Doing Business in China Series (6 Sessions)
China’s economy is vast. A myriad of national laws, local regulations and implementing measures makes doing business complex. In the post-pandemic world, more than ever, businesses need to innovate and focus on emerging opportunities and regulatory compliance. HKCGI is delighted to present a Doing Business in China series from August to November 2021 in which senior professionals will discuss China's economic transformation, foreign investment policies, business location incentives, as well as regulatory compliance covering issues from commencing to exiting investments.
In recent years, mergers and acquisitions have become more frequent. Multinationals need to restructure their business entities in the Mainland China. In order to reduce compliance costs, avoid overlapping corporate structures, and improve administrative efficiency, they may opt for closing down some of their local subsidiaries which are financially sound.
Even if a wholly foreign owned enterprise (“WFOE”) has sufficient funds to pay off all its debts and liquidation costs, voluntary liquidation can still be a lengthy and complicated process. In the course of 18 months on the average, different parties responsible for different aspects are required to deal with different matters for the WFOE at different points of time. One issue in a particular step may cause unnecessary delays, and in a worst-case scenario, deregistration cannot be completed or remaining funds cannot be retrieved. Well before kicking off, it is advisable to have a thorough understanding of the entire process and the key requirements from various perspectives, make necessary changes based on the actual situation, and then determine a reasonable and feasible plan of action.
Session 6 - Voluntary Liquidation of WFOE - Professionals' Roles In Action will be simulated as a video conference meeting in which professional parties in the 4 prescribed aspects will be called upon by a multinational to discuss the requirements, considerations and obstacles of liquidating a consulting WFOE in a solvent position (fact sheet):
- Accounting & Treasury - Vistra Group
- Company Secretarial - Intertrust Group
- HR & Payroll - Tricor China
- Tax Reporting & Clearance - TMF Group
For more details of 6 sessions, please click the below links or refer to the flyer being attached at the bottom:
Speakers' bio: (in order of appearance)
Mr Donald Tsang
Ms Angela Li
Ms Susan Peng
Ms Lorraine Wang
Ms Sharon ZM Chen
Ms Dorothy Yang
Mr Kenneth Lee
Ms Aphro Hong
Seat guarantee will only be given to HKCGI Fellows and/or Practitioner’s Endorsement (PE) holders if registered 10 clear working days with payment prior to the date of the seminar.