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arrFiles=new Array();arrFiles[0]=new Array(2,"index.htm","2006-01-29","Hendersen Consulting","","","October 2005, Comparison of Trade Vehicles in China March 2005, 2004 China Economics and Financial Highlights November 2004, Foreign Exchange Rules Further Relieved, New Treasury...... October 2004, Consequence for Not Paying Tax on Time September 2004, Get 57% discount on your new fixed asset purchase...... News Letter Archive We are a group of experienced professionals who used to work for the top fortune 100 companies and the big 4 accounting firms. We are committed to add value - tremendous value - to our clients. Read More... Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",17);arrFiles[1]=new Array(4,"about/index.htm","2006-01-29","Hendersen Consulting","","","Merger and Acquisition Investment Advisory Corporate Tax Outsourcing Human Capital Customs &amp; Trade Mission and Vision We are a group of experienced professionals who used to work for the top fortune 100 companiesand the big 4 accounting firms. We are committed to add value - tremendous value - to our clients. Our Mission To be the partner of success of our clients, employees and stakeholders Our Vision To become the consummate advisor with the ability to provide the world-class consulting services to multinationals and companies of all size. In today&rsquo;s marketplace, we noticed that there are two separate groups of business consulting advisors. In one corner, there are big 4 accounting firms who can offer high-quality services at a rate of several hundred US dollars per hour, and in another, there are thousands local firms which charge ten-times less, but are lack of ability to service multinational companies. Many CEOs and CFOs have indicated that they \'d very much like to see some new comers/business advisors to fill the huge gap created by the Big 4 and the local firms. To us, that is the Voice of Customers. At Hendersen, we are determined to listen to our customers, and to intimately understand their business operations and needs, and take creative and proactive steps to add value to our clients &gt;Back to TOP &gt;Values of Our Firm Our Affiliates First Trust Think Bridge East Pigeon Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",17);arrFiles[2]=new Array(5,"about/ourfirm.htm","2006-01-29","Hendersen Consulting","","","Merger and Acquisition Investment Advisory Corporate Tax Outsourcing Human Capital Customs &amp; Trade Values of Our Firm The center of our values can be summarized by 3-H, as our logo indicates: High quality Services Hendersen is a firm formed by partners and managers from the Big-4 accounting firms (mainly the legacy AA) and multinational companies (such as GE). With the extensive exposures to world-class clients and hands-on experiences in various industrial businesses, our technical and industrial expertise as well as practical experiences are simply among the top class in China. High Integrity Integrity is in the center of Hendersen values. We require our employees to follow world-class ethic standards and handle all client information and communications in a professional manner. We made significant investments in our employee professional ethics trainings. Integrity is a key consideration when we select our employees, partners as well as clients. High Value-added We are committed to create value to our clients by thinking out-of-the-box. We help our clients to identify issues and opportunities, and more importantly, offer solutions. &gt;Back to TOP &gt;Values of Our People Our Affiliates First Trust Think Bridge East Pigeon Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",18);arrFiles[3]=new Array(6,"about/ourpeople.htm","2006-01-29","Hendersen Consulting","","","Merger and Acquisition Investment Advisory Corporate Tax Outsourcing Human Capital Customs &amp; Trade Values of Our People Integrity -- With unyielding integrity, we are committed to the highest professional ethics in everything we do (in dealing with the government officials, our clients and our employees) ... Passion to Success -- Although everything is difficult in China, we strongly believe that, with our strong self-confidence and desire to win and by working closely with our clients as one team, we can turn many impossible into reality ... Think Out-Of-The-Box -- At Hendersen, we put our imagination at work in searching creative ways to add value to our clients... By going beyond Tax or any other one particular function, we not only identify opportunities, but also turn them into values for our clients... Speed -- At Hendersen, we know the value of speed. Indeed, prompt and effective response to our clients is a key competitive differentiator which separates Hendersen from other service firms. In the eyes of our clients, quick turn-around time also shows that we have the professional expertise, self-confidence, and more importantly, we care deeply about them. Simplicity - To be simple is complicated, and to be complicated is simple ... No clients want to read fifty-page reports. With strong self-confidence and years of practical experience, we are able to clearly explain some complicated matters in simple, plain English. And by staying focused and keeping things simple, we help our clients to move faster, leaner and smarter even as they grow bigger. Take Charge -- Lead proactively, take the ownership and be responsive to our clients matters. Not only pointing out all the issues/risks to our clients, but also find practical solutions/recommendations and make tough business decisions. Follow-Through -- Not only we provide our clients with value-added advice, but also help them to implement them. To Hendersen, those great advice would mean nothing without flawless follow-up in implementing. As a part of our total solution, we often work closely with our clients to close out all the open action items... Get Connected -- At Hendersen, all of our partners, managers and staff are required to be connected, effectively connected with our clients. Only by possessing in-depth knowledge and understanding or their business operations, and by working with them as one team, we can add value to our clients, and become their partners for growth. Our Affiliates First Trust Think Bridge East Pigeon Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",17);arrFiles[4]=new Array(7,"careers/application form.doc","2005-12-19","application form","","","  APPLICATION  |The information provided in this application form |     |  |will be used for recruitment and      |Please affix |  |employment-related purposes, and is only    |photo    |  |accessible to staff in the Human Resources    |here,otherwis|  |Department and heads of related departments and |e application|  |their delegates.            |invalid.   |  |                  |     |  |You should complete this form in English, unless  |     |  |specified.              |     |  SECTION 1  YOUR EXPECTED POSITION AND SALARY  |1.1 Position to which you are  |1.2 Expected salary, please |  |applying         |specify         |  |? Junior Staff       |          |  |? Experienced Staff      |          |  |? Senior Staff       |          |  |? Admin/Marketing Dept     |          |  |           |1.3 Other Special Expectation |  |           |          |  SECTION 2  ABOUT YOURSELF  |PERSONAL PARTICULARS                |  |2.1 Name in Chinese:    |Name in English (if applicable)|  |            |           |  |            |           |  |2.2 Gender:   ? M   |2.3 ID/Passport No.:     |  |? F           |           |  |2.4School Address (if being student, in Chinese)      |  |                      |  |                      |  |Post Code:                  |  |Phone No.:                  |  |YOUR CONTACT DETAILS                |  |2.5 Home Address (in Chinese)             |  |                      |  |                      |  |Post Code                   |  |Phone No.                   |  |                      |  |Mobile No.:                   |  |E-mail address:                 |  |                      |  |Urgent Contact Name and Number:           |  |2.6 EDUCATIONAL BACKGROUND (in Chinese )        |  |Level |Name of   |Period   |Majoring|Degree/Diploma|  |    |University/ |Attended   |in  |/     |  |    |College/School|(mm/yy to  |    |Certificate |  |    |      |mm/yy)   |    |Received  |  |Universi|      |     |    |      |  |ty/   |      |     |    |      |  |College |      |     |    |      |  |High  |      |     |    |      |  |School  |      |     |    |      |  |Other |      |     |    |      |  |Recogniz|      |     |    |      |  |ed  |      |     |    |      |  |Educatio|      |     |    |      |  |n/  |      |     |    |      |  |Training|      |     |    |      |  * Please attach copies of University/College certificates  |2.7 ACHIEVEMENTS AND RECOGNITION            |  |(Honors, Scholarships, Awards, etc. Please attach copy of   |  |certificates)                 |  |Name of Award |Year Received  |Nature of the Award   |  |      |       |          |  |      |       |          |  |      |       |          |  |      |       |          |  |2.8 PROFESSIONAL MEMBERSHIP, IF ANY           |  |Name of        |Type of    |Year of Admission |  |Institute/Society/Associati|Membership   |        |  |on         |     |        |  |         |     |        |  |         |     |        |  |         |     |        |  |         |     |        |  |2.9 LANGUAGE SKILLS               |  |Language   |Name of Test |Date Taken  |Grade/Score   |  |     |     |      |      |  |     |     |      |      |  |     |     |      |      |  |     |     |      |      |  |2.10 COMPUTER SKILLS                |  |Name of  |Date Taken   |Grade/Score        |  |Test   |       |           |  |     |       |           |  |     |       |           |  |     |       |           |  |     |       |           |  |     |       |           |  |2.11 WORKING EXPERIENCE (in Chinese)          |  |Name of |Full Time/|Positio|Period of   |Main    |  |Company |    |n Held |Employment    |Responsibility|  |    |Part time |   |(mm/yy to mm/yy)  |      |  |    |    |   |      |      |  |    |    |   |      |      |  |    |    |   |      |      |  |    |    |   |      |      |  |    |    |   |      |      |  |    |    |   |      |      |  * Please attach copies of references if available  |2.12 ABOUT YOURSELF (in English)           |  |Please attach your CV and other relevant documents you feel  |  |helpful in better understanding you.           |  |                       |  |                       |  |                       |  |                       |  |                       |  |                       |  |                       |  |                       |  |                       |  |                       |  SECTION 3  ABOUT YOUR FAMILY  |3.1 FAMILY INFORMATION (in Chinese)           |  |Relationship |Name    |Employer  |Position   |  |with You   |      |      |       |  |     |      |      |       |  |     |      |      |       |  |     |      |      |       |  |     |      |      |       |  SECTION 4  ADDITIONAL INFORMATION  |Please provide any other information you feel may be useful in  |  |our consideration of your application in attachments    |  |                      |  SECTION 5  DECLARATION  1. I declare that the information given in this application form is true,   accurate and complete to the best of my knowledge. I understand that the   provision of false or misleading information constitutes grounds for non-   consideration of this application, or immediate dismissal after   employment.  2. I understand that the data collected in this application form will be   used by Neuventure and its associated companies to assess my eligibility   for employment and for other employment-related purposes. Information of   my unsuccessful application will be kept for a period of six months.    |           | |          |  |Applicant \'s Signature    | |Date        |    SECTION 6  CONTACT US  Please send the completed application form together with other relevant  documents and copies of academic transcripts to the Human Resources  Department of the Neuventure office as follows:  |Unit 2308-2310, 1 Grand Gateway |????????1?        |  |No.1 Hongqiao Road, Shanghai  |??????2308-2310??     |  |200030,PRC        |200030          |  |            |??:+ 86 21 6447 7878    |  |Tel: + 86 21 6447 7878    |??:+ 86 21 6447 3722    |  |Fax:+ 86 21 6447 3722     |            |  |            |www.hendersen.com     |  |www.hendersen.com     |admin@hendersen.com     |  |admin@hendersen.com     |            |  [pic]  ",475);arrFiles[5]=new Array(8,"careers/application form.pdf","2005-12-19","HR/Admin Dept","","","APPLICATION  The information provided in this application form will be used for recruitment and employment-related purposes, and is only accessible to staff in the Human Resources Department and heads of related departments and their delegates. You should complete this form in English, unless specified.  Please affix photo here otherwise application invalid.  SECTION 1  YOUR EXPECTED POSITION AND SALARY  1.2 Expected salary, please specify  1.1 Position to which you are applying  Junior Staff  Experienced Staff  Senior Staff  Admin/Marketing Dept  1.3 Other Special Expectation  SECTION 2  ABOUT YOURSELF  PERSONAL PARTICULARS  2.1 Name in Chinese: Name in English (if applicable)  2.2 Gender:  M  F  2.3 ID/Passport No.:  2.4School Address (if being student, in Chinese)  Post Code:  Phone No.:  YOUR CONTACT DETAILS  2.5 Home Address (in Chinese)  Post Code Mobile No.: E-mail address: Urgent Contact Name and Number:  Phone No.  Page 1 of 4    2.6 EDUCATIONAL BACKGROUND (in Chinese )  Level University/ College High School Other Recognized Education/ Training * Please attach copies of University/College certificates Name of University/ College/School Period Attended (mm/yy to mm/yy) Majoring in Degree/Diploma/ Certificate Received  2.7 ACHIEVEMENTS AND RECOGNITION (Honors, Scholarships, Awards, etc. Please attach copy of certificates) Name of Award Year Received Nature of the Award  2.8 PROFESSIONAL MEMBERSHIP, IF ANY Name of Institute/Society/Association Type of Membership  Year of Admission  2.9 LANGUAGE SKILLS Language Name of Test  Date Taken  Grade/Score  2.10 COMPUTER SKILLS Name of Test Date Taken  Grade/Score  Page 2 of 4    2.11 WORKING EXPERIENCE (in Chinese) Name of Full Time/ Position Period of Employment Company Held Part time (mm/yy to mm/yy)  Main Responsibility  * Please attach copies of references if available  2.12 ABOUT YOURSELF (in English) Please attach your CV and other relevant documents you feel helpful in better understanding you.  SECTION 3  ABOUT YOUR FAMILY  Employer Position  3.1 FAMILY INFORMATION (in Chinese) Relationship with Name You  SECTION 4  ADDITIONAL INFORMATION  Please provide any other information you feel may be useful in our consideration of your application in attachments  Page 3 of 4    SECTION 5  1.  DECLARATION  I declare that the information given in this application form is true, accurate and complete to the best of my knowledge. I understand that the provision of false or misleading information constitutes grounds for non-consideration of this application, or immediate dismissal after employment. I understand that the data collected in this application form will be used by Neuventure and its associated companies to assess my eligibility for employment and for other employment-related purposes. Information of my unsuccessful application will be kept for a period of six months.  2.  Applicant \'s Signature  Date  SECTION 6  CONTACT US  Please send the completed application form together with other relevant documents and copies of academic transcripts to the Human Resources Department of the Neuventure office as follows: Unit 2308-2310, 1 Grand Gateway No.1 Hongqiao Road, Shanghai 200030,PRC Tel: + 86 21 6447 7878 Fax:+ 86 21 6447 3722 www.hendersen.com admin@hendersen.com  1 2308-2310  200030 + 86 21 6447 7878 + 86 21 6447 3722 www.hendersen.com admin@hendersen.com  Page 4 of 4    ",109);arrFiles[6]=new Array(9,"careers/index.htm","2005-12-19","Hendersen Consulting","","","Word(208K) PDF(105K) Careers with Us Who are we looking For? We need people who are proactive, creative, with unyielding integrity, passion for work and committed to client services.. See more about our culture.. Don \'t let your job define yourself, you can define your career in Hendersen! What do We Offer? - We offer exposures to the world \'s most renowned companies as our clients; - We offer world class training programs; - We offer competive packages and option programs. Contact Us If you believe you are the person, send your resume to the following address. admin@hendersen.com New Job Openings Shanghai - Manager - Senior - Staff",8);arrFiles[7]=new Array(10,"contact/index.htm","2006-01-29","Hendersen Consulting","","","Merger and Acquisition Investment Advisory Corporate Tax Outsourcing Human Capital Customs &amp; Trade Contact us SHANGHAI Unit 2308 - 2310, 1 Grand Gateway No.1 Hongqiao Road Shanghai 200030, PRC Tel: +86 21 6447 7878 Fax: +86 21 6447 3722 admin@hendersen.com www.hendersen.com BEIJING Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",11);arrFiles[8]=new Array(11,"credentails/index.htm","2006-01-29","Hendersen Consulting","","","Our Clients Case Studies Our Clients Currently, most of our clients are Fortune 500 companies. We are also and organizer of the Multinational Tax Association in China to share first hand regulatory and tax updates and practical experiences with our clients. Alcatel GE Transportation AMEC General Motors Anheuser-Busch Maserati Arch Chemicals Micro Inks BASF Micron Technology Bayer National Oilwell Varco BMW NBC Universal Boeing OBI Bryan Cave Olam International Danaher Penske Logistics Ferrari Rexnord GE Advanced Materials Turnils GE Capital Tyco GE Energy Wacker Chemicals GE Infrastructure XP Power GE Medical Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",13);arrFiles[9]=new Array(286,"industries/index.htm","2006-01-29","Hendersen Consulting","","","Automobile Financial Services Retail Real Estate The page is currently under construction Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",9);arrFiles[10]=new Array(287,"newsletter/index.htm","2005-12-19","Hendersen Consulting - News Letters","","","China New Flash October 2005 Issue One - Comparison of Trade Vehicles in China March 2005 Issue One - 2004 China Economics and Financial Highlights November 2004 Issue One - Foreign Exchange Rules Further Relieved, New Treasury Options Available October 2004 Issue One - Consequence for Not Paying Tax on Time September 2004 Issue One - Get 57% discount on your new fixed asset purchase... Have you captured it? Establish your world-class stat and tax reporting process, benchmarking with your competitors Transfer pricing in China: What is the right way, anyway?",2);arrFiles[11]=new Array(288,"newsletter/NewsletterNoV0401.pdf","2005-12-19","Microsoft Word - NewsletterNOV0401.doc","","","HENDERSEN CONSULTING  S November 2004  IMPLY THE  B  EST  China Tax Update ?Issue No. 2004.111  AS CHINA GRADUALLY EASES ITS FOREIGN EXCHANGE CONTROLS, MULTINATIONAL COMPANIES OUGHT TO REVIEW ALL THE TREASURY OPTIONS AVAILABLE NOW.  On October the 18th 2004, the State Administration for Foreign Exchange (SAFE) issued Circular 104 [Hui Fa (2004)] to offer multinational companies with more flexibility in treasury and financing among their member companies in and outside China. In short, pursuant to the Circular, effective November 1, 2004, multinational companies may move its foreign exchange surplus among its member firms both within China as well as cross-boarder either through their own group financing company as a loan or through a designated bank in form of entrust loan.  WATCH OUT: THE POTENTIAL TAX COSTS & SAVINGS COULD BE HUGE ...  RISKS For certain US corporations, the interest income earned on cross-border lending would be classified as Subpart F income and is subject to 35% US tax. Worse, when your China venture lends money to its parent (or grandparent) company, in certain cases, the entire loan amount could be classified as deemed dividend under Section 956 loan of the US Tax Code and subject to 35% US tax. OPPORTUNITIES If you venture in China pays tax at 15%, you may want to consider lending the foreign exchange surplus to an affiliate in Japan (or other high-tax countries). Under this arrangement, the Japanese entity can claim interest expense (to reduce its tax at 42%) while your Chinese entity only needs to pay tax in China at 15%. If you venture in China pays tax at 33% and it is invested through a intermediate holding company in a very low tax country (say, 5%), you may want to make a skip level Section 956 loan directly from China to the US (the grandparent company). By doing so, you can claim foreign tax credit at 33% (instead of 5%) to offset against your US tax liability...    CIRCULAR 104 ?CONTINUED: MORE DETAILED INFORMATION ...  DEFINITION OF MULTINATION CORPORATION GROUP The multinational corporations are defined in the Circular as those which having member companies within and outside China and a specific company in China responsible for regional or even global investment management functions for the group. Therefore, the Circular applies to both China domestic enterprise groups and foreign invested corporation groups. Specifically, the Circular does not apply to financial institutions. QUALIFICATIONS & REQUIREMENTS In respect to the loans between member firms within China, the lender and borrower shall comply with the following requirements: Both parties shall be legally registered and their registered capitals have been injected according to relevant schedule; All previous loans between the two party have been settled within the agreed terms; For overseas lending, on top of the above, the following requirements shall also apply: For foreign invested corporation group, there shall be no less than 3 member companies within China; The ratio of foreign exchange receivable of the lending company of a foreign invested corporation group to its total foreign exchange assets, as well as its balance between the foreign exchange purchasing and settlement shall be lower than the industry \'s benchmark; In addition, the lending company shall have equity of at least USD 30 million, and its net assets value shall be no less of the total assets. RESTRICTIONS The following restriction in implementation of the intra-group loan should be noted: The interest rate should be in line with the arm-length rate of peer market; The intra-group loan should be funded from the group companies \' own foreign currency reserve only; Foreign exchange loans lent through entrusting arrangement shall not be settled into RMB or mortgaged for other RMB loans purpose; No offsetting between loans, payables, or receivables is allowable. Term for each overseas loan is capped at 2 years; In case the funds from overseas lending will be subsequently used for purpose of overseas investment, the loaner is required to submit a guarantee from its overseas parent company for a full repayment of the principal. In addition, the Circular further requires that the year-end overseas loan entitlement of the loaner company inside China shall not fall below the sum of the corresponding loan principals. Failure to meet this requirement may lead to the suspension on the overseas lending right. An annual reporting to SAFE on the status of overseas loans is required for multinational corporation group having engaged in overseas lending for the period more than one year.  This publication is prepared for clients of Hendersen Consulting and other interested in our services. Comments are not intended to be comprehensive. For more information or advice on the above subject or analysis of other tax issues, please contact Dennis Xu, our Tax Partner, at (8621) 6335 3630, or send us an email at the address below. We will be glad to help.    www.hendersen.com  HENDERSEN CONSULTING  4101/4102 Hong Kong New World Tower 300 Huaihai Road (M) Shanghai 200021 P.R.C. Tel. 86-21-6335 3630 Fax. 86-21-6335 3823 E-mail: contact@hendersen.com  ?2004 Hendersen All right reserved.    ",37);arrFiles[12]=new Array(289,"newsletter/NewsletterOctober0401.pdf","2005-12-19","Microsoft Word - NewsletterOctober0401.doc","","","HENDERSEN CONSULTING  S October 2004  IMPLY THE  B  EST  China Tax Update ?Issue No. 2004.101  Watch Out ?The Government May Expose Your Company to Media for Not Paying Taxes on Time  Last week, the State Administration of Taxation (SAT) issued a new circular -- Order No 9 -- to further tighten tax collection and enforcement. Under this new measure, effective January 1, 2005, the local tax authorities are required to name the names of those taxpayers who fail to settle taxes by the due date via newspapers, radio broadcast, televisions, magazines, internet, etc. on a periodic basis. HIGHLIGHTS: Local authorities are required to make a public announcement on those taxpayers who have an outstanding tax liability past due either quarterly or semi-annually. The public announcement will include information such as company name, address, taxpayer ID number, type of tax and the amount of tax. Furthermore, the name of the legal representative (normally the chairman or CEO of the company), his or her residence ID number, business address, etc. will also be released to media... If the outstanding tax liability amount is less than RMB2mm (~US 250K), the county tax bureau will make the public announcement. Otherwise, the regional tax bureau will take over. And for certain special cases, the provincial government will need to step in ... In addition to the negative media exposure, the government will also impose a 0.05%/day late tax payment interest charge and late filing penalty (50% -500%). OBSERVATIONS: In the past, every six months or so, the Chinese government would publicly send a few people to prison for committing tax frauds. But so far, the government has only targeted a very few well-known individuals (movie stars and tycoons) and big corporations who have intentionally cheated their taxes. However, since the Order #9 only provides a few exceptions (e.g., bankruptcy and liquidation) where the government would not identify the taxpayer in public, some local officials may, at their own discretion, go after all companies who have an outstanding tax due non-discriminatively ... Given the fact that company reputation is at stake, multinational companies (MNCs) ought to be closely monitor their tax filing and payments to ensure full compliance. A public announcement, even at the county level, could be extremely damaging. To make the matter worse, the negative impact could go far beyond China (as for many companies are appointing their senior business leaders based in the US and Europe as the legal representative of their ventures in China) ...  SUGGESTIONS:  It would be helpful if multinational companies could (i) conduct a round of internal tax review every quarter to be sure everything is in order; (ii) establish a very positive work relationship with the local tax officials. Good routine communications with the local tax authorities can avoid problems; (iii) benchmark with other companies to learn best practices on how to enhancing tax compliance; and (iv) call us up to check out how our tax professionals can help.  For more information or advice on the above subject or analysis of other tax issues, please contact Dennis Xu at (8621) 6335 3630 or send us an email at the address below.    www.hendersen.com  HENDERSEN CONSULTING  4101/4102 Hong Kong New World Tower 300 Huaihai Road (M) Shanghai 200021 P.R.C. Tel. 86-21-6335 3630 Fax. 86-21-6335 3823 E-mail: contact@hendersen.com  ?2004 Hendersen All right reserved.    ",36);arrFiles[13]=new Array(290,"newsletter/NewsLetterSeptember04.pdf","2005-12-19","News Letter","","","HENDERSEN CONSULTING  S September 2004  IMPLY THE  B  EST  China Tax Update ?Issue No. 2004.091  57% Discount for Purchasing Equipment Madein-China, Have You Captured It All?  