ARCHIVING REQUIREMENTS FOR CHINESE BUSINESSES
One behavior pattern to adopt when doing business in China is recording all your activities.
Not only is it import to recall and monitor your day-to-day operations in a fast-paced environment, but it is also mandatory under Chinese archiving requirements.
DIFFERENT TYPES OF ARCHIVES
There are two categories of archives:
- Accounting records: books, reports, bank statements, etc.
- Business records: AOA, minutes of board meetings and general assembly, ownership certificates, etc.
RULES
👉 If not permanent, retention periods are generally of 10 years or 30 years.
👉 A distinction is made between important and general documents for the calculation of the retention period.
👉 Digital archiving is possible, but the original documents should be stored as well.
OUR TIPS
1️⃣ The list of documents to retain being long, think twice before discarding anything.
2️⃣ Make sure to set up an appropriate and secure information system.
3️⃣ Invest in a good old safe!
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