Shanghai

WFOE set-up in the Shanghai Pilot Free Trade Zone

Wholly Foreign-Owned Enterprise (WFOE) is, by far, the favorite entity for foreign investors looking to set up a company in China. Representative Offices may offer cheap and easy way to feel Chinese trends, Joint-Ventures may give you a privileged access to the market, but WFOE are the only way for a foreign investor to have full control on its operations in China. And where else than in Shanghai would you set up a WFOE? Since the launch of the Shanghai Pilot Free Trade Zone (SHPFTZ) last September, new opportunities for foreign investors are arising in the city.

Beijing to join Shanghai in VAT Pilot Scheme

Chinese state media is citing unnamed sources in the Beijing office of the State Administration of Taxation (SAT) and Beijing Local Taxation Bureau reporting Beijing will be the next region approved to join the VAT reform pilot program that is now underway in Shanghai.

SJ Grand Shanghai relocates within same complex

 

S.J. Grand Shanghai has moved to new, larger premises on the same floor as our former office in Haitong Securities Towers. The new office can be found at:

Suite 1807, Haitong Securities Tower, 689 Guangdong Road, Shanghai 200001

All existing phone and emails remain current.

SHANGHAI VAT PILOT PROGRAM

  • From 1 January 2012 qualified businesses in Shanghai will be required to charge VAT following approval by the local tax bureau;
  • Input VAT is creditable both for qualified pilot participants and their customers;
  • Generally, the program follows existing VAT mechanisms;
  • Two new VAT rates will be introduced, 6% and 11%, adding to the existing rates of 13% and 17%;
  • Treatment of exports is yet to be determined but likely 0% or tax exempt;
  • The first VAT return is due on 15 February 2012;

Shanghai introduces financial prosperity index

--Report aims to promote city as major financial center--

The Shanghai Financial Association and Roland Berger Strategy Consultants have signed an agreement to launch the city’s first financial prosperity index (FPI).

The index will be built from surveys among industry professionals and end-users and statistical data, and will encompass six metrics including institutions, environment, innovation, markets) relating to the city’s financial services industry.

China should consider tax on currency conversions

SHANGHAI--The PRC government should consider imposing a tax on conversions of foreign currency in RMB to dampen speculative capital inflows, according to an article that appeared in the state-run Shanghai Securities News on Monday.

Dow Jones reports that the proposal, from Professor Wang Yong of the People's Bank of China (PBOC) training institute in Zhengzhou, suggests that an increase in the cost of conversion would go some way to protect the Chinese economy from excessive global liquidity.

China property tax to ease real estate bubble

BEIJING -- China looks set to impose a new property tax in an effort to ease its overheated property market.

The newspaper China Business News has cited an unidentified source disseminated through state-owned media who provided detailed information of the tax.

"The tax will be from 0.8 percent to 20 percent of the market value of properties and be levied on people with multiple homes or oversize houses," the source said. 

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