Does your company submit Annual Report? In fact, Jan 1st to Jun 30th is the time when corporation submit Annual Report every time, and it is only 3 days left this year! If you still do not submit the Annual Report, please hurry up!
Corporate Annual Report
Each year, every company in China must submit its annual report to the Industrial and Commercial Administration within a specific 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.
Fail To Submit Annual Report
Companies that fail to submit their Annual Reports within this period will be added to the "Poorly Performing Company List".
And if the company has been on that list for 3 years, it will be moved to the “Illegal Company List”, which, will results in:
A lifetime record of "Illegal Company List" that cannot be eliminated.
No way to deal with business alternation or cancellation.
Poor credit record that exerts negative influences on cooperation with other enterprises.
Long-term limits on visa applying, departure and entry, air tickets buying or high-speed rail tickets buying, or luxury hotels booking (usually 3-star or above).
A bad credit, so many limits!!!
Get A Fine
According to the rules, corporation will incur a penalty or other forms of punishment if it:
Do not publicize Annual Report or related information of corporation based on rules within regulated period. The penalty is 5,000-30,000 RMB.
Fails to submit Annual Report to the government. Those who refuse to make corrections or disobeying the government will be incur a penalty. The penalty is 100-1,000 RMB.
Withholds the truth, practices frauds when publicizes information and Annual Report. The penalty is 10,000-30,000 RMB (for illegal enterprise), or 500-5,000 RMB (for individual business).
Hurry up! Go and submit your company’s Annul Report within these 3 days! Or you will get a fine up to 30,000 RMB!
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