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On August 28, HACOS Business Services has held a seminar about cross-border trading, introducing business solutions for foreign trade enterprises under the current trade environment. It was a complete success! 

it’s unclear what the rest of 2020 will bring for customer spending, opportunities abound to expand recurring-revenue engagements, as the COVID-19 pandemic has hampered the global economy. 

The past few months certainly haven’t been easy for businesses. Many domestic and overseas traders are now facing difficulties in trade order, collection and settlement. 

 

In order to support and help our customers continue to overcome the difficulties, and develop, grow and adapt their businesses, HACOS held a seminar introducing several solutions. 

 

PART 1 

Digitalization Increases Profits 

 

Trade digitalization allows enterprises to bring new products and services to a larger number of digital-connected customers across the globe. It also enables enterprises, to use new and innovative digital tools to overcome barriers to growth, helping build cooperative business relations and facilitate payments. 

 

Nico, financial director of HACOS, shared her ideas on how to unleash the potential of enterprises in such a new trade form and introduced solutions to help businesses operate globally in a digital world.  

 

 

PART 2 

Collect Freely with On-Time Auditing 

With rich practical experiences in finance and taxation of HK companies, Riley, our audit director, explained the importance of auditing for HK companies. She also introduced some tips on how to make it easier to get a good audit report. 

 

 

PART 3 

1039 Helps You Collect Forex Legally

 

After getting the order done, you need to consider the foreign exchange settlement. However, it is not easy to settle money in the traditional way which may be risky. Therefore, Harvey, general manager of HACOS, explained a new preferential trade policy – Market Purchase Mode, which is also called 1039. 

 

Under this policy, market entities can enjoy a series of preferential services provided by authorities and banks, collect and settle forex legally, and get a tax cut.

 

Thanks for the three speakers, Nico, Riley and Harvey for their sharing. Also, we want to thank all the attendees who took time out of their busy schedule to come here. 

 

In order to help you reach the latest update on the global pandemic situation, HACOS has set a quick link on the menu of our WeChat page. Follow us, you can check it whenever you want! 

 

Share to let your friends know!

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Xiamen recently launched a one-stop service window for expats, bringing more convenience to them for work and residence permits application. Eligible foreigners in Xiamen can apply for work and residence permits at the same time now! 

△ An expat applies for work and residence permits at the one-stop service window in Xiamen Software Park.

According to Xiamen Daily, a one-stop service window for expats to apply for work and residence permits recently started operating at Xiamen Software Park in East China’s Fujian province. 

 

The service window was created by the city’s science and technology bureau, public security bureau and the administration of Xiamen Torch Development Zone for High Technology Industries. It is the first service window of its kind in Fujian to integrate administrative procedures from different departments, as reported. 

 

 

CUT THE RED TAPE

 

Previously, expats and their employers had to apply for the work permit at the sci-tech bureau and then handle the residence permit at the public security bureau after acquiring the work permit, which would take about a week. 

 

 

At the one-stop service window, expats can apply for the work and residence permits at the same time. Those who qualify can receive the work permit on the spot, while the residence permit will be mailed in two weekdays. 

 

 

MORE SERVICES ARE COMING

 

According to Luo Lei, senior official at the city’s sci-tech bureau, more targeted services such as online registration will be introduced in the near future to bring more convenience to expats in Xiamen. 

 

 

SIMILAR SERVICE IN OTHER CITIES

 

Thanks to its favorable living and working environment, Xiamen has won the title of the Most Attractive Chinese City for Expats six times. But it is not the only place in the country providing this service.

 

Last year, Guangzhou Municipal Science and Technology Bureau and Guangzhou Municipal Public Security Bureau introduced simplifying process for a specific group of foreigners to apply for work permit and residence permit at a single window. 

 

Related article: Work Permit Application Is Simplified Now! Easy Process! 

 

 

Shanghai has also adopted Single Window for Foreigners’ Work Permit and Residence Permit, allowing foreigners who meet the conditions to apply for both permits at the same time. 

 

Related article: 7 Days to Get Your Work & Residence Permits Here! 

