Sichuan Province of southwest China, is located in the upper reaches of the Yangtze River, between eastlongitude 92°21' to 108°12' and between north latitude26°03 ' to 34°19', 1,075 km from its east to west, and over 900 km from its north to south. It neighbors Hunan and Hubei to east, Yunnan, Guizhou to south, Tibet to west, Qinghai, Gansu and Shaanxi provinces to north. Sichuan covers the area of 486,000 square kilometers, ranking fifth in the country,after Xinjiang, Tibet, Inner Mongolia and Qinghai.
The topography over the whole province differs enormously from east to west with complex and various terrains. The terrain of China’s mainland forms a flight of three steps in terms of altitude. Sichuan lies between the first step, namely Qinghai-Tibet Plateau and the second step, namely the Middle-lower Yangtze Plain. It is high in the west while low in the east, demonstrating a distinct disparity in altitude. Plateaus and mountainous regions can be seen in west Sichuan at altitudes above over 4,000 meters, while basins and hilly areas can be found in the east, at altitudes above 1,000 to 3,000 meters. The whole province can be divided into three major parts: the Sichuan Basin, the SichuanNorthwest Plateau and the Sichuan Southwest Mountains.
The Sichuan Basin, covering an area of 165,000 square km, is one of the four largest in the country.This Basin is surrounded by mountainous regions, having the Qinling Mountains in the north, Micang Mountain, Daba Mountain in the east, the Dalou Mountain in the south, and Longmen Mountain, Qionglai Mountains in the northwest. The regional climate is warm and humid, warm in winter and hot in summer, most areas with annual rainfall of 900 to 1200 mm. Sichuan enjoys a subtropical humid monsoon climate and its vegetation is subtropical evergreen broadleaf forest. The pattern of agricultural use is double cropping in a year. The west are of Sichuan Basin is Chuanxi Plain which is the irrigation area of Dujiangyan. The lands in West Sichuan Plain are fertile and with high productivity. The middle of Sichuan Basin is purple hill area, 400 to 800 meters above sea level, whose terrain is slightly tilted to the south. Minjiang River, Tuojiang River, Fujiang River, Jialing River run to south through its north mountains and join Yangtze River. Besides, the east of Sichuan Basin is East Sichuan Parallel Range Gorge Region, including Huaying Mountain, Tongluo Mountain, and Mingyue Mountain.
The northwest of Sichuan Province is Northwest Sichuan Plateau, belonging to the southeast corner of Tibetan Plateau, average elevation of 3,000 to 5,000 meters, alpine climate, covered with alpine meadow vegetation.
The southwest of Sichuan Province is the north section of Hengduan Mountains with high mountains and stiff valleys. Rivers flow through mountains alternatively. The rivers and mountains are from east to west Minshan Mountain, Minjiang River, Qionglai Mountain, Dadu River, Daxue Mountain, Yalong River, Shualuli Mountain and Jinsha River. The climate and vegetation here are in vertical distribution, mainly including boreal coniferous forests, temperate mixed broadleaf-conifer forests, northern subtropical mixed evergreen and deciduous forests, and middle subtropical mixed evergreen and broadleaf forests.
Administrative divisions
The current immediate administrative divisions of Sichuan consist of eighteen prefecture-level cities and three autonomous prefectures:
- Chengdu (成都)
- Mianyang (绵阳)
- Deyang (德阳)
- Yibin (宜宾)
- Panzhihua (攀枝花)
- Leshan (乐山)
- Nanchong (南充)
- Zigong (自贡)
- Luzhou (泸州)
- Neijiang (内江)
- Guangyuan (广元)
- Suining (遂宁)
- Ziyang (资阳)
- Guang'an (广安)
- Ya'an (雅安)
- Meishan (眉山)
- Dazhou (达州)
- Bazhong (巴中)
- Aba Tibetan Qiang Autonomous Prefecture (阿坝藏族羌族自治州)
- Ganzi Tibetan Autonomous Prefecture (甘孜藏族自治州)
- Liangshan Yi Autonomous Prefecture (凉山彝族自治州)
The eighteen prefecture-level divisions of Sichuan are subdivided into 181 county-level divisions (43 districts, 14 county-level cities, 120 counties, and 4 autonomous counties). These county-level divisions are in turn divided into 4782 township-level divisions (1865 towns, 2586 townships, 93 ethnic townships, and 238 subdistricts).