As early as in 1999, the Chinese government issued two separate rules to encourage the purchase of equipment made domestically. First of all, a Foreign Investment Company (FIE) within the qualified (encouraged) industries can obtain a refund of 17% VAT for qualified domestic equipment purchased. Secondly, 40% of the equipment value can be used to offset the incremental Enterprise Income Tax (EIT) liability in the current year, upon meeting the same industry and equipment tests. This means that with proper planning, a FIE can obtain a total of 57% discount in its fixed assets purchasing. IT SOUNDS GENEROUS WHILE THERE ARE MANY IMPLEMENTATION UNCERTAINTIES Although the above rule seems very straight forward, in practice there are several implementation difficulties: Stringent Documentation Requirement It is required under the rules that the applicant should fulfill a set of documents from different authorities at different stages of the equipment purchases. Even if the transaction in substance can qualify for the incentive, missing any documents or untimely obtaining any of the documents above would jeopardize the incentive. Multiple Tax Bureaus to Deal With The taxpayer normally needs to struggle with 3 different tax authorities for a flavor of the incentive. It \'s own in-charge tax bureau, the vendor \'s tax bureau and the VAT refund authority. Multiple Interpretation by Different Authorities To make the matter worse, the above authorities usually have different interpretations towards the rules. The state tax bureau obviously noticed this, too. There are around 20 subsequent notices while those still cannot fully solve the problem. Difficult to Qualify for the Equipment Test Unlike imported equipment, turn-key projects are not very often used for domestic equipments. To purchase the equipment in  trivial manys  from hundreds of suppliers often will result in a waste of the incentive opportunity. (As the rules provides, generally only equipments under tariff heading 84 - 90 can be eligible for the equipment test. The  trivial manys  normally will go to sections before 84.)    In addition, one of the documents required can only be obtained from the manufacturer only. This makes it almost impossible to do some planning through a trading company doing some systems integration work to qualify for the equipment test. RECENT CHANGE MAY PROVIDE HUGE PLANNING OPPORTUNITY A recent Circular in June 2004 clarified the following critical points: The original requirement to obtain a  VAT Special Payment Certificate  from the vendor is cancelled. The seller need not necessary to be a manufacturing company. The impact of the above changes could be profound ?it would relieve the need to deal with the vendor \'s tax authority, which is usually the most difficult one from a controllership point of view. In addition, to use a centralized supplier to bundle certain parts to qualify for the equipment test would become possible. Of course, the planning will incur some additional operation costs, but the benefits, 57% huge discount, would certainly out-weigh the costs. PLANNING TECHNIQUES Obviously, it is a very good timing to revisit this rule. Below are some planning techniques you may find useful. Let tax experts involved at the very beginning in developing your equipment purchase plan at the budgeting stage. If the purchase contracts are already signed, there is no way back to do some tax planning. Think of using a centralized supplier of domestic equipment. This can some times help to maximize the components that can qualify the equipment test. There are many cases that several components are unqualified for the equipment test, but together they can be treated as a set thus meeting the requirement. In this regard, to have a customs expert help on this will be a huge plus. Develop a comprehensive tracking list/control list to track the documentation which are obtained at each stages of the equipment sourcing process. Keep in mind that missing one document would turn the gorgeous planning into vain. Lastly, keep an eye on your yearly EIT liabilities. 40% of the discount comes from that, at the pre-requisite that you should have enough incremental EIT in the current year. It certainly doesn \'t mean that you should  maneuver  your profits and income tax. However, in many cases, it should be flexible to accommodate your asset purchase plan to the availability of the incentive on a yearly basis.  * * * * *  If you have any questions on the above, please contact Dennis Xu, our Tax Partner, at 8621 6335 3630. Or send us an email at the address below. We will be glad to help.  _________________________________________________________________________________________ Email: Taxpartners@Hendersen.com Website: www.hendersen.com    www.hendersen.com  HENDERSEN CONSULTING  In Association with  4101/4102 Hong Kong New World Tower 300 Huaihai Road (M) Shanghai 200021 P.R.C. Tel. 86-21-6335 3630 Fax. 86-21-6335 3823 E-mail: contact@hendersen.com  ? 2004 Hendersen All right reserved.    ",46);arrFiles[14]=new Array(291,"newsletter/newsletter_200510.pdf","2005-12-19","Microsoft Word - News Letter_200510.doc","","","HENDERSEN CONSULTING  S October 2005  IMPLY THE  B  EST  China Tax & Business Update ?Issue No. 2005.1001  Comparison of Trading Vehicles in China  Background Trading, especially domestic trading, has been a restricted sector for foreign investment in China for years. When China joined the WTO in 2001, it made a commitment that the restrictions on trading rights for most products will be phased out by end of 2004. At that time, many people worried about whether China will live up to its promise. commitment is realized. A first break-through for foreign investors in the trading sector is the signature of the Closer Economic Partnership Arrangement ( CEPA ) between Mainland China and Hong Kong Special Administrative Region, which gave qualified Hong Kong registered companies a privilege to set-up a wholly owned commercial enterprise even before the sector is opened under China \'s WTO commitment. Next, the Ministry of Commerce ( MOFCOM ) issued the  Management Measures on Foreign Investment in the Commercial Sector  (MOFCOM Decree 8 [2004]), which provides a level playing field to foreign investors from any countries/regions. Soon after that, the MOFCOM issued two circulars Circular 9 [2005] and Circular 76 [2005] on April 2 2005 and July 13, 2005 respectively. The two new rulings further allows existing foreign-invested noncommercial enterprises ( FINE ) and the international trading companies located in free trade zones ( FTZ Tradeco ) to upgrade their business scope to cover domestic trading and distribution activities. Alternatives for Trading Vehicles A foreign investor can now set-up a trading vehicle in China, depending on its specific circumstance, in the following forms: 1) 2) 3) 4) 5) Commercial Enterprise under Decree No. 8., A traditional FTZ Tradeco (with international trading license), FTZ Tradeco with expanded business scope (with international + domestic trading license), A FINE with an expanded scope to trade non-self made products, or A regional headquarter (RHQ) upgraded from a Chinese Holding Company (CHC). A comparison of the above vehicles is set-out below: Now the question becomes how this  1    HENDERSEN CONSULTING  S October 2005 Commercial Enterprise FINE (Expanded Business Scope) Import Y Y Y FTZ Tradeco (Traditional) FTZ Tradeco (Expanded Business Scope) Y Y (Limited to products of same group) Export Entrepot Trade Y Y (But may have duty disadvantage) Domestic Trading (Wholesale) Y Business Scope Requirement Set-up Financial/Tax Incentives Y Y (But may have duty disadvantage) Y N Y Y Y Y Y Y Y (But may have duty disadvantage) Y RHQ  IMPLY THE  B  EST  Domestic Trading (Retail) Issue VAT Invoice Ability to Set-up Branches Minimum Registered Capital Set-up Timing Enterprise Income Tax Rate Financial Subsidies (VAT, BT, EIT)  Y  Y  N  Y  Y  Y Y USD 140,000  Y Y N/A  Through Bonded Market N (Liaison office only) USD 140,000  Y N (Liaison office only) USD 140,000  Y Y USD 50 -100 million  6 months 33% (may reduce to 15% in certain locations)  3-6 months for upgrade Follow FINE \'s treatment if trading revenue < 30% of total  1-2 months 15% if registered in Shanghai FTZ May obtain a refund in the form of financial subsidy  3-6 months for upgrade 15% if registered in Shanghai FTZ  3-6 months for upgrade 33% (may reduce to 15% in certain locations)  May obtain a refund in the form of financial subsidy  2    HENDERSEN CONSULTING  S October 2005  IMPLY THE  B  EST  How Do You Make Your Choices? Some clients told us recently that when they ask about the most appropriate trading vehicle for them in China, different people will provide different answers. It is true in a sense that there are more choices today, it becomes a more difficult decision making process. While the exact situation may vary from case to case, there are some tips: A thorough analysis of the business objective is vital. flexible vehicle with less set-up cost and timing. To clearly know your current set-up in China would help. It is always easier to utilize an existing legal entity than to set-up a new one, if they can fulfill the same business objectives. Besides, there would be a lot of administrative efficiencies and cost savings in maintaining less legal entities. A financial and tax analysis would be necessary. Since the financial and tax implications for the different vehicles may vary a lot, an appropriate trading vehicle may derive significant savings. Especially in the case of FINE, since to incorporating trading activities may change the existing tax incentive scheme, a cost-benefit analysis would be critical. What Can Hendersen Help? Hendersen can offer a range of services in forming your trading vehicles in China: Planning Stage - Business objectives drill down - Functional analysis of the trading vehicle - Financial/tax cost-benefit analysis Implementation Stage - Establishment of the trade vehicle - Establishment of the outlets for the trade vehicle - Negotiation of financial/tax incentives - Establishment of the customs/logistics/accounting systems - Work-out the transfer pricing policy For instance, for companies whose  business objective is to do importation and sourcing from China, FTZ Tradeco would still be a  China Tax and Business Update is published for the clients of Hendersen Consulting. The contents are of a general nature only. Readers are advised to consult their tax advisors before acting on any information For more information or advice on the above subject or analysis of other tax issues, contained in this newsletter. glad to help.  please contact our Tax Partners, at (8621) 6447 7878, or send us an email at the address below. We will be  3    HENDERSEN CONSULTING  S October 2005  IMPLY THE  B  EST  www.hendersen.com  HENDERSEN CONSULTING  Room 08-10, 23rd Floor, 1 Grand Gateway No. 1 Hongqiao Road Shanghai, 200030 People \'s Republic of China Telephone: +86 (21) 6447 7878 Facsimile: +86 (21) 6447 3722 E-mail: contact@hendersen.com  ?2005 Hendersen All rights reserved.  