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This is the fourth in a series of articles on 2007 audit requirements for wholly foreign-owned enterprises (WFOEs), foreign-invested enterprises (FIEs) and joint ventures (JVs) in China. China uses a calendar fiscal year to impose statutory audits, so those for 2006 must be filed by April 2007 at the latest.
Preparation for the annual cooperative examination
First of all, every company needs to apply for and obtain the annual cooperative examination documents from the same office of the State Administration for Industry and Commerce from which they have obtained their original business license. They must also download the annual cooperative examination report form from the website of the relevant provincial or municipal administration of industry and commerce.
Companies must also select one of two options to apply for annual examination. You can apply either through the Internet or by taking your documentation directly to the authorities.
Requirements for annual cooperative examination documents
There are seven sets of documentation you need to bring, one for each authority, as follows. Note that all photocopied documents need to be stamped with the enterprise's seal.
-- The Bureau of Foreign Trade and Economic Cooperation
Original of annual cooperative examination report;
Original and photocopy of approval certificates of FIEs;
Audit report issued by CPA firm, or photocopy of capital verification report for enterprises set up after July 1, 2005;
For enterprises in encouraged industries, photocopy of encouraged project confirmation certificate;
For high-tech enterprises and export enterprises, photocopies of certificates for these two kinds of enterprises.
-- The Administration of Industry and Commerce
Photocopy of annual cooperative examination report;
Audit report issued by CPA firm, or photocopy of capital verification report for enterprises set up after July 1, 2005 and annual financial report as above;
Duplicate of business license.
-- The Economic Committee
Photocopy of the annual cooperative examination report.
-- The Financial Bureau
Photocopy of the annual cooperative examination report;
Annual financial statement (full set) of FIEs;
Audit report issued by CPA firm;
Duplicate of finance registration.
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