![[IMPORTANT NOTICE]2016 Corporate Annual Report Submission](https://cdn.10100.com/user/f603cf484393441b8abb6166e8241ba5_180x.png)
The end of a year is always a busy time for companies, but please keep in mind your company's annual report!
【What Is Corporate Annual Report?】
Each year, every company in China must submit its annual report to the Industrial and Commercial Administration within a specific time period through an online system.
And all the Annual Reports in this system are available to the public so that any company or individual can check any one of them online.
【Why Do I Have to Submit the Annual Report?】
It’s stipulated that companies should submit their annual reports from January 1st to June 30th each year. Companies that fail to submit their Annual Reports within this period will be added to the "Poorly Performing Company List".
And if your company has been on that list for 3 years, it will be moved to the "Illegal Company List", which will lead to a lot of consequences --- you will have no right to buy high-speed rail tickets, cannot open an online store, cannot apply for some loans, and your child cannot go abroad etc.
The corporate annual report is seen as an indicator of a company's attitude towards credit, so if you fail to submit it on time, your company will be considered to have lost its credibility and will not be trusted elsewhere, which must be torturing for you.
【Why Do I Have to Submit the Annual Report?】
1. There are too many companies out there.
According to statistics from the State Administration for Industry & Commerce, the number of registered market entities around China has reached 75,000,000 in 2015, and is still increasing by 12,000 each day.
This means that this year there will be almost 80,000,000 market entities involved in the annual report submission, which can be overwhelming for the online systems.
2. Don't wait until the peak time after Spring Festival
The lunar new year's day falls on January 27th, 2017, and the Spring Festival ends on February 5th or 6th.
Most companies will choose to submit their annual reports after the Spring Festival, so, at that time, the system will be so busy that it may get stuck or even crash.
3. The annual report requires professional quality work.
The annual report includes your company’s performance, and financial data etc. Therefore, it’s better to assign this work to professionals in this field.
【What If I Don't Submit the Annual Report on Time?】
Companies start to submit the previous year's reports from January 1st each year. And companies established this year start to submit annual reports from next year.
Once the deadline arrives, the system will automatically shut down and companies that fail to submit their annual reports will be put in the "poorly performing company list".
【Tips From HACOS】
Besides annual reports, there are many other tasks at the end of a year, such as corporate income tax reports, annual foreign exchange inspection, annual joint inspection.
If your company has the right to engage in import and export trade, you will also need to do the annual customs inspection; and if your company’s business scope includes advertising, then you'll also need to do the annual advertisement inspection.
All these annual inspections must be finished within the specified time period, otherwise, your company's operation and credit will be affected.
As the 2016 annual report submission is about to begin, HACOS would like to remind you ---- please remember to do the annual report and all kinds of annual inspections, which are vital for your company's credit!
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