Given its complex regulatory requirements, establishing a business in China can be a really challenging task, especially for foreign investors. Our team of bilingual and experienced staff provides proven solutions tailored to meet business needs across a variety of business sectors.
Accounting & bookkeeping
Bookkeeping, tax filing and reporting
China’s rapidly evolving accounting sector poses a very real challenge for businesses to keep abreast of the latest legislation and accounting standards. Moreover, Chinese tax regulations changing frequently, forming an additional layer of complexity to accounting and tax compliance processes. With our extensive knowledge on the Accounting standards and tax regulations differences inside and outside China, we help small-to-medium enterprise (SME) clients maximize cost savings while ensuring accounting currency and compliance.
- Bookkeeping (i.e. preparation of vouchers and accounts)
- Preparation of financial statements for statutory reporting
- Preparation of management reports
- Consolidated reporting
- IFRS reporting
- Monthly and quarterly tax filing
Secondment of staff
Sapience Partners equips organizations with additional skilled resources to manage operations and meet evolving needs and deliver on projects. We provide competent professionals from a wide range of industries on a scalable basis alongside customized solutions to meet long- and short-term organizational objectives.
- Secondment of staff to client teams for accounting projects
Accounting system set-up and tax registration
The right accounting system is pivotal in your organization’s success. At Sapience Partners, we expertly analyze your business needs and strategies to engineer the best accounting system for your enterprise. Our team of professionals also provides assistance in identifying suitable tax reporting methods and tax planning opportunities.
The Basic Standard outlines the regulatory requirements for Chinese enterprises to establish, evaluate and assess effectiveness of their internal controls and for accounting firms to audit the effectiveness of Chinese enterprises’ internal controls.
- Accounting system set-up
- Registration of tax for new setup company
- Registration of accounting system with the in-charge tax bureau
- Application for general VAT tax payer status
- Assistance in implementation of ERP system
Annual Audit Assistance
Our annual audit assistance covers a wide array of services ranging from consultation to technical support. We provide advice on daily operational processes, audit compliance, and the best methods to maintain audit records. Our team will also create a comprehensive audit process while providing consultation and technical support throughout, with the aim of developing your confidence in having a sound audit system in place.
Annual Tax Clearance (ATC)
With ever-changing Chinese tax laws, proper annual tax clearance is critical in ensuring organizations do not run the risk of costly mistakes. Sapience Partners has established good relationships with the local tax authorities, gaining crucial insights that ensure annual tax clearance jobs are properly handled in a cost-effective manner.
Unified Annual Examination (UAE)
Export tax refund application and verification
Export tax refund application and verification is an elaborate procedure in which accuracy is critical. Any operational error or misreporting could lead to tax deficits, fines, or other punishments by law. Our extensive understanding of tax refund procedures can help smoothen the process of retrieving your funds.
- Collecting and preparing relevant documents, e.g. invoices for export goods, customs declarations, foreign exchange verification notes, VAT invoice purchases for export goods, tax payment demand notes, VAT declaration forms
- Preparing application and calculate tax refundable
- Submitting application to your management for review and approval
- Submitting approved application to relevant tax bureau
Accounting documents organization and filing
Solutions for adhoc accounting problem
Timely and organized payment can help your organization achieve satisfactory payment terms and minimize financing costs. Our professional cashier outsourcing services provide solutions for cash accounting, clearing and settlements, payroll, and other finance areas. Our services also cover reimbursements and claims assistance services, helping clients check if payment is under control and compliant with company regulations and internal control policies.
- Expense verification and payment assistance
- Cashier management service
- Overseas remittance service
- Bank account management
- Maintaining cash and bank ledger
Bank account opening and changes
Sapience Partners offers a wealth of services to assist foreign multinational companies in opening and managing a Chinese bank account for the purpose of Daily operations
- Opening bank account
- Changing basic bank account
- Closing bank account
Handling letters of credit
Treasury forecast preparation
HR Advisory and Payroll Outsourcing
HR Advisory and Assistance
Equipped with extensive knowledge of local legislation and international best practices, we assist foreign enterprises in China enhance their productivity while adhering to local regulations. Sapience Partners’ multi-disciplinary team provides a suite of professional human resources advisory assistance and services to meet the needs of your organization.
- Contract drafting and review
- Labor dispute resolution
- Advice on China employment laws
- Advice on China labor laws
- Shanghai Hukou application advisory and assistance
Payroll and Social Benefits Setup
Outsourcing human resources tasks helps your organization better manage human resource and employer risks, minimize administrative workload, and enhance organizational effectiveness. Our dedicated team adopts a focused approach, assisting in areas related to payroll processing and supporting your organization with full-fledged payroll services for all your employees.
- Assistance in the employer registration of social benefits and housing fund
- Employee registration and deregistration
- Initial setup of the payroll system
Payroll Calculation, Individual Income Tax (IIT) and Social Benefits Compliance
Payroll calculation and payroll tax reporting can be a laborious and time-consuming process. Additionally, it requires diligent monitoring and prompt implementation of the latest changes. At Sapience Partners, we provide quality payroll calculation and reporting in compliance with the latest legislative requirements from start to finish, minimizing errors and risks in the process.
- Salary and individual income tax calculation and payments
- Social contribution calculation and payment
- Preparation and filing of employees’ PRC Individual Income Tax returns and assistance in settling any related tax liability
- Annual update and adjustment for local employees’ statutory social benefits and housing fund contribution
Professional Employment Organisation (PEO) Services
Navigating through China’s complex local labor laws can be a tedious undertaking. Hiring a single employee in China would require local labor law assessment and set up of an office or subsidiary, apart from keeping up with annual regulatory changes. Sapience Partners provides employee leasing and professional employment organization (PEO) expertise, allowing you to conduct payroll in China smoothly while easing the burden of human resources services, tax and compliance management.
- Nominal employer secondment service
- Payroll compliance
- Treasury and payment service
- Individual Income Tax (IIT) annual filing
- Work Permit and visa application service
Annual Individuals Income Tax (IIT) Filing
Assistance with external audits and inspection by social benefit authorities
Payroll health check and reporting
Financial Process Outsourcing
Employee claims/reimbursement and payment process
At Sapience Partners, we help you improve your organization’s claims, reimbursement and payment process for customers, employees, agents and third parties. Our experience helps enhance organizational productivity whilst reducing operational costs, equipping you with the best solutions and assisting with the set up of a proper payment framework.
AP Invoices Processing and Payment
Sapience Partners helps your organization unify the source pay process to optimize organizational efficiency and profit. Our AP invoices processing and payment service seamlessly integrates with your internal processes, helping you manage working capital and cash flow, vendor relationships, organizational efficiency and compliance so you can bring your focus back to your business, where it counts.
AR Confirmation and Collection Assistance
Outsourcing your accounts receivable assistance with Sapience Partners helps you improve credit department efficiency, increase recoveries and cut costs. Quality accounts receivable procedures expedite your cash flow and eliminate known accounts receivable issues, thus ensuring that your receivables are promptly converted to revenue.
It is crucial for organizations to have an effective and agile invoice management system in place to smoothen day-to-day operations and maintain customer satisfaction metrics. With our unparalleled expertise and domain knowledge, we provide your organization with fast and accurate processing of invoices alongside the added benefit of timely and reliable invoice management.
Outsourcing data entry services with Sapience Partners helps you save time, effort, and cost with the guarantee of high quality data, accuracy and quick turnaround times. We also expertly handle any type and amount of data while addressing your organization’s need for reliable data security, taking up your data entry and processing tasks while you focus on core business tasks and enhance organizational productivity.