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Compliance in China
Do you face these issues in China?
How do I know if the seals have been used appropriately?
How do I ensure adequate segregation of duties?
Who is holding on to which seals?
How do I ensure that contracts are completely captured in a database?
Can I approve the usage of seals anywhere and anytime?
I do not want to have a separate compliance team in China. Can I outsource this function?
Compliance & setting up in China
We work closely with our China-based network firm, China Business Advisory to ease the business owners' transition of entering China, helping them to navigate the complex rules and regulations to set up operations there.
China Business Advisory, is a Corporate Advisory and CPA group that focus on serving foreign-owned enterprises in China since 2001. China Business Advisory is a fully-owned subsidiary of RSM Stone Forest, the largest accounting and business advisory group outside the Big 4 in Singapore, established since 1985.
China Business Advisory adopts international standards and best practices, while delivering Singapore-quality services. At the same time, they have developed a strong local knowledge and understanding of getting things done faster and more effectively for their clients. Headquartered in Shanghai with branch offices in Beijing, Suzhou, Shenzhen, Chengdu and Hangzhou, they help foreign investors to form legal entities in China smoothly.
CS3 - Our digital solution for Company Seal Management
Besides common compliance challenges when operating in another country, foreign firms in China also face a unique challenge — the need to comply with regulations requiring and governing the use of official company seals. Consequently, foreign firms have to address multiple concerns associated with the use of such seals to avoid financial and other penalties for non-compliance.
Developed by China Business Advisory, C3 (representing Custody, Compliance and Certification), is an online tool that offers a comprehensive solution to help your business build a robust system of internal control, mitigate business risk and ensure corporate compliance with ease in China.
CUSTODIAN
- What are the seals and documents sealed?
- Who are holding the seals?
- Who are using them?
- Where are they now?
COMPLIANCE
- Who are the approvers?
- Are the threshold limits enforced?
- Is usage authorised?
CERTIFICATION
- What are the documents that were sealed?
- When are your business certificates due for renewal
- Control and prevent unauthorised use of company seals
- Mitigate risk of total reliance on seal keeper(s)
- Have a central depository system for all licenses, contracts and resolutions
- Access regional offices’ information at-a-glance, anywhere, anytime
- Establish clear policy statements on usage of seals
Email CPG@RSMSingapore.sg for an non obligatory CS3 demo or to discuss your China operations support needs now.