International business can often get tricky with different countries’ laws, requirements, and regulations. For companies who do business with China (or have a business IN China), it’s even more important to make sure that everything is moving along as planned, with frequent tax returns required to be filed and an annual audit, it’s important to know what international tax and accountancy services for China look like. Whether you look into employing Chinese accounting firms or look at business advisory services in China, you’ll want to make sure you’re following the regulations. SEC compliance audits in China are frequent and investing in international tax and accountancy services for Chinese businesses is in your best interests. Let’s discuss what the SEC will be looking for, why it’s important to have the right international tax and accountancy services for China, and where you can start looking.
Talk to Me About the SEC
The SEC stands for the United States Securities and Exchange Commission, which is in charge of enforcing securities laws. As business has gone global, it’s become even more important to make sure that people’s investments in businesses are protected, even in foreign markets. For the last three decades, the SEC has really stepped up its cooperation with overseas regulators in places like Hong Kong.
They also facilitate capital formation, regulate securities markets, provide data, and inform and protect investors, so they’re an important part of the entire business process.
However, on an annual basis, hundreds of civil enforcement actions are brought forward by the SEC, against not just companies, but also individuals, who might have violated securities laws. You certainly don’t want to be one of those companies! That’s why it’s important to work with international tax and accountancy services for China to make sure everything is above board and operating as it should.
Why You Should Have the Right International Tax and Accountancy Services
The right firm will make sure that you never have to worry about owing the IRS or a foreign government money (and you can avoid penalties and other such fees). You can also rest assured that your bookkeeping is in good order and ready for audits. (And given that China requires an annual accounts audit by a certified public accountant, this is a good thing.)
Local accountants will know the standards and guidelines expected by the foreign government and can expertly handle the accounts and keep the kinds of records expected. Ideally in the future, your company will have an excellent tax rating, so the tax authorities consider your business to be in good standing.
A good firm may also save you money, by finding the best rebates and tax cuts for you and may be able to open Chinese business bank accounts as well, which can facilitate the process of cash flow.
Essentially, the right international tax and accountancy services for China will make sure that you’re compliant, paying enough taxes, and ready for your annual audit, taking some of the headache out of the entire process.
Where Can I Find the Right Firm For Me?
Some accounting firms in the United States will have a Chinese branch that specializes in this kind of accounting and bookkeeping, so it may be worth reaching out to the firm you employ now and seeing if they do have that arm. If you already have some contacts in China, see if they have firms locally that they can recommend to you as well. A personal referral is always one of the best introductions.
Research can also be done online and looking at what competitors use or asking financial advisers if they have suggestions or recommendations. You’ll of course want to carefully interview and check every firm before signing on, but it will make a world of difference once you’ve got a dependable and trustworthy firm on your side.
Get rid of the hassle and find the best bookkeeping and accounting firm for your international business. It can save you money, help you avoid legal trouble, and make sure that things are flowing smoothly.