 

 

Cities in other provinces such as Zhejiang and Guangxi have also rolled out similar policies.  It is expected that such favorable policies will be eventually implemented nationwide. 

 

If you are planning to apply for work and residence permits in China, please feel free to contact HACOS to get the details!  

HACOS will keep following the updates on the policies and measures. Stay tuned! 

In order to help you reach the latest update on the global pandemic situation, HACOS has set a quick link on the menu of our WeChat page. Follow us, you can check it whenever you want! 

 

Share to let your friends know!

SOURCE | Xiamen FAO

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On August 28, HACOS Business Services has held a seminar about cross-border trading, introducing business solutions for foreign trade enterprises under the current trade environment. It was a complete success! 

it’s unclear what the rest of 2020 will bring for customer spending, opportunities abound to expand recurring-revenue engagements, as the COVID-19 pandemic has hampered the global economy. 

The past few months certainly haven’t been easy for businesses. Many domestic and overseas traders are now facing difficulties in trade order, collection and settlement. 

 

In order to support and help our customers continue to overcome the difficulties, and develop, grow and adapt their businesses, HACOS held a seminar introducing several solutions. 

 

PART 1 

Digitalization Increases Profits 

 

Trade digitalization allows enterprises to bring new products and services to a larger number of digital-connected customers across the globe. It also enables enterprises, to use new and innovative digital tools to overcome barriers to growth, helping build cooperative business relations and facilitate payments. 

 

Nico, financial director of HACOS, shared her ideas on how to unleash the potential of enterprises in such a new trade form and introduced solutions to help businesses operate globally in a digital world.  

 

 

PART 2 

Collect Freely with On-Time Auditing 

With rich practical experiences in finance and taxation of HK companies, Riley, our audit director, explained the importance of auditing for HK companies. She also introduced some tips on how to make it easier to get a good audit report. 

 

 

PART 3 

1039 Helps You Collect Forex Legally

 

After getting the order done, you need to consider the foreign exchange settlement. However, it is not easy to settle money in the traditional way which may be risky. Therefore, Harvey, general manager of HACOS, explained a new preferential trade policy – Market Purchase Mode, which is also called 1039. 

 

Under this policy, market entities can enjoy a series of preferential services provided by authorities and banks, collect and settle forex legally, and get a tax cut.

 

Thanks for the three speakers, Nico, Riley and Harvey for their sharing. Also, we want to thank all the attendees who took time out of their busy schedule to come here. 

 

In order to help you reach the latest update on the global pandemic situation, HACOS has set a quick link on the menu of our WeChat page. Follow us, you can check it whenever you want! 

 

Share to let your friends know!

👇These Articles May Help You

	You’ll Be Blacklisted for These Transactions! Strict Rule!
	RMB With These Numbers Are All Fake! Pay Attention!
	How Much Money Can I Bring When Entering China?

Last week, the Department of Commerce of Guangdong Province officially released the Invest Guangdong 2020, a new guidebook for foreign investment. Let’s take a look and learn more about the preferential policies in the province. 

As one of the most developed provinces in the country and the transportation hub in South China, Guangdong is a welcoming destination for business. In these years, Guangdong is speeding up the construction of the first-class business environment to meet the expectations of a growing number of foreign investors. 

 

The Invest Guangdong 2020 provides comprehensive information on investment policies, services, opportunities and more to foreign investors. You can learn the detailed info about entry clearance, establishment and alteration of foreign-funded enterprises, foreign exchange administration, preferential tax arrangements, etc. 

 

 

Here are some highlights of the guide. 

