Guides
China WFOE Accounting & Compliance
After incorporation: tax registration, monthly accounting, tax filing cadence, year-end statutory audit, CIT filing, SAMR annual report, and key deadlines for WFOEs in China.
Once a WFOE has been incorporated it can then open business bank accounts and will need to apply for tax registration from the tax bureau. It is then required to comply with monthly accounting and annual audits. WFOE companies can file tax statements on either a monthly or quarterly basis.
Unlike IFRS (International Financial Reporting Standards), the Chinese fiscal year starts on January 1st. At the end of the year, all WFOE companies must complete a statutory audit, annual CIT filing, and an annual report. The deadline for the statutory audit and CIT filing is May 31st of the subsequent year.
WFOE companies must submit their annual reports for the previous year before June 30th to SAMR (State Administration for Market Regulation). These reports must include key details about the company and its operations.