Year-end Summary: Year 2016, the New Policy You Must Know!

2016 will pass soon,

Is there any change impress you?

For those foreigners 

who are living in Guangzhou,

this year has changed a lot!

Let's read this Year-end Summary,

and review the events 

which happened this year!

2016

Event

1

The Entry &Exit Departments in Guangzhou Nansha District, Huangpu District and Huadu District Start to Issue Foreigner’s Visa !

Since January 1, 2016 , the Entry &Exit Departments in Nansha District, Huangpu District and Huadu District are able to issue Foreigner’s Visa License!

Now for foreigners who are living in these areas, it will be a great convenience to apply visa without going to the downtown.

Event

2

HongKong Company Registration and Annual Renew Fee Reduced

According to the latest notice from HongKong Government, the fee of tax registration certificates has been reduced 2,000 HKD, since 2016,April 1st. 

That means, the HongKong Company Registration and Annual renew is going to have a great discount!

Event

3

HSBC Bank Tightened Condition for Opening Account and Account Maintaining

Since 1st April 2016, HSBC small and medium-sized enterprises center adjusts business direction.

1. Account open standards improved: company should have entity operating in Hong Kong (such as offices and staff, make the MPF, the actual lease) and the domestic related company or factory, the amount of financial statements should meet the requirements.

2.HSBC will cancel the zombie accounts, close the sources sensitive account. That means account maintaining need to be more cautious.

Event

4

Guangzhou Tax Bureau Start Real-Name Taxation System

Since 1st April 2016, Guangzhou Tax Bureau starts Real-Name taxation system. 

Companies are required to update information for legal person, financial administrator and operator on the taxation system or counter or App. Otherwise, the tax declaration will not be available. 

Event

5

New Office Policy for Registering Company

According to the latest policy introduced by Guangzhou Administration of Industry & Commerce, since 1st April 2016 restrictions on the registration of company address in Guangzhou will be further eased. 

1. As for the new policy, restrictions on “One Address with Multiple Business License are further relaxed--you can use one address to register multiple companies with related shareholders!

2.Different Offices in different districts can operate with the copies of the head office′s Business License. As a result, operating costs of a company with multiple offices will be reduced a lot. 

Event

6

Bank Start Tighten the NRA Account of Hong Kong Companies

Since July 1st, the incoming and outgoing of HK Company′s NRA account will start to require contracts, invoices and Bills of lading!

The bank will tighten up the NRA account; high-risk countries cannot open accounts any more.

Simply speaking, the shortcut of receiving foreign exchange is blocked. This policy is releasing one message: the export trading must be in a legal way!

Event

7

Guangdong Foreigners Transit Visa Upgraded

Since August 1st, 2016, the previous 72-hour Visa-free Transit through Guangzhou Baiyun International Airport has been upgraded to 144-hour Visa-free Transit through the whole Guangdong Province!

For stopover passengers coming from 51 specified countries with joint air, train, bus or steamship tickets to a third country, if they enter China via Guangzhou Baiyun International Airport, Shenzhen Bao'an International Airport, or Jieyang Chaoshan International Airport, they can apply for 144-hour Visa-free Transit at the Inspection &Quarantine Center of the above-mentioned airports, and then they can stop over in Guangdong Province for a maximum of 144 hours without a transit visa. 

And when they are to leave China, they can departure via any port in the province, no matter by train, bus, steamship or air. 

Event

8

The Commerce Bureau and Social Insurance Bureau will share the information of Registered Companies.

Since October 1st, the Industry and Commerce Bureau and Social Insurance Bureau will share the information of registered Companies together.

That means:

1. To register a company, you will need to register Social Insurance information at the same time, and pay the Social Insurance Fee for the employees.

2. The Industry and Commerce Bureau will share the list of all enterprise with the Social Insurance Bureau, and by messages & announcements, the Social Insurance Bureau will inform and urge the enterprises to buy Social Insurance for employees.

3. Enterprises which have never bought Social Insurance shall pay Social Insurance Fee for at least one person each year, and the amount will increase each year.

4. Enterprises which only hire foreigners also need to buy Social Insurance, and the basic amount is higher. 

The minimum wage for foreigner is 4,800 RMB/month, and the Social Insurance Fee is 1,800 RMB/month.

