the existing express air cargo terminal, the commissioning of a new premium logistics centre and the three runway system, annual cargo handling capacity of hong kong international airport (hkia) is expected to increase to some 9 million tonnes in 2024. 
 
explore facilitations for trans-shipment 
explore measures to facilitate trans-shipment through hong kong, so as to maintain hong kong’s competitive edge as an international air cargo hub. 
 
redevelop the air mail centre 
redevelop the air mail centre at hkia with a view to bringing the centre operation by end 2027 at the earliest. 
 
good news! more tax reduction and fee waivers for hk companies!
we will keep following the updates on the latest preferential measures and policies for foreign-trade-related companies. stay tuned! 
 
if you have any questions about doing business in china or setting up hk company and offshore bank account, please feel free to contact hacos

good news! more tax reduction and fee waivers for hk companies!

in order to help you reach the latest update on the global pandemic situation, hacos has set a quick link on the menu of our wechat page. follow us, you can check it whenever you want! 

 

good news! more tax reduction and fee waivers for hk companies!

share to let your friends know!

good news! more tax reduction and fee waivers for hk companies!

source | hk gov / reuters / china daily

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attention! your hk company may be blacklisted without doing this

many foreigners who do business in china will choose to set up a company in hong kong for various advantages. however, not many people realize the importance of accounting and auditing, as a result, their companies get a heavy penalty and even be blacklisted. 

attention! your hk company may be blacklisted without doing this

© image | google

in hong kong, an audit is an examination of the financial report of hk company by certified accountants. once the auditing is done and all the reports and documents are completed, relevant documents need to be sent to the government department.  
 
all companies in hong kong must properly keep relevant business information and account books. the company’s books must be kept for more than 7 years so that they can be checked at any time. 
 
in other words, as long as your hong kong company has a business, even if you have canceled your hong kong company, the hong kong taxation office can check your past 7-year bank account. 
 

attention! your hk company may be blacklisted without doing this

© image | google

in fact, many clients wouldn’t finish the audit report and submit profit tax return on time, some even haven’t done accounting and audit since establishment. 
failure to provide an audit report within the time required by the bank result in the closure of the bank account, which definitely impacts the cash flow of business, and the credit of shareholders. 

attention! your hk company may be blacklisted without doing this

© image | google

how to judge whether your hk company should do zero declaration or accounting and audit?
in hong kong, no matter an hk company has the operation or not, they all need to make accounting and audit before filling in profit tax return.
attention! your hk company may be blacklisted without doing this
© image | google
as long as you conduct a business transaction or activity in the name of the company, you are deemed to have started business, that is, you must do the audit. 
it can be judged by the following aspects: if it meets one of the aspects, it is a business operation:
  1. transaction records in the bank account;

  2. import and export records from government customs and logistics companies;

  3. purchase and sales relationship with hong kong merchants;

  4. hire an employee in hong kong;

  5. allow or authorize the use of patents, trademark designs and other information in hong kong;

  6. allow or authorize the use of movable property in hong kong to collect rent, rental fees, etc.;

  7. entrust someone to do business in hong kong;

  8. other profits derived from or arising in hong kong.

attention! your hk company may be blacklisted without doing this

© image | google

besides, what are the serious consequences if the audit report is not supplemented?
  • the tax bureau will self-assess the tax and multiply by three, and the amount of the fine will be increased with time.

  • at the same time as the high fine is imposed, the hong kong court may be subpoenaed and the court will sue the company’s directors and shareholders in accordance with the relevant regulations of the company law.

  • if the tax owed has not been paid, the company will be frozen by the tax bureau, blacklisted or forcibly canceled.

  • the credit of directors and shareholders will be affected simultaneously. there will be any impact on managing hong kong business or exit in the future. for example, if you apply for hk bank account again, bad records shall affect the success rate of opening account.

  • tax evasion is a criminal offense. the hong kong government has very strict tax and fines regulations. the maximum penalty is a fine of $50,000, plus a fine equal to three times the tax reduction and may be detained and sentenced to imprisonment after entry for 3 years.

the audit report is very important for maintaining the company’s hong kong bank account. in fact, it is not difficult for hong kong companies to conduct an audit.

attention! your hk company may be blacklisted without doing this

© image | google

hacos has always been committed to providing customers with comprehensive and reliable financial planning, in-depth understanding of the customer’s operating model to provide the most appropriate method for customers, successfully complete the accounting and auditing of hong kong companies, and enable customers to operate legally in hong kong. 
 
under the implementation of crs, it’s becoming increasingly important to have compliant tax planning and timely tax declaration. 
if you want to know more about audit for hk company and get more tips to avoid hk bank closure, just participate in our event! 
 
on feb 24 (wed), hacos will hold a seminar about solutions for running business during the pandemic, please click the “read more” link to register or contact us directly! 
 
attention! your hk company may be blacklisted without doing this

 

attention! your hk company may be blacklisted without doing this

in order to help you reach the latest update on the global pandemic situation, hacos has set a quick link on the menu of our wechat page. follow us, you can check it whenever you want! 

 

attention! your hk company may be blacklisted without doing this

share to let your friends know!

attention! your hk company may be blacklisted without doing this

👇these articles may help you
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