4    ",37);arrFiles[15]=new Array(292,"newsletter/Newsletter_march0501.pdf","2005-12-19","Newsletter_march0501","","","HENDERSEN CONSULTING  March 2005 S  IMPLY THE  B  EST  China Tax Update ?Issue No. 2005.0301  2004 China Economics and Financial Highlights  On February 28, 2005, the PRC Statistics Bureau delivered a news letter regarding the 2004 China Economics Development Highlights.  2004 Economic Performance at a Glance  The major economic development indicators of China for the year of 2004 are summarized below: Gross Domestic Product ( GDP ) China \'s GDP for the year of 2004 reached RMB 13,651.5 billion (approximately US  1,649 billion), up by 9.5% from that of 2003. Inflation Retail Price Index increased by 2.8% from that of the previous year, while Consumer Price Index increased by 3.9%. Industry The added value of the industrial sector was RMB 6,281.5 billion, up by 11.5%. Fixed Assets Investment Total investment in fixed assets for 2004 amounted to RMB 7,007.3 billion, representing a 25.8% increase over that of 2003. Financial Figure The central financial deficit for 2004 was RMB 319.2 billion (approximately US  38.6 billion). Financial revenue for the year was RMB 2,635.6 billion, up by 21.4% from that of the previous year, representing 111.8% of the budgeted revenue for 2004. Financial expenditure for the year was RMB 2,836.1 billion, up by 15.1% from that of the previous year, representing 105.9% of the budgeted expenditure. Import and Export The total import and export value for 2004 reached US  1,154.8 billion, up by 35.7% from that of 2003. Of the total, the export value reached US  593.4 billion, up by 35.4%, and the import value was US  561.4 billion, up by 36%, resulting in a trade surplus of US  32 billion. Foreign Exchange Reserve As of the end of 2004, China \'s Foreign Exchange Reserve reached US  609.9 billion with an increase of US  206.7 billion over that of 2003. Foreign Investment The contracted amount of foreign investment was   153.5 billion, increased by 33.4% from that of 2003; the utilized foreign direct investment was US 60.6 billion, increased by 13.3%.  This publication is prepared for clients of Hendersen Consulting and other interested in our services. Comments are not intended to be comprehensive. For more information or advice on the above subject or analysis of other tax issues, please contact Dennis Xu, our Tax Partner, at (8621) 6335 3630, or send us an email at the address below. We will be glad to help.    China Economic Data at a Glance  Gross Domestic Product Gross Domestic Product  GDP Growth Rate GDP Growth Rate  In RMB Billion  16, 000 14, 000 12, 000 10, 000 8, 000 6, 000 4, 000 2, 000 0 1999 2000 2001 2002 2003 2004  0.00% 1999 2000 2001 2002 2003 2004  13,652 11, 669 8, 940 9, 593 10,240  10.00% 9.10% 8.00% 7.10% 8.00% 8.00%  9.50%  8, 205  5.00%  Inflation (Consumer Price Index) Inflation (Consumer Price Index)  5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 1999 -1.00% 2000 2001 2002 2003 2004  Fixed Asset Investment Fixed Asset Investment  8000.0 7000.0 6000.0 5000.0 4000.0 3000.0 2000.0 1000.0 2987.6 3261.9 3689.8 4320.2 5511.8 7007.3  -2.00%  0.0 1999 2000 2001 2002 2003 2004  1    China Economic Data at a Glance  Import/Export Import/Export  Foreign Direct Investment Foreign Direct Investment  In USD Billion  800 593 561 4 412 38 400 195 166 2 225 49 2 244 66 326 295  Import Export  80  In USD Billion  61  600  60 47 40 40 41  53  54  200  20  0 1999 2000 2001 2002 2003 2004  0 1999 2000 2001 2002 2003 2004  Foreign Exchange Reserve Foreign Exchange Reserve  750 600 450 300 150 0 1999 2000 2001 2002 2003 2004 155 166 212  Industrial Structure (2004) Industrial Structure (2004)  In USD Billion  2,074 , 15%  610  4,338 , 32%  403 286  7,239 , 53%  Primary Industry  Secondary Industry  Tertiary Industry  2    China Tax Revenues  In RMB Billion  3 0 00 Total  11999Tax Revenue by Type 999 Tax Revenue by Type  Individual Income Tax 4%  Consumption Tax 9%  Other 11%  2572  2 5 00  State Tax Local Tax  2046  2 0 00  1 5 00 1 0 00  1491 1185 969 638 331 812 373 1,019 472  1700 1,168 532 1,308 738  1785  Value Added Tax 45% Enterprise Income Tax 13% Business Tax 18%  786  5 00  0  1999  2000  2001  2002  2003  2004  ReevenueGrowth Rate R venue Growth Rate  60% 50% 40% 30% 20% 10% 0% 2000 2001 2002 2003 2004 22% 51%  22004Tax Revenue by Type 004 Tax Revenue by Type  Individual Income Tax 7%  Consumption Tax 6%  Other 8%  25% 26% 13%  27%  15% 14% 13%  26% 21% 26% 25% 20% 18%  Enterprise Income Tax 16 %  Value Added Tax 4 9%  3  Business Tax 14 %    www.hendersen.com  HENDERSEN CONSULTING  4101/4102 Hong Kong New World Tower 300 Huaihai Road (M) Shanghai 200021 P.R.C. Tel. 86-21-6335 3630 Fax. 86-21-6335 3823 E-mail: contact@hendersen.com  This publication is prepared for clients of Hendersen Consulting and other interested in our services. Comments are not intended ?2004 Hendersento be comprehensive. For more information or advice on the above subject or analysis of other tax issues, please contact Dennis Xu, our Tax Partner, at (8621) 6335 3630, or send us an email at the address below. We will be glad to help. All rights reserved.    ",119);arrFiles[16]=new Array(293,"services/c&t.htm","2006-01-29","Hendersen Consulting","","","Common Issues Companies in China often encounter the following issues relating to customs: Entry time varies significantly sometimes. It is often affected by some very minor mistakes in tariff classification or customs valuation or affected by customs audits which are selected on a random basis. Although China generally follows the WTO principles on customs valuation, there are some different local interpretations, e.g., on royalties. It creates some difficulties to replicate the existing contractual models in WTO countries directly to China. There are still many grey areas in the PRC customs rules, e.g., in lease importations, which leads to difficult to implement some well developed business/financial models in the western world. Importation of used equipments is difficult. The rules of origin is much more complex today. Lack of ownership on customs function. Usually, customs is a matter that everyone (logistics, legal, tax, finance) cares but no one owns. &gt;Our Services Useful Links East Pigeon Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",17);arrFiles[17]=new Array(294,"services/c&t2.htm","2006-01-29","Hendersen Consulting","","","Our services Duties and Taxes Planning: We help you to reduce your duty cost through effective import and export taxes planning, utilizing special vehicles (trading companies, bonded warehouses), in-country expense allocation, special contractual arrangement, etc. Valuation Services: The Chinese tariff rates have been decreasing gradually these years and the tariff collection target is increasing every year. The Customs tends to strengthening the valuations of imported goods. We can assist in ruling request on valuations and obtain advanced valuation rulings with the customs. Classification: With the development of technology, there are more and more goods which are new to the Customs. We can assist to analyze the functions of the goods and apply for a favorable classification through pre-classification. In many cases, this can help to reduce the duty rate and increase the entry efficiency. Supply Chain Management: We help you to establish tax and duty efficient supply chains by utilizing the trade agreements China has entered into as well as help you implement planning techniques like first country for export which can minimize your sourcing related costs from China. Health check: We help you to review your customs process, bench mark with best practices and identify and qualify major risk areas as well as develop solutions and improvement plans on the issues we identified. On the other side, we help you to identify tax and customs planning opportunities and follow-through to realize the saving. Risk Management: We help you to understand the Chinese customs \' various criteria on risk management and help you to improve your current process to increase the internal grading with the in-charge customs. The benefit will be the increased entry speed and the significantly lowered chance for being selected as an auditing target. Customs Audit Defense: Communications plays an important role in the successful closure of a customs audit. Our professionals, who have the professional knowledge as well as the ability to speak the language of multinational companies as well as the government, are able to provide on-time support for you in a customs audit. &gt;Back to TOP &gt;Resource for Success Useful Links East Pigeon Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",16);arrFiles[18]=new Array(295,"services/c&t3.htm","2006-01-29","Hendersen Consulting","","","Resource for Success East Pigeon is our strategic partner specialized in customs consultation. East Pigeon is founded by senior people who have 10+ year \'s experiences in the General Administration of Customs. The connection between east pigeon and Hendersen founds a solid basis for us to provide