An Overview on Shenzhen Individual Bankruptcy Regulations
An Overview on Shenzhen Individual Bankruptcy Regulations China’s first regulation on individual bankruptcy, the Regulations of Shenzhen Special Economic Zone on Individual Bankruptcy, came into force on 1 March 2021. An overview on the said Regulations is enclosed hereby for your easy reference. Who can file for bankruptcy? According to the Regulations, eligible debtors and creditors both can file bankruptcy petitions to the court. The debtors who can file for bankruptcy shall meet the following requirements: (1) have been living in Shenzhen and have paid social insurance for 3 consecutive years in Shenzhen; (2) unable to pay off their debts because of business struggles or problematic consumption or their assets are insufficient to pay off all the debts. The creditors who hold more than RMB500,000 due creditor’s rights against the debtor alone or jointly can also file a bankruptcy petition to the court when the […]
U.S. Individual Income Tax–Filing Status Requirements
U.S. Individual Income Tax–Filing Status Requirements When you prepare U.S. Individual Income Tax Return (Form 1040), the first box you need to check is your filing status. Your filing status is used to determine your filing requirements, standard deduction, eligibility for certain credits, and your correct tax rate. There are five different choices of filing status (The five filing statuses are: single, married filing jointly, married filing separately, head of household, and qualifying widow(er) with dependent child), but you can only choose one filing status on your tax return. If more than one filing status applies to you, you may choose the one that will result in the lowest amount of tax. Your filing status may change from year to year. Filing Status Requirements (1) Single Filing Status If on the last day of the year, you are unmarried or legally separated from your spouse under […]
U.S. Individual Income Tax Part 3 How to Read and Understand Form W-2?
U.S. Individual Income Tax Part 3 How to Read and Understand Form W-2? When you prepare your U.S. individual income tax return (Form 1040), the first line you should fill out is “Wages, salaries, tips, etc.”. And it requires you to attach the Form W-2. What is form W-2 and how to read and understand the W-2? This article will give a brief guideline. Form W-2 is the annual “Wage and Tax Statement” that reports your taxable income from an employer to you and to the IRS. If you worked as an employee (part-time or full-time) in a tax year, your employer must give you a Form W-2, Wage and Tax Statement. Employers must mail or hand-deliver your Form W-2 to you no later than January. 31 for the previous tax year Basic Information This part lists your employer’s basic information (e.g. EIN, name and address) and your […]
Reporting Obligations for Chinese ODI Investors
Reporting Obligations for Chinese ODI Investors The Chinese overseas direct investment (ODI) investors are required to report their overseas investments data to the competent administration authorities in accordance with the laws and regulations when they have completed the filing or approving procedures for overseas direct investment. The competent administration authorities include the relevant commerce bureau, development and reform commission, foreign exchange administration bureau. Commerce Bureau The main reporting obligations to the competent commerce bureau include: (1) Reporting of the Registration Status of the Overseas Enterprise The responsible person of the overseas enterprise shall, within 30 days upon completion of its registration procedures abroad, report to and register with the business office of the local Chinese embassy or consulate with the registration form of overseas Chinese-funded enterprise (institution) and other relevant materials. The domestic investor of the overseas enterprise shall return the receipt of the registration […]
Classification of Chinese ODI Projects
Classification of Chinese ODI Projects As more and more Chinese enterprises carry out overseas direct investment (ODI), China has updated and released a series of regulations and policies on overseas direct investment of enterprises in recent years. Kaizen has summarized the application procedures and reporting obligations involved in the two articles, Guidelines on the Approval or Filing of ODI by Chinese Enterprises and Reporting Obligations for Chinese ODI Investors. It is crucial for Chinese enterprises that are planning to carry out ODI activities to have a thorough understanding of relevant regulations and policies and prejudge the category and approval tendency of overseas investment projects. Kaizen hereby summarizes the classification of Chinese ODI projects and the relevant regulations for your easy reference. The ODI projects of Chinese enterprises are divided into three categories, i.e. the encouraged category, the restricted category and the prohibited category, in accordance with the Guiding Opinions […]
U.S. Employer Identification Number Application Procedures and Fees