 

INDUSTRIES FOR ENCOURAGED FOREIGN INVESTMENT

 

National Catalogue

Foreign capital is encouraged to enter the 415 sectors in the following categories listed in China’s Catalogue of Encouraged Industries for Foreign Investment 2019: 

 

• Agriculture, Forestry, Animal Husbandry and Fisheries 
• Mining
  
• Manufacturing 
• Power, Gas and Water Production and Supply 
• Transport, Warehousing and Postal Services
• Wholesale and Retail 
• Information Transmission, Software and Information Technology Services 
• Leasing and Commercial Services 
• Scientific Research, Technical Services and Geological Exploration 
• Water Conservancy, Environment and Public Facility Management 
• Education 
• Health, Social Security and Social Welfare 
• Culture, Sports and Entertainment 

Provincial Catalogue

 

• Advanced manufacturing 

NGIT, green petrochemicals, intelligent home appliances, automobile manufacturing, electronics and information industry cluster, advanced equipment manufacturing industry cluster, green petrochemical industry cluster 

• Industrial development 

Industrialization of core basic components, key basic materials, advanced basic craft and basic industrial technologies, smart manufacturing

• Modern service industry 

Digital economy, Internet, big data, artificial intelligence, smart sensors, mobile payments, new retailing, block chain

• Marine economy 

Marine engineering equipment, electronic information, biology, shipbuilding and energy 

INVESTMENT INCENTIVES

 

Guangdong has launched a series of measures to make government services more convenient and time-saving, and issued preferential policies for high-level opening up. 

 

Foreign Investment Law of PRC 

 

In order to better protect the legitimate rights and interests of foreign investors in the country, China has implemented the law from Jan 1, 2020. 

 

10 Policies & Measures for Foreign Investment 

 

The revised version of Policies and Measures of Guangdong Province on Further Expanding Opening-up and Actively Attracting Foreign Direct Investment offers incentives for the use of foreign capital as well as stronger support in land access and financing for foreign-invested projects, boosting investor confidence. The policies and measures include:

 

• Expand areas of foreign investment market access 

• Increase financial support incentives for foreign investment 

• Strengthen provisions for land use 

• Support the R&D and innovation 

• Intensify financial support 

• Enhanced support for talent 

• Reinforce intellectual property protection 

• Improve investment and trade facilitation 

• Optimize the environment for foreign investment in key parks 

• Improve the mechanism for foreign direct investment 

 

Tax Incentives 

 

The Ministry of Finance and the State Administration of Taxation has issued a notice, granting Individual Income Tax (IIT) exemption treatment for the subsidies of overseas talent working in the Greater Bay Area (GBA).

 

The amount of subsidy = the IIT paid – the taxable income * 15%

 

Related article: Foreigners Can Get Subsidy if Meet These Conditions! Let’s Check 

 

 

INVESTMENT SERVICES 

 

Guangdong has built “digital government” to make it easier for enterprises and the public to get things done. Meanwhile, the province has further lifted restrictions on market access and created a more attractive investment environment.

 

Entry Clearance 

 

144-hour Visa-free Transit Policy for Foreigners 

 

As of May 1, 2019, travelers from 53 countries bound for a third country (region) when holding valid international travel documents and joint trip tickets with specific dates and seats information, are eligible for the visa-free transit policy within 144 hours after they arrive in Guangdong.

 

P.S. As of August 26, 2020, the policy has been temporarily suspended due to the travel ban. You can read our previous articles to know more about the policy:

• More Chinese Cities Allow 144-hr Visa-free Transit! 
• Breaking! China Ban Foreigners Entering China with Valid Visas!
  

Trade Customs Clearance 

 

Guangdong has adopted innovative customs clearance measures, including “Internet+Easy Customs Clearance” and International Trade “Single Window”, creating a fast customs clearance channel which is free of charge and unrestricted, and does not require any physical presence. 

 

 

For more details, please scan the following QR codes to directly access to the guidebook online. 

 

△ English Version of Invest Guangdong 2020

 

△ Chinese Version of Invest Guangdong 2020

HACOS provides one-stop business solutions for foreign-invested trade enterprises, covering visa, incorporation, finance, tax planning, logistics, IP, etc. Please feel free to contact us if you want to know more about our services! 

In order to help you reach the latest update on the global pandemic situation, HACOS has set a quick link on the menu of our WeChat page. Follow us, you can check it whenever you want! 

 

Share to let your friends know!

SOURCE | Newsgd / Department of Commerce of Guangdong

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