world-class customs services. Hendersen also has excess to first hand information and provide our clients with the ability to respond to any regulatory changes at the first notice. Useful Links East Pigeon Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",14);arrFiles[19]=new Array(296,"services/corporate.htm","2006-01-29","Hendersen Consulting","","","Common Issues Many multinational company tax directors and manages conveys that managing the tax work in China is an art. The laws are simple, but there are so many circulars giving interpretations to the law. There are many tax incentives available, but the tax incentives are not automatic, you need to ask and negotiate. You need to deal with state and local tax bureaus on different type of taxes. The format of annual corporate income tax returns are adjusted frequently, which create issues for financial staffs to keep up with the changes. The VAT systems in China is not a full VAT systems, not all industries are subject to VAT and not all inputs are creditable. Besides, the systems is highly dependent on special VAT invoices and related documentations. China still adopts the Business Tax system, which will aggregate tax costs when the layers of transactions increase. This is extremely unfavorable to multinational companies with frequent inter-company changes. Transfer pricing work in China is difficult, especially due to the lack of public databases providing the pricing information and financial data in the industry. Tax related to foreign service provides are often overpaid. The in-charge tax bureaus often have their own internal guidance/interpretations over on-shore/offshore split percentage, Permanent Establishment, deemed profit rate, etc. There is no standard process to streamline the process in adjust home country GAAP based reports to PRC tax GAAP. Many multinational companies have to maintaining two sets of accounting systems, which may potentially lead to compliance issues and additional admin costs. The overall corporate tax regime is in the process of change. (EIT, VAT) &gt;Back to TOP &gt;Our Services Useful Links State Tax Bureau Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",20);arrFiles[20]=new Array(297,"services/corporate2.htm","2006-01-29","Hendersen Consulting","","","Overview Hendersen \'s corporate tax practice is armed with tax professionals and ex-tax authority staff from China and throughout the region that can advise you on China and international corporate, indirect and personal taxes. Our advice directly focuses on your business operations and proactively identifies tax-related opportunities and challenges, through which Hendersen delivers tax compliance and planning that help you enhance overall compliance, improve treasury and cash flow and maximize tax preferences. Our corporate tax services including: Corporate Tax Compliance Corporate Tax Advisory Indirect Taxes Advisory Tax Heath Check Tax Audit Defense Transfer Pricing Arrangement Corporate Tax Compliance Hendersen \'s tax professionals provide the risk-focused and solution-oriented approaches to help you to manage your corporate tax compliance, both in China, and internationally. Any incompliance with tax obligations can result in substantial cash outflow and administrative burden due to the increased reporting requirements, the additional tax audits and severe penalties for non-compliance. Our tax professionals can help you to enhance the overall tax compliance in China through direct participation in your daily tax compliance work. We help you to setup full set of tax operation following the framework of the relevant tax legislations, and deliver services to efficiently and appropriately with your tax routines, such as preparation of China tax returns, and assisting you in response and management of queries from tax authorities. Corporate Tax Advisory Services Hendersen can assist your business operations in China in managing the overall tax liabilities through helping ensure the business activities are undertaken in the most tax efficient way. Our professionals have extensive experience in advising multinational companies to formulate tax strategies in China. With the professional experience, Hendersen provides corporate tax planning and consultation to foreign investors at both the pre-investment and operational stage and assists them to obtain tax preferences where possible. Our professionals advise on various China corporate taxes, including business tax, foreign enterprise and enterprise income taxes, value added tax and stamp duty, etc.. We can also advise on the tax implications of corporate restructuring, M&A, and conduct tax due diligence. Indirect Tax Hendersen provides indirect taxes (VAT, Business Tax, Consumption Tax and etc.) services that can help you ensure indirect tax compliance as well as identify opportunities for indirect taxes savings, which helps you strengthen the bottom-line profitability, improve indirect indirect tax-related treasury and thus increase the values to the shareholder. Tax Health Check Tax Health Check is an overall professional review on the tax positions of your China entities to understand whether they are complying with the relevant tax laws and regulations, which ensure the tax robustness and prevent tax risks on a proactive way. During recent years, the China tax authorities are tightening the administrations on tax collections. Failure in reporting or payment of taxes properly can lead to penalties (maximum 5 times of the outstanding taxes) and surcharges (about 18% per annum on the outstanding taxes). In extreme case, the business of the entity will be cancelled and the management will be exposed to the public. Hence, tax health checks are very important and are popular among FIEs in China for risk management purposes. The main benefits from a tax health check include: To assess the overall compliance level of the China operations, identify non-compliance areas and grey areas and work out appropriate course of actions to minimize the tax exposures; To assess the effectiveness and efficiency of the operating structure as well as tax and regulatory functions; To provide practical programs to improve the operational effectiveness and efficiency of the above functions; To identify possible planning measures that can derive net savings and streamline cash flows. A tax health check review would normally focus on the following types of China corporate taxes: Foreign enterprise income tax Withholding tax Business tax Value added tax Consumption tax Urban real estate tax Deed tax Stamp duty This list basically covers the taxes that FIEs would be subject to.Depending on the needs of the entity concerned, this list could be further changed. Transfer Pricing Services Whilst transfer pricing has long been an acceptable taxation strategy all over the globe, the current China government is tightening the tax loop-holes at a rapid pace, and catching many companies in breach of the laws with the transfer pricing regulations rapidly developing in China. Moreover, the Chinese authorities even target transfer pricing adjustments as a major tax revenue earner in the years to come. FIEs in China are required to report annually their transactions between related parties and have been frequently questioned whether arm \'s length prices have been adopted. Under China \'s transfer pricing rules, it is easy for two companies to be considered related parties, while in many other countries the same parties may not be considered associated. Therefore, it is very important for FIEs to assess their transfer pricing risks as well as prepare appropriate documentations for the transfer pricing policies for China operations in professional measures. Hendersen assists you on the planning and structuring of transfer pricing policies in China. With our professional experience, we are able to minimize your tax exposures and enhance your risk management on related party transactions through a combination of our following services: Transfer Pricing Risk and Opportunity Assessment Review Functional Analysis and Benchmarking Advance Pricing Agreement with Tax Authorities China Profit Alignment Stud Defense Documentation Preparation &gt;Back to TOP &gt;Resource for Success Useful Links State Tax Bureau Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",33);arrFiles[21]=new Array(298,"services/corporate3.htm","2006-01-29","Hendersen Consulting","","","Resource for Success MTA is an association organized by Hendersen providing a connection for tax practitioners in China. Currently, most of the members are in-house practitioners working for multinational companies. China Law Database is a database summarizing the laws and regulations issued in China since 1949. Useful Links State Tax Bureau Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",14);arrFiles[22]=new Array(299,"services/humancapital.htm","2006-01-29","Hendersen Consulting","","","Common Issues Companies in China often encounter the following issues relating to human capital: Turnover rate is high. People in China switch jobs much faster than the western world. There is an overall difficulty to retain people. Job market is not transparent. Qualities of new hires vary a lot. Every different province adopts a different social security scheme. For many new comers, it is easy to neglect the social security cost in addition to an employee \'s gross pay, which could be an addition cost of 40-60% on top of the total pay. As China develops, employees \' cost structure changes very fast. Payroll system is not automated, and heavily relies on manual work. It increases the processing cost as well as leads to the