U.S. Employer Identification Number Application Procedures and Fees Our service fee for handling the EIN application is USD300. The Employer Identification Number (EIN), also known as the Federal Employer Identification Number (FEIN) or the Federal Tax Identification Number (FTIN), is a unique nine-digit number (for example, 12-3456789) assigned by the Internal Revenue Service (IRS) to business entities operating in the United States for the purposes of identification. EIN just like a Social Security Number (SSN) for your personal identification number. The EIN number allows you to communicate with the Internal Revenue Service (IRS) in the dealing of all the tax matters of your company. You may also need EIN for bank account opening, business license application or other reasons. The EIN is issued by the Internal Revenue Service (IRS) upon application. You can apply for EIN via website, fax or mail. Expedited service is not available. To complete […]
U.S. Individual Taxpayer Identification Number Application Procedures and Fees
U.S. Individual Taxpayer Identification Number Application Procedures and Fees In the United States, to facilitate tax collection, the Internal Revenue Service (IRS) requires that it is necessary to submit corresponding tax identification numbers when filing federal tax returns. If you plan to open a corporate bank account or a personal bank account in the United States, the tax identification number of the company’s responsible person or individual is also one of the required documents. Individual identification number includes Social Security Number (SSN) and Individual Taxpayer Identification Number (ITIN). Social Security Number (SSN) is the tax identification number for individuals who are U.S. citizens, U.S. green card holders, or temporary working residents. SSN is nine-digit numbers issued by Social Security Administration (SSA), similar to the “ID card number” which is issued by China. Individual Taxpayer Identification Number (ITIN) is the tax identification number for individuals who are not […]
Guide to Starting A Private Educational Institution Business in Singapore
Guide to Starting A Private Educational Institution Business in Singapore As a country whose natural resource is only its people, Singapore has a world-class and widely appreciated education system. The public schools are increasingly becoming popular among immigrants, the Ministry of Education conducts an annual admissions exercise during September/October for new international students who wish to join the public schools. International students need to apply for a Student’s Pass in order for them to study in Singapore. Besides public schools, there are lots of private or foreign-system schools set up their campus in Singapore, they offer a curriculum similar to the kid’s home country, which is also welcomed by immigrants. For example, Singapore’s top local schools ACS International, Hwa Chong International and SJI International, established their own international schools by offering secondary and post-secondary education. Private School in Singapore Singapore has established Private Education Act which required […]
Open U.S. Business Bank Account Remotely （For Existing Company）
Open U.S. Business Bank Account Remotely （For Existing Company） U.S. business bank accounts, also known as commercial bank accounts or business bank accounts. Kaizen can offer the opportunity for foreign investors to open U.S. business bank accounts remotly for their U.S. companies. For exsiting U.S. companies, the owner can cooperate with Kaizen to open the U.S. business bank account remotely instead of visiting U.S. in person. Features of U.S. Business Bank Account (1) Open the U.S. bank account within 2 business days; (2) Only need USD 5,000 for initial deposit; (3) Low account maintainance fee to reduce account management cost; (4) Service includes checking and saving accounts opening and a free checkbook gift; (5) In additional to USD accounts, clients can also apply for muti-currency accounts to support major settlement currencies in the world (EUR, HKD, GBP and etc.); (6) Open the online banking and mobile banking […]
Guide to Taxation System in Taiwan
Guide to Taxation System in Taiwan Introduction The Taiwan tax system is a general term of the Taiwan tax regulations and audit management systems. The current taxation in Taiwan can be divided into two types, the national tax and local tax (municipal and country(city) tax) from the tax revenue right. The national tax includes profit-seeking enterprise income tax, individual income tax, estate tax and gift tax, commodity tax, business tax, tobacco and alcohol tax, futures transaction tax, securities transaction tax, customs duty and mining tax. The local tax (municipal and country(city) tax) includes land tax (land value tax, land value-added tax), stamp tax, vehicle license tax, house tax, deed tax, entertainment tax and special tax. At present, the tax revenue in Taiwan accounts for about 70% of the total revenue, and the income tax is the most important tax, it accounts for about 40% of the […]