China Company Annual Return

China Company Annual Return is a summary of the most relevant information pertaining to a company and close corporation. Submission of annual return for China Company also confirms that the company is still in business or will be doing business in the near future.

 

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An annual return is a statutory return in terms of the Companies and Close Corporations Acts and therefore MUST be complied with. Failure to do so will result in the Commission assuming that the company and/or close corporation is not doing business or is not intending on doing business in the near future. Non-compliance with annual returns may lead to deregistration, which has the effect that the juristic personality is withdrawn and the company or close corporation ceases to exist.

 

Content of Company Annual Return in China

The following details have to be included:

1. Registered office address

2. Business nature of the company (eg retail, accountancy, catering)

3. Address where the company’s list of shareholders is kept

4. Type of limited company (eg limited by shares, limited by guarantee)

5. Name and address of all company directors (and company secretary if you have one)

6. Number and value of shares issued by the company and who owns them

7. Details of ‘debentures’ (a type of loan the company has taken out with a promise to repay at a specific time in the future)

 

Annual Return Avenues in China

The Act makes a distinction between local companies and external companies’ annual returns and the content of each differs. There will therefore be three annual return lodgement avenues as follows:

1.annual return lodgement avenues for local companies

2.annual return lodgement avenues for external companies

3.annual return lodgement avenues for close corporations.

 

Time of Company Annual Return in China

Annual returns for local and external companies must be filed within 30 business days from the anniversary date of incorporation. If filing is done later than the 30 business days, there will be a penalty payable up until the company is deregistered due to non-compliance. No manual lodgement of annual returns will be allowed, due to the volumes involved.

 

There is no distinction under the new Companies Act between company types. Therefore, non-profit companies will also be required to lodge annual returns.

 

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