issue of confidentiality. Individual income tax rate in China is among the highest in the Asia Pacific Regions, careful planning It is difficult to implement a global equity based compensation plan in China due to the foreign exchange restrictions. &gt;Our Services Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",16);arrFiles[23]=new Array(300,"services/humancapital2.htm","2006-01-29","Hendersen Consulting","","","Our services People Strategy helps you to develop successful human capital strategies and plans in China. We provide you with tailor made solutions in China on recruitment strategies, compensation strategies, organization structures, employee evaluation systems as well as employee retention programs. International Employment Solutions helps you to design home-country based expatriate compensation and benefit packages with an aim to maximize employee \'s benefit while minimize the company \'s total compensation cost, through our various planning techniques on employee benefit programs as well as PRC individual income tax. Equity incentive helps multinational companies to implement their global equity based incentive plans in China. We also help growing enterprise to design similar plans based on their specific situation to reach a win-win situation by improving the cash flows of the company while maximizing employee performance and retention ratio. Individual Income Tax Services helps people to minimize and defer their PRC individual income tax liabilities through effective global and PRC tax planning. We also helps you to set-up a compliance process which ensures 100% compliance as well as confidentially of the senior management payroll information. Immigration Services helps you to ensure the full compliance to Chinese labor and immigration rules and minimize you personal involvement in handle the routine application and renewal work. Payroll system and outsourcing helps you to develop automated payroll systems to timely disburse the payments, minimize unexpected errors and save your in-house handling costs. Personal Wealth Services provides you with guidance and plans how to increase the value of your personal assets in an organized way. HR Due Diligence and Post Deal Integration helps you to know the HR side of the acquisition target, what changes are required and how to make the changes happen. Please also refer to our M&A service section to get an overview how we can help you to successfully settle a deal in China. &gt;Back to TOP &gt;Resource for Success Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",18);arrFiles[24]=new Array(301,"services/humancapital3.htm","2006-01-29","Hendersen Consulting","","","Resource for Success We have strong resources to help you build a world-class human capital function in China: People Strategy Best Practice Database is a database summarizes the successful cases in China and the world. E-payroll system is an automated payroll tool which automate the calculation of social benefit contribution and individual income tax Equity Incentive Database summaries the common terms of different equity based incentive plans Online Evaluation System is an internet based evaluation system which can automate the evaluation system for each employees, regardless who you are and where you are. Social Benefit Database summarizes the updated information of social benefit information throughout China. SMART Tax is an excel based tool we used to reduce the processing time for monthly PRC IIT filling and increase its accuracy. Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",16);arrFiles[25]=new Array(302,"services/index.htm","2006-01-29","Hendersen Consulting","","","Common Issues The following issues are commonly encountered by Multinational companies when doing a M&A transaction in China: Lack of transparency in the entire market, difficult to get access to potential target \'s information Culture difference exists. If not using the appropriate language, the deal may be killed from the very beginning The target \'s financial information is not sufficient to work-out the financial model or business valuation The accounting principle used by the target is much different from IAS/US GAAP Target uses two set of books, one for management reporting, one for tax reporting Need to take over a huge labor force from the target The statutory valuation for state-owned companies may generates very different results from business valuation Target is overall lack of awareness of environmental, health and safety issues The transfer pricing between the target and its related parties is a mess The regulatory requirement in certain restricted industries is complex The list goes on. &gt;Back to TOP &gt;Our Services Useful Links China M&amp;A Net China Global M&amp;A Research Center CNPRE Shanghai Ownership Trade Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",21);arrFiles[26]=new Array(303,"services/index2.htm","2006-01-29","Hendersen Consulting","","","Our services We provide a one stop shop for our clients to successfully conclude a deal in China. Entry Strategy Market studies Industry competitive analysis Benchmarking analysis Regulatory environment analysis Tax environment study Location study Supplier assessment Target Identification Background Check High level financial/tax data review Comparative analysis of potential targets Key risk evaluation Pre Due-diligence negotiation support Formation of preliminary bid structure Due Diligence Financial Due Diligence Tax Due Diligence HR Due Diligence Business valuation Statutory valuation Design deal structure Design bidding structure Negotiation support Closing/Post Deal Develop integration plan Government approval facilitation Tax incentive negotiation Work-out the transfer pricing policy Liquidation support Assistance in implementation of integration plan Project Management/Merger and Acquisition Framework (MAF) &gt;Back to TOP &gt;Resource for Success Useful Links China M&amp;A Net China Global M&amp;A Research Center CNPRE Shanghai Ownership Trade Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",32);arrFiles[27]=new Array(304,"services/index3.htm","2006-01-29","Hendersen Consulting","","","Resource for Success We use a different set of tools, resources and methodology to assist you to reach the successful closure of a deal in China, including: Project Management Merger and Acquisition Framework (MAF) Change Acceleration Process (CAP) Business Audit Methodology China Enterprises Database China Economic and Tax Law Database In addition, our strong connection with the central and local approval/tax authorities and our team \'s communication skills would add value to the deal process by significantly reducing the deal timing. Useful Links China M&amp;A Net China Global M&amp;A Research Center CNPRE Shanghai Ownership Trade Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",18);arrFiles[28]=new Array(305,"services/indexbak3.htm","2006-01-29","Hendersen Consulting","","","We use a different set of tools, resources and methodology to assist you to reach the successful closure of a deal in China, including: Project Management Merger and Acquisition Framework (MAF) Change Acceleration Process (CAP) Business Audit Methodology China Enterprises Database China Economic and Tax Law Database In addition, our strong connection with the central and local approval/tax authorities and our team \'s communication skills would add value to the deal process by significantly reducing the deal timing. Useful Links link1 link2 link3 link4 Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",15);arrFiles[29]=new Array(306,"services/investment.htm","2006-01-29","Hendersen Consulting","","","How to decide the investment vehicles? The most direct way to penetrate the China market is to set up local presence.There are various forms of investment vehicles available to suit different business objectives and operations.Hendersen can help you to find out the most appropriate investment vehicles from the business, tax and legal perspectives based on the comprehensive understanding of your business objectives and investment plan in China. Setting up a representative office has been the simplest way to get into China and gain on-the-market experience. Other than financial institutions, a foreign company still cannot set up a branch office in China at the moment. The target \'s financial information is not sufficient to work-out the financial model or business valuation If your investment involves a Chinese partner, you should probably go for setting up either a Sino-foreign equity joint venture or a cooperative joint venture. Otherwise, a wholly foreign-owned enterprise will allow you greater management control and flexibility. The setting up of a foreign-invested holding company or management company is another relatively new option. Normally a foreign investment enterprise (FIE) is set up for a specialized purpose with a specific business scope. Apart from the traditional production FIEs, foreign investors may now also set up trading FIEs, service FIEs, wholesale and retail FIEs, etc. If your group has already established a number of FIEs and is poised to make further investments in China, you may consider establishing a China holding company to centralize management, provide shared services, consolidate the distribution of goods produced by your FIEs in China and pre-market certain imported products. Upon having paid up its registered capital according to the approved schedule, your FIE may also expand its geographical coverage by setting up branches. Where to set up? It is quite critical for you to select an appropriate location to set up your business in