Event

9

New Procedure for Registering Guangzhou Company License

Since October 1st, 2016, the registration of Foreign Capital Enterprise will face great changes!

1. Simplified Procedure

In the past, the application procedure is “Online Application - Pre-check - Paperwork on the counter - Approval - Get The Certificate”.

Now, you only need to submit the information online. 

2. Shorter Handling Time 

Since there were many procedures in the past, so it might cost a lot of time to wait for the approval, which would take 10 - 20 workdays.

Now, the department promises the registration will be finished in 3 workdays.

3. Less Certificates

The Approval Letter & Certificate was very important for Foreign Capital Enterprise, but now they will be canceled, the alternation will be the Registration Receipt of the new system.

Event

10

Integrating Five Certificates into One

From October 1, 2016, Guangzhou entered a new era when 5 certificates are integrated into one with only one code. The five certificates are Business License, Organization Code Certificate, Certificate of Taxation Registration, Certificate of Social Insurance Registration, and Certificate of Statistics Registration. 

According to the new policy, all the procedures, such as application, verification and notice, will be done online. The whole process used to take about 15 working days, but now you just need to wait for about 5 working days.

This could be A Big Help for foreign entrepreneurs who need to get their license and work visas as soon as possible.

Event

11

New Foreigner Employment Permit Policy

September 8th, we received a message that the State Administration of Foreign Experts Affairs P.R China (SAFEA) decided to implement new policies on Work Visa, from October 2016 to March 2017, in Beijing, Tianjing, Hebei, Shanghai, Anhui, Shandong, Guangdong, Sichuan, Ningxia and etc.

What’s the new policy?

1. The Alien Employment Permit and Foreign Expert Certificate will be cancelled and changed into Alien Work Permit Card .

2. The Alien Work Permit Notice is based on“One People One Code”system, and the code number is permanent, and the information will be jointly managed in the state.

3. The work visa approval authority have transferred from the labor bureau to the administration of Foreign Experts Affairs. The application process and required documents also changed.

Even

12

New Rules of The Bank Financial Business

Since 1st December 2016, People's Bank of China has released new rules of the adjustment of the Financial Business. 

These new rules are also important measures for preventing the Telecom & Network Fraud.

1. one person can just open one bank card in each bank(For one "Type Ⅰ" Account).

2. People's Bank of China also cancel the handling charges when you transfer, deposit and withdraw money in other cities.

3. In addition, People's Bank of China is raising requirements to transfer money by ATM, mobile phone and E-bank.

For example, if your bank card has been out of use for half year, then you have to go to the bank counter personally and re-activate the card.

When you transfer to someone at the bank counter, there will be Options for Collection Time, such as real-time, normal pace and the next day.

However, if you transfer to someone at the ATM, the money will be transferred to the account after 24 hours. It means that you can recall it within 24 hours if you regret.

When you transfer more than 50,000RMB, you must use the "USB key ","Cipher" or "Token" to confirm. You can't transfer hundreds of thousands with just one PIN code as before since December.

If an individual transfer of more than 300,000RMB or a company transfer of more than 1,000,000RMB, you will receive Transaction Confirmations from the bank. 

Only you make a confirmation, can the transfer be done.

Event

13

New Hong Kong Visa Policy for Indian Nationals 

According to the latest announcement from Hong Kong Immigration Department, since 23rd January, 2017, a new Visa Policy for Indian Nationals has implemented！

The online service for “Pre-arrival Registration for Indian Nationals” opened on 19 December 2016.

Under the new policy, the following categories of Indian nationals may visit the HKSAR without pre-arrival registration:

1. Holders of a valid Indian diplomatic or official passport;

2. Holders of United Nations Laissez Passer coming to the HKSAR or transiting the HKSAR to/from a third place for official United Nations business;

3. Those who have successfully enrolled for E-Channel service for frequent visitors

The other Indian Nationals have to finish the Pre-arrival Registrations, in order to stay in or transit from HK for up to 14 days.

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In the past year, HACOS continued focusing on foreigner policy changes,

following the current affairs, 

and constantly bring you the latest information.

Thanks for supporting HACOS!

In the coming year,

we will keep working hard 

to provide more updated and comprehensive information.

As the New Year is coming,

HACOS Business Service

wish you a happy and harvest 2017!

HAPPY NEW YEAR

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