Geography
The entire province lies in the Sichuan basin and is surrounded on all sides by mountains, with the Himalayas (喜玛拉雅山脉） to the west, the Qinling (秦岭) range to the north, and the mountainous areas of Yunnan to the south. The Sichuan Basin itself covers an area of 165,000 square km, making it one of the four largest basins in China. The Yangtze River flows through the Sichuan basin and lies upstream to areas of eastern China. The Minjiang River in central Sichuan is a tributary of the upper Yangtze River, which joins the main river at Yibin.
The climate in Sichuan is often heavily foggy. Several cities are quite polluted and seldom receive sunny days.
Major Cities:
- Chengdu
- Deyang
- Guang'an
- Guangyuan
- Leshan
- Mianyang
- Nanchong
- Suining
- Ziqong
- Yibin
Major Rivers and Lakes:
- Yalong River
- Jinsha River
- Dadu River
- Minjiang River
- Chishui River
- Lugu Lake
To facilitate people who want to invest and set up business in Sichuan, here is an introduction of Types of business presence in China:
Before starting up a business in China, you have to know what are the options. Foreign Investors generally establish a business presence in China in one of five modes: Wholly Foreign Owned Enterprise(WFOE); Representative Office; Foreign Invested Partnership Enterprises (FIPE); Joint Venture and Hong Kong Holding Company.
Wholly Foreign OwnedEnterprise (WFOE) is a Limited liability company wholly owned by the foreign investor. WFOE requires no registered capital and it's liability of equity , can generate income, pay tax in China and it's profit could be repatriate back to investor's home country. Any enterprise in China which is 100 percent owned by a foreign company or companies can be called as WFOE.
Representative Office (RO) is aLiaison Office of it's parent company. It requires no registered capital. It's activities would be: product or service promotion, market research of it's parent company's business, Quality Control liaison office etc in China. RO generally is prohibited to generate any revenue nor generating contracts with local businesses in China.
Joint Venture (JV) is a Limitedliability company formed between Chinese investor and Foreign investor. The parties agree to create a entity by both contributing equity, and they then share in the revenues, expenses, and control of the enterprise. JV usually been used by foreign investor to engage the so called restricted in areas such like: Education, Mining, Hospital etc.
Since March 1, 2010: Measures ofEstablishment of Foreign Invested Partnership Enterprises (FIPE) in Chinaistaking effect. The regulation, which take effect since March 1, 2010, are known as the Administrative Measures for the Establishment of Partnership Enterprise in China by Foreign Enterprises or Individuals. There's no required minimum registered capital for a Foreign Invested Partnership Enterprise (FIPE) in Shanghai, Beijing, Guangzhou, Shenzhen, Hangzhou and rest cities of China
Hong Kong Company usually been used as a Special Purpose vehicle (SPV) to invest Mainland China. Hong Kong is one of the quickest locations to Incorporate a business. Although a HK company is not a legal entity in Mainland China (Mainland China and Hong Kong, See Wiki 1 country, 2 systems), lots foreign investors, especially investors from Europe and North America still chose to setting up a Hong Kong company as SPV to invest China.
After China's entry to WTO, most industries in China welcome foreign investment, WFOE setting up in Chinabecomes the first option of foreign investment's entity structures instead of Rep. Office setting up in China. At the mean time, for tax purpose, effective licensing system etc more and more investors use Hong Kong as the holding company to invest China mainland, using this offshore company to hold their operations in China.
Business set-up in Sichuan is a big project by itself, which requires financial and time commitments, business management knowledge and China expertise. Identifying a competent agent to manage the complex process will be a cost and time effective way to avoid potential pitfalls . Tommy China Business Consulting has direct connections in the local government
Since 2006, TCBC has been focusing on consulting services for our clients to invest in Sichuan China. We are specialized in establishment of wholly foreign owned enterprises (WFOEs), setting up of offshore companies, trading services, tax minimization, Assist in obtaining government approvals and certificates for running business, negotiate and draft various legal documents provide legal advice, negotiate government officer for Land acquisition. Advising on formation of WOFE and business structures, managing and controlling WOFE in Sichuan China, drafting privacy policies and structuring commercial transactions
TCBC will manage all aspects of incorporation to get you a business license in Sichuan China. We offer a range of company formation services including helping you to set up:
-Wholly Foreign Owned Enterprises (WFOE )
-Joint Ventures (Equity/Co-operative)
-Foreign Invested Partnership Enterprises (FIPE)
Once your business is officially registered in Sichuan, it's required to maintain proper accounting records in accordance with accounting standards in China and to report taxes on both monthly (for business tax, individual income tax) and quarterly (corporate income tax) basis. Late submissions will face penalties and surcharges.
When foreign companies come to Sichuan to set up Small Medium Enterprises, one of the headaches is to find an English-speaking professional accounting & tax advisory and agency firm. Even there is help from local professionals, due to language and communication problems, it is still hard for investors to find the correct way of investment and to completely understand the local investment and tax policy. Furthermore, it is hard for the foreign investors to set up a complete and legal financial & tax system as well as the related procedures. Therefore, different kinds of incompliant problems regarding tax and legal areas will be accumulated with the invested company and lead to serious legal risks step by step.
A lucky investor may get the fluent English-speaking internal accountant by recruitment, but it does not mean the invested company no longer needs an external consultant. Due to the professional limitation of internal accountant, particularly when it comes to comprehensive issues regarding taxation, customs, foreign exchange, labor, banks and so on, it is hard for the internal accountant to propose sophisticated professional advice and options to the company’s management.
During the practical operating, many small and medium sized companies conclude that full time cashier and full time accountant cost a lot and create certain burden for operation. Meanwhile, as they might not be full occupied by works due to the limited work load. To be successful, any enterprise regardless its size often needs a financial and accounting expertise.Outsource your accounting project to us is the best solution to this problem. With Our professional accounting service, clients can have the expertise they require when they require.
Our accountant could assist you and negotiating with your local officer to use the proper tax reporting method for your China presence. And submit the tax reports monthly and quarterly on your behalf.
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The details of our services are set out below◾Update the books in accordance with the Chinese Accounting Standards◾Prepare monthly financial statements for tax filing purpose and submit if applicable◾File monthly Business Tax Return and Individual Income Tax Return◾File Corporate Income Tax Return quarterly◾Annual Corporate Income Tax Filing◾Monthly Bookkeeping Service◾Audit of Financial Statements
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The details of our services are set out below◾Update the books in accordance with the Chinese Accounting Standards◾Prepare monthly financial statements for tax filing purpose and submit if applicable◾File monthly Business Tax Return and Individual Income Tax Return◾File Corporate Income Tax Return quarterly◾Annual Corporate Income Tax Filing◾Monthly Bookkeeping Service◾Audit of Financial Statements
Foreign companies come in contact with the Chinese legal system the moment they decide to doing business with china. Our legal teams have served the clients in Sichuan China since 1990s. We have advised on some significant investments, international trades, real estate projects, arbitration, litigation and individual needs to date. The expertise we have allows us to place ourselves at your full disposal to offer our advisory services in China, to suggest the best path to lead you to the best solutions for any challenge in your business.
We have extensive experience with the entire spectrum of business entities in China, from simple Representative Offices to more complex Foreign Invested Enterprises such as Wholly Owned Foreign Enterprises (WOFEs) and Joint Ventures (JVs). We have served hundreds of clients from more than 30 countries in virtually every industry sector. Our consultants have developed an extensive network of local connections to expedite business registration projects and to negotiate for favorable incentives for large Foreign Direct Investment (FDI) projects.
We assist our clients with their China projects regardless of which stage of development they are in, like researching the business environment, entering the market or already growing their business within China. We are committed to guiding our clients through the challenges of achieving their goals by not only keeping them abreast of current trends but also anticipating how those trends may impact the market they are in. We customize our approach according to our clients’ specific needs.
Some argue that flat taxes are unfair for this reason. Progressive taxes, however, treat the rich and poor differently, which is also unfair.
ReplyDeleteIssacureshi London tax specialist