BACKGROUND

The China reform implemented by Present Xi on investment environment and context has witnessed exceptional improvement. Newly issued policies encourage young entrepreneurs to start their own enterprises. However, majority of the entrepreneurs are not well familiar with the accounting and taxation rules that imply, and have inadequate information regarding matters such as payroll and social insurance policy. The issue has been reflected especially in the IT industry as many competent software developers and programmers have hesitated to pursue their business ideas due to the limited knowledge they possess in areas concerning corporate finance. Their attempt to apply their idea into practice does not pay dividends unless they can understand the complex business setup rules in China.

Since 2014 many reforms have commenced in the China government policy within organizations such as the State Administration for Industry & Commerce, also known as SAIC, and the State Administration of Taxation. Amongst the reforms that have taken place, one of them is the so-called Balance Score Card, introduced nationwide by the State Administration of Taxation. The administration has introduced this credit rating system to help monitor a company抯 legal compliance. Bureaus such as the Public Security Bureau, the State Administration of Taxation, and the Ministry of Human Resources and Social Security have made a collaboration that enables them to share a common database. If there is any law violation or discredit from any aspect committed by the company, their name will appear as 憀ocked up?in this common system. This applies to every field and area of all sectors and industries. The goal with these policies is to create credibility in the system. The Chinese government is also paying more efforts towards the service industry. China is enforcing to eliminate the low added value and heavy resource consumption industries and the country is aiming to attract increasingly more high tech and high 杤alue added services. The process from prerequisite approval into post-requisite approval has unleashed some significant industry requirements, which further facilitates entrepreneurs to start a business.

Bison&Chang has been founded on the basis of providing assistance to all entrepreneurs and firms in China with the accounting and law system. We aim to deliver the best service possible every step of the way for all our clients and make sure that you are provided with all the help necessary to operate your China business effectively.