http://www.lla.cