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Did you finish your Annual Report Publicity? 9 days left until the deadline! June 22,2018.

Boss, did you finish the 2017 Annual Business Report?


According to relevant regulations of the State Administration for IndustryAnnual Inspection in Chinaand Commerce of China, the enterprises, individual industrial and commercial households, and Farmers’ Specialized Cooperatives that have been approved to register by the Industry and Commerce Administrative Department or Market and Quality Supervision Department, shall submit their reports for the preceding year to the Administrative Department of Industry and Commerce through the Enterprise Credit Information Publicity System of China from January 1 to June 30 each year and publicize it.


Annual Report Publicity is also called Annual Inspection. The State Administration for Industry and Commerce of China issued a notice to formally suspend the annual inspection of enterprises since March 1, 2014. The Annual Inspection was changed to the Annual Report Publicity System. An Annual Report of a company needs to provide a comprehensive account of the company's activities and includes detailed financial information.


If you fail to submit your Annual Report on time, you will suffer serious consequences. Take Guangzhou as an example:


Unsubmitted Annual Report---included on the abnormal business list:


If enterprises and Farmers’ Specialized Cooperatives fail to submit their Annual Reports before June 30, they will be included in the list of abnormal business operations. After the Annual Report is supplemented, the applicant may be removed from the list upon approval. Those who fail to report annually for three consecutive years will be included in the list of illegal enterprises. The legal representative and person in charge who are listed in the list of illegal enterprises shall not be legal representatives or responsible persons of other enterprises within three years from the date of the listing.


Unsubmitted Annual Report---marked as abnormal operating status:


If individual industrial and commercial households fail to report their Annual Reports before June 30, they will be marked as abnormal operating status. After the application for the Annual Report is submitted, the applicant may be removed from the business exception upon approval.


Punishments:


Article 59 of the Regulations on the Registration of Commercial Transactions of Guangdong Province stipulates that if a commercial entity has one of the followings, the registration authority of the government shall make the commercial entity be included in the list of business anomalies and publicized to the public through the public information system. If the cases are serious, the registration authority shall give the following punishments:

1. Failure to publicize the Annual Report in accordance with regulations or publicize the relevant information within the time limit imposed by the registration authority shall be imposed on a fine of 5,000 - 30,000 yuan. Individual industrial and commercial households shall be subject to a fine of 100 - 1,000 yuan.

2. If the publicity information conceals the truth and falsifies, the registration authority shall make corrections within a time limit and may impose a fine of 10,000 yuan up to 30,000 yuan on illegal enterprises and a fine of 500 yuan up to 5,000 yuan on illegal individual industrial and commercial households.


There are 9 days from the 2017 Annual Report Publicity deadline. If it is overdue, it will be included in the list of business anomalies and publicized to the public. This will have a bad influence on corporate reputation, loan, bidding...



Need help with Annual Report Publicity? Contact Sinoincorp!




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