China.Hendersen can help you to select several appropriate locations based on the practical client experiences and your business objectives.Subsequently, Hendersen can perform a detailed location study to obtain the following information for each selected location: Business analysis Government attitude/support Tax/finance policies and preferences Foreign exchange rules Labour rules Land/facility availability and cost Transportation convenience Other factors How should I go about the setting up? Before setting up in China, you should review your current investments and future business plans to determine the optimal investment vehicle to set up in accordance with the current China investment regulations and WTO market access commitments. The steps of setting up in China must be carefully planned.The following are some points that you cannot afford to miss: In case of forming a joint venture, seek support in contract negotiation and due diligence review. Verify the feasibility and prerequisites for setting up because they could be subject to local differences in practices and interpretations of the law. Optimize the tax-effectiveness of your shareholding structure and funding arrangements. Formulate the business scope for the company to be set up and negotiate with the approval authorities where necessary. Ensure the application documents for submission are complete, accurate and in the right format. Find out the appropriate channel for approval and registration and go through them one by one. &gt;Back to TOP &gt;Setting up Service in Other Regions Useful Links Ministry of Commerce Stat Development and Reform Commission National Statistic Bureau Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",26);arrFiles[30]=new Array(307,"services/investment2.htm","2006-01-29","Hendersen Consulting","","","Company formation Hendersen has a strong presence in the world&rsquo;s key financial centers including Bermuda, British Virgin Islands, Curacao, Guernsey, Hong Kong, Jersey, Luxembourg, Malaysia, Labuan, Mauritius, the Netherlands, New Zealand, Samoa, Singapore, Switzerland, Taiwan and United Kingdom.Via the worldwide network, Hendersen helps clients incorporate companies in all of the above jurisdictions. Certification and legalization Hendersen assists in providing certification on some documents such as Certificate of Good Standing of offshore companies.Hendersen also provides legalization services on some corporate documents such as Memorandum and Articles of Association, Certificate of Incorporation, director and shareholder registers at China&rsquo;s embassies in foreign jurisdictions. Due diligence review Some of the publicly listed companies and those which are preparing for public listing may have a variety of offshore companies within their group structure.Our due diligence review service is a health check on the documentation, registration of the offshore companies. This review is vital for the publicly listed companies and those which are preparing for public listing meeting the requirements of the stock exchanges. &gt;Back to TOP &gt;Setting up in China Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",16);arrFiles[31]=new Array(308,"services/investmentbak.htm","2006-01-29","Hendersen Consulting","","","The most direct way to penetrate the China market is to set up local presence.There are various forms of investment vehicles available to suit different business objectives and operations.Hendersen can help you to find out the most appropriate investment vehicles from the business, tax and legal perspectives based on the comprehensive understanding of your business objectives and investment plan in China. Setting up a representative office has been the simplest way to get into China and gain on-the-market experience. Other than financial institutions, a foreign company still cannot set up a branch office in China at the moment. The target \'s financial information is not sufficient to work-out the financial model or business valuation If your investment involves a Chinese partner, you should probably go for setting up either a Sino-foreign equity joint venture or a cooperative joint venture. Otherwise, a wholly foreign-owned enterprise will allow you greater management control and flexibility. The setting up of a foreign-invested holding company or management company is another relatively new option. Normally a foreign investment enterprise (FIE) is set up for a specialized purpose with a specific business scope. Apart from the traditional production FIEs, foreign investors may now also set up trading FIEs, service FIEs, wholesale and retail FIEs, etc. If your group has already established a number of FIEs and is poised to make further investments in China, you may consider establishing a China holding company to centralize management, provide shared services, consolidate the distribution of goods produced by your FIEs in China and pre-market certain imported products. Upon having paid up its registered capital according to the approved schedule, your FIE may also expand its geographical coverage by setting up branches. It is quite critical for you to select an appropriate location to set up your business in China.Hendersen can help you to select several appropriate locations based on the practical client experiences and your business objectives.Subsequently, Hendersen can perform a detailed location study to obtain the following information for each selected location: Business analysis Government attitude/support Tax/finance policies and preferences Foreign exchange rules Labour rules Land/facility availability and cost Transportation convenience Other factors Before setting up in China, you should review your current investments and future business plans to determine the optimal investment vehicle to set up in accordance with the current China investment regulations and WTO market access commitments. The steps of setting up in China must be carefully planned.The following are some points that you cannot afford to miss: In case of forming a joint venture, seek support in contract negotiation and due diligence review.	Verify the feasibility and prerequisites for setting up because they could be subject to local differences in practices and interpretations of the law. Optimize the tax-effectiveness of your shareholding structure and funding arrangements. Formulate the business scope for the company to be set up and negotiate with the approval authorities where necessary. Ensure the application documents for submission are complete, accurate and in the right format. Find out the appropriate channel for approval and registration and go through them one by one. Useful Links link1 link2 link3 link4 Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",20);arrFiles[32]=new Array(309,"services/outsourcing.htm","2006-01-29","Hendersen Consulting","","","Common Issues In today \'s fast paced business environment, many companies find that: Lack of the resources or work load to justify a full-time controller; Do not want the responsibility of hiring, training and retaining your own financial, tax or other staff; Vacant period of current controller/mana-ger \'s leave; and On-site/off-site requirement for the financial, tax or other skills and expertise on a regular basis. &gt;Our Services Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",15);arrFiles[33]=new Array(310,"services/outsourcing2.htm","2006-01-29","Hendersen Consulting","","","Our services Accounting outsourcing services - Preparation of general ledger, trial balance, monthly financial statements (balance sheet & income statement), and daily sales & cash receipts, etc. Payroll outsourcing services - Initial set-up for the payroll system for the local employees and monthly payroll services, including net pay calculation, pay slip preparation, administering the deposit of payroll net of IIT and employee contribution of statutory social securities, preparation and filing of the PRC IIT returns for employees, etc. Tax compliance services - Assistance in handling various PRC tax matters, including invoice management services (application, issuance, verification, archiving, etc.), tax calculation and filing services, etc. &gt;Resource for Success Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",13);arrFiles[34]=new Array(312,"search/search.html","2006-01-29","Search Engine Builder Standard -- Search this site","","","",1);arrFiles[35]=new Array(315,"search.html","2006-01-29","Search Engine Builder Standard -- Search this site","","","",1);arrFiles[36]=new Array(318,"services/outsourcing3.htm","2006-01-29","Hendersen Consulting","","","Resource for Success Qualification Access - We have the hands-on experienced, qualified CPA, ACCA, CTA and CFA people and resources as well as the support technology and skills to customize the service delivery system to make the service look and feel like we are working from within your office. . Seamless interface - Our aim is to provide a seamless interface between your management, accounting software and your bookkeeper and CPA. Our staff will use the same processes that your company currently uses and will make adjustments only if needed to make the process more streamlined and efficient. Friendly Customer Service - Our mission is to provide professional outsourcing services, focusing on exceptional customer service, and improving the financial position of your company. Our staff is committed to your company \'s success and provides dedicated service as if they are employed by your company. Privacy Statement | Legal Disclaimer | About Site Provider | Email Webmaster &copy; 2004-2010 Hendersen Consulting All rights reserved.",13);