The 'annual inspection' at Industrial & Commercial Bureau which all the companies shall be finished before the end of each Jun.

What is the annual inspection?

The 'annual inspection' is an annual report publicity system which is organized by the Industrial & Commercial Bureau. 

Through the Industrial and Commercial Annual Report, the public and business partners can understand the business situation of the company and protect the security of the transaction; and through the Industrial and Commercial Annual Report, the company can demonstrate the strength of the company and the image of honest business operation to the outside world, which is conducive to the long-term development of the company.

Annual Inspection Content

1 The capital contribution and assets of the company's shareholders

2 The company's contact information and address

3 The company's survival status

4 Changes in various types of enterprises, such as equity changes, purchase of equity information, etc.

5 Websites of the company and online shop information, etc.

6 The number of employees in the business, financial information, social security information and so on

How to carry out the Annual Inspection?

The process is a combination of online and offline work that your Chinese accountant should be able to help you handle:

The consequences if the annual inspection is overdue

1

If the enterprise fails to carry out the Industrial and Commercial Annual Report on time, it will be included in the list of business exceptions by the Industrial & Commercial Bureau; if the enterprise has not been removed within three years, it will be included in the list of serious illegal and untrustworthy companies;

2

After being listed on the list of serious unlawful defaults, companies will not be able to lend, invest, immigrate, participate in bidding, government procurement, etc., which will seriously affect personal development;

3

After being listed in the list of serious violation of trust, the corporate legal person, etc., will be restricted in registering new companies, operating, and qualifications for employment;

4

After being listed on the list of serious violation of trust, the credit will be questioned when the company cooperates with others, which will seriously affect the long-term development of the company.