Finance Registration

Foreign-funded enterprises and their branch offices should, within 30 days of the issuance of the duplicate business license by the industry and commerce administration, go through financial registration with the relevant finance authorities according to the line of subordination of the Chinese investors. Solely overseas-funded enterprises should register at the Tianjin Finance Bureau. When registering, the enterprises should fill out a Finance Registration Card for Foreign-funded Enterprises, and submit the following papers(copies):

• Approval certificate of the foreign-funded enterprises;
• Duplicate of business license;
• Feasibility studies report, contract and articles of association;
• Official reply from the authorities concerned regarding the contract, articles of association and the formation of the Board of Directors;

The finance authorities grant the applicants the finance registration card for foreign-funded enterprises. In case of changes to the contract and articles of association or change of the name, address, person in charge and/or business scope, the enterprises should go through the formalities for alteration of the finance registration within 30 days of the alteration of their registration with the industry and commerce registration.

After the dissolution and liquidation of the enterprise and before it applies to cancel registration at the Administration of Industry and Commerce, it should first cancel its finance registration.

Fees Collection

According to the criteria set by the Tianjin Municipal Government and the actual land use of the enterprise, the finance authorities collect a land use fee and state subsidies for price allowance etc. for employees of Chinese nationally(excluding those holding the rural residence permit) at 30 yuan per person per month.

Under the approval of the finance authorities, foreign-funded enterprises can enjoy the following preferential policies:

• Enterprises pay 20 percent of the standard land use fee during the contracted preparatory period;
• Manufacturing enterprises are exempt form payment of land use fees during the contracted preparatory period;
• Enterprises invested by overseas Chinese and Taiwan compatriots pay 20 to 30 percent less than the standard land use fee on production of a letter from the Municipal Overseas Chinese Affairs Office and the Taiwan Affair Offices.
• Enterprises whose products are for export and enterprises of advanced technology pay 10 to 30 percent less than the standard land use fee on presentation of the certificate granted by the Municipal Commission of Foreign Economic Relations and Trade when they have realized their objectives at the time of annual assessment.
• Enterprises whose products are for export, and enterprises of advanced technology are exempt from paying state subsides for allowance etc. for employees when they have realized their objectives at the time of annual assessment.

Annual Finance Inspection and Supervision

Foreign-funded enterprises should go through the annual financial inspection before April 30 every year. The main contents include: finance registration or alteration of registration in the previous years, financial matters and accounting activities; observance of the financial law and disciplines.

The following documents shall be submitted for the annual financial inspection:

• Duplicate of the finance registration card;
• Annual report of finance inspection of the foreign-funded enterprise;
• Final accounting of revenues and expenditure of the previous fiscal year and explanatory report of financial status;
• Report on account checks by accounting or auditing firms.

In addition to the finance inspection, the finance authorities shall go to foreign-funded enterprises for mid-year special or full inspection covering areas such as establishment and implementation of financial and accounting systems, turnover of financial revenue, the submission of according report forms and the implementation of financial laws and regulations.