Annual Reporting Announcement
With the newly released registration system reform program of capital registration, the corporate annual inspection system has been changed to corporate annual reporting announcement system since 2014. Enterprises shall submit annual reports to the industrial and commercial authorities in accordance with the provisions of the annual period, report to industrial and commercial authorities through the market main credit information publicity system and public to society. Any unit and individual can query in this system.
The State Administration for Industry and Commerce decided that since March 1, 2014, they stop the annual inspection system of business license holders as limited liability Company, limited company, non-corporate enterprise legal person, partnership enterprise, individual proprietorship enterprise and its branches, foreign (regional) enterprises engaged in business activities in China, and other business units. At the same time, industry and commerce department at all levels have been required to pay close attention to the implementation of a series of new system on corporate annual report announcement; Combined with the actual situation of local enterprises and economic development, to further strengthen the supervision, investigate and deal with all kinds of iof corporate registration management against laws and regulations, and earnestly fulfill regulatory responsibilities.
What is Annual Reporting Announcement？
Annual report announcement system will replace the annual inspection; Enterprises only need to submit annual report for announcement in the platform of the commercial subject registration and credit information publicity within the prescribed time of the year. Any unit and individual can query the company information. The company itself is responsible for authenticity, legitimacy of the report. This reform greatly facilitates the specific operation of the enterprise. All information is subject to the announcement system and the company does not need to take a large number of documents and run between various governments departments for reviewing and sealing,
What time to make annual reporting announcement？
Annual report announcement generally starts after completion of the annual audit, and finishes before June 30th of the year. According to the specific situation of each year, enterprise is suggested to complete the annual report by May 31, avoid delay in the last month due to network congestion and unnecessary troubles to itself.
What consequences of not making annual report announcement?
Shanghai Administration for Industrial and Commercial Bureau （website http://www.sgs.gov.cn） set up administrative punishment information publicity column, and promote announcement work to the whole society about all administrative penalties information determined by industrial and commercial departments. Mainly there are three types of administrative punishment information:
1) The city's industrial and commercial departments apply general procedures, release administrative punishment information of company holds local business license, as well as release administrative penalty information forwarded by other provinces and municipal departments.
2) The city's industrial and commercial departments apply general procedures, release administrative punishment information of company holds business license issued in other provinces, public it on website of local bureau, and send administrative punishment information to the provinces, autonomous regions, municipalities directly under the central government that the company's registration authorities belongs to.
3) Other administrative punishment information (such as administrative penalty information of non – license category).
For enterprises that fail to report annual announcement, the industrial and commercial authorities will put them into abnormal list, which will greatly affect the development and reputation of the enterprise.
Failed to fulfill the annual report announcement within 3 year, company can still apply for resuming normal state record; More than 3 years, the industrial and commercial authorities will list the enterprise in serious illegal enterprise blacklist permanently ". At the same time, the industrial and commercial authorities can conduct random checks on the annual report. Once annual report announcement found hide of the real situation or fraud, industry and commerce authorities shall punish concerning person according to the law, and information of legal representative, director of the enterprise will be shared to public security, finance, customs, taxation and other relevant departments, make the illegal behavior restricted everywhere.
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