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Arbitration is the next preferred method where negotiation fails. Unless the parties can agree on arbitration after the dispute has arisen, the underlying contract or separate agreement must indicate that disputes will be resolved through arbitration. The Arbitration clause shall indicate the process of appointment of arbitrator, place of arbitration and number of arbitrators. In many instances, international arbitration is an effective though perhaps underutilised dispute resolution mechanism Especially in China and India. Arbitration also offers an advantage over litigation because of the finality of the rulings. Court rulings are subject to appeal, which means litigation may continue for a lengthy period of time.
Agreements to arbitrate usually specify a choice of arbitration body, which may be located in country of contract party or other country.
In China there are two Chinese government-sponsored arbitration bodies for handling cases involving at least one foreign party :
In India there are major three arbitration institute which provides alternate dispute resolution :
In Hong Kong, there are three major arbitration institutions :
Companies should clearly mention in contract an alternative to any country base arbitration if they choose international body like Singapore Arbitration Centre.
Accounting & Bookkeeping standards in China differ from one country to another, even though most countries GAAP have been modified to be in compliance or similar to International Financial Reporting Standards (IFRS). Chinese accounting standards are the accounting rules used in mainland China. As of February 2010, the Chinese accounting standard systems is composed of Basic Standard, 38 specific standards and application guidance.
Every accounting and bookkeeping GAAP has its own standards and sometimes allows for more than one way to report. For example, there are different rules for impairment of assets, inventory costs & reversal, capitalization of development costs, depreciation expenses, interest & dividend expenses and asset valuation. Those different methods can have an impact on your business ratios, profitability and tax burden.
Our Accounting Services
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Read more about Taxation in China
Accounting & Taxation in Hong KongAccountancy in Hong Kong is regulated by the HKICPA under the Professional Accountants Ordinance (Chapter 50, Laws of Hong Kong). The auditing industry for limited companies is regulated under the Companies Ordinance (Chapter 32, Laws of Hong Kong), and other Ordinances such as the Securities and Futures Ordinance, the Listing Rules, etc.
Accounting standards in Hong Kong are known as Hong Kong Financial Reporting Standards (HKFRS) and set out recognition, measurement, presentation and disclosure requirements dealing with transactions and events that are important in general purpose financial statements. It is the application of HKFRS that gives us a “true and fair view” of financial statements. The HKICPA has also issued a Financial Reporting Standard (SME-FRS) for certain qualifying SMEs. Since 30 April 2010, the Institute issued the Hong Kong Financial Reporting Standard for Private Entities (HKFRS for Private Entities) for Hong Kong companies that do not have public accountability. The HKFRS for Private Entities will eliminate some accounting treatments permitted under full HKFRSs, remove topics and disclosure requirements that are not generally relevant to private entities, and simplify requirements for recognition and measurement.
Tax Structure in Hong Kong
Taxes collected in Hong Kong can be generally classified as :
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Tax Structure In China
Tax Rate
Standard rate | 0.25 |
---|---|
Small-scale enterprises | 10-20% |
High-technology enterprises (HNTE) | 0.15 |
Specific high-tech service enterprises in 21 cities between 1 Jul 2010 and 31 Dec 2018 | 0.15 |
Companies engaged in encouraged businesses in certain regions | 0.15 |
Disputes and litigation are a part of modern life. In today’s environment, these disputes or potential disputes often involve complex financial, economic and business issues.
Whether in litigation or other dispute resolution means, clients and their counsel require the rapid mining, modelling and analysis of data in order to make case-critical decisions. We provide quantitative analytic solutions in instances where facts are disputed and answers are buried in voluminous, complex collections of transactional data.
At China Trade Solution we take a creative approach to litigation and arbitration support, finding thoughtful solutions that are time-sensitive and tailored to our clients’ legal strategy. We partner with outside counsel and in-house teams to collect the information needed to get results, whether it’s evidence to support a legal position or for leverage against opponents.
Our expert lawyers can assist in a wide range of areas :
We at China Trade Solution, follow three different approaches to solve any dispute in the interest of clients to save time and cost.
NegotiationNegotiation is first and most cost effective means of dispute resolution. In fact, the majority of commercial contracts have a standard clause stipulating that negotiation should be pursued before other dispute settlement mechanisms are used. This is also the expectation within other business culture more generally and failure to adequately follow this may be interpreted as a lack of courtesy or goodwill, or a lack of cultural sensitivity.
Breach of contract generally results in termination of the contract and damages for any losses incurred. In China however, a greater emphasis is placed on preserving business relationships or using personal connections to assist in resolving disputes. When a foreign firm experiences difficulty in directly negotiating a solution to a dispute with its counter party, companies sometimes seek assistance from government officials who can encourage the counter party to honor the terms of the contract. However, negotiations do not always lead to resolution.
What we do
Once product is ready to ship, we arrange the fastest, reliable, reasonable and professional logistic company to ship the cargo by Sea or Air as per your requirements and depending on nature of product.
We inspect cargo at two levels:
We take care of custom clearance and documents required.
Utilizing shipping technology, we select and suggest the best cost-effective shipping method as well as service provider for you, or you can choose it by yourself. For your convenience, you would have 24/7 online access to track your cargo once BL is issued.
A final step to resolve a commercial dispute is through litigation in courts. In China, foreign individuals and companies have the same ability to bring action in court as Chinese citizens and companies. There are three levels of courts in China. Every major city has basic courts and intermediate courts. Supervising these courts are the provincial high courts.
In Hong Kong Civil proceedings can be instituted by :
The standard of proof is based on the balance of probabilities. The main branches of civil law include contract, tort, property, administrative, family and revenue law.
Our lawyers have earned international acclaim for providing cutting-edge legal solutions to many foreign companies doing business in or with China & Hong Kong. Our vast experience handling China-Hong Kong specific entity formation, contracts, intellectual property matters, and dispute resolution gives our clients the security of knowing they have a truly seasoned legal team behind them.
Tips to avoid disputes :
Our qualified staff will visit the factory to assure the order is on the production schedule and maintain timely control of orders. We do following inspection to meet the quality requirements of clients :
Risk is a fact of business life, more so of international business. Importing can be an effective way of finding low-cost supplies, reducing your costs and making your business more competitive. It might even allow you to branch out into a whole new product line, selling something that isn’t generally available in India. Importing of products at low cost and selling at higher price in domestic country is well known and profit making trading business. But at the same time, importing is more complex than buying from a local supplier. And when things go wrong, sorting them out can be more difficult and expensive.
Risk is part of business and it cannot be avoided but it can be mitigated or reduced to some extent. Due to our expertise and network we are able to provide services to traders and manufacturers in importing quality products at least risk with best price. Our service starts from sourcing of product to till the final delivery of goods at your location.
Sourcing of productProduct Sourcing simply means “Finding products to sell through your business.” This refers to importing products at a wholesale price and selling them in domestic market for a profit. Sourcing product from right place is most important to reap the benefits in domestic market. There are hundred options for a particular product to be imported in respect of color, size, length, grade, country etc. We will help your company find sources to source your product from Asian country. We can provide numerous sourcing options for your product. We help you to source the product that meets your requirements. In addition before we start sourcing the product we provide our valuable views on market conditions, related duty and risk associated with product you want to import. This will save your money and time to focus on other profit making product.
How we source the product for you :
In a cross border transactions, learning more about your trading partner is a critical part of business decisions. In global trade there is little room for error in choosing a trustworthy supplier or relying on a credible buyer. Some of the common frauds in import business are :
To relive yourself from the above problems and be sure that you paid for what you intended to buy, we at China Trade Solution helps our clients to get the right product at their destination.
Our Payment term depends on product, quantity and business policy of manufacturer. We normally accept Telegraph Transfer payment, Western Union Money Transfer for order value below our specified limit. In case of large value order we accept Letter of Credit at Sight issued by prime bank in issuing country.
Business Project ReportThe process of establishing a new business is preceded by the resolution to select entrepreneurship as an occupation. This calls for recognizing lucrative business ideas upon a meticulous evaluation of the entrepreneurial prospects. Creation of business ideas is not sufficient, they must be tested on techno-fiscal, economic and authorized viewpoints.
A project report for new business conducts a profound road map for effectual business venture. It discusses whether the business requires finance or not, the challenging risks, several problems en route, etc. Hence it becomes vital for every new business to prepare a project report, to acquaint them on forewarning issues.
We provide sector specific project report for China, Hong Kong and India.
Our project report contains all the relevant details as under.
Arbitration is the next preferred method where negotiation fails. Unless the parties can agree on arbitration after the dispute has arisen, the underlying contract or separate agreement must indicate that disputes will be resolved through arbitration. The Arbitration clause shall indicate the process of appointment of arbitrator, place of arbitration and number of arbitrators. In many instances, international arbitration is an effective though perhaps underutilised dispute resolution mechanism Especially in China and India. Arbitration also offers an advantage over litigation because of the finality of the rulings. Court rulings are subject to appeal, which means litigation may continue for a lengthy period of time. Companies should clearly mention in contract an alternative to any country base arbitration if they choose international body like Singapore Arbitration Centre.
Agreements to arbitrate usually specify a choice of arbitration body, which may be located in country of contract party or other country.
In China there are two Chinese government-sponsored arbitration bodies for handling cases involving at least one foreign party :
In India there are major three arbitration institute which provides alternate dispute resolution :
In Hong Kong, there are three major arbitration institutions :
Accounting & Bookkeeping standards in China differ from one country to another, even though most countries GAAP have been modified to be in compliance or similar to International Financial Reporting Standards (IFRS). Chinese accounting standards are the accounting rules used in mainland China. As of February 2010, the Chinese accounting standard systems is composed of Basic Standard, 38 specific standards and application guidance.
Every accounting and bookkeeping GAAP has its own standards and sometimes allows for more than one way to report. For example, there are different rules for impairment of assets, inventory costs & reversal, capitalization of development costs, depreciation expenses, interest & dividend expenses and asset valuation. Those different methods can have an impact on your business ratios, profitability and tax burden.
Our Accounting Services
Our Tax Services
Read more about Taxation in China
Accounting & Taxation in Hong KongAccountancy in Hong Kong is regulated by the HKICPA under the Professional Accountants Ordinance (Chapter 50, Laws of Hong Kong). The auditing industry for limited companies is regulated under the Companies Ordinance (Chapter 32, Laws of Hong Kong), and other Ordinances such as the Securities and Futures Ordinance, the Listing Rules, etc.
Accounting standards in Hong Kong are known as Hong Kong Financial Reporting Standards (HKFRS) and set out recognition, measurement, presentation and disclosure requirements dealing with transactions and events that are important in general purpose financial statements. It is the application of HKFRS that gives us a true and fair view of financial statements. The HKICPA has also issued a Financial Reporting Standard (SME-FRS) for certain qualifying SMEs. Since 30 April 2010, the Institute issued the Hong Kong Financial Reporting Standard for Private Entities (HKFRS for Private Entities) for Hong Kong companies that do not have public accountability. The HKFRS for Private Entities will eliminate some accounting treatments permitted under full HKFRSs, remove topics and disclosure requirements that are not generally relevant to private entities, and simplify requirements for recognition and measurement.
Tax Structure in Hong Kong
Taxes collected in Hong Kong can be generally classified as :
Our Accounting Services
Our Tax Services