On February 29, 2012, the Ministry of Commerce, State
Administration for Industry and Commerce ("SAIC"),
Ministry of Finance, State Administration of Taxation, State
Administration of Foreign Exchange and the National Bureau of
Statistics jointly issued the Notice on Carrying out the 2012
Joint Annual Inspection for Foreign Invested Enterprises
("FIEs"). The annual inspection, which will be conducted
during the period from 1 March, 2012 to 30 June, 2012, is a routine
requirement for FIEs established in China. The purpose of the
annual inspection is to ensure FIEs have been conducting business
in compliance with all applicable laws, rules and regulations. FIEs
are required to complete an annual inspection report formulated by
SAIC and submit requested documents for review. Upon completion of
the inspection, SAIC or its local counterpart will affix a seal of
annual inspection on the business license of the FIE. Penalties
will be imposed on FIEs who fail to go through the annual
inspection process, submit false information or who do not operated
in compliance with applicable laws rules or regulations or operate
The full Chinese text of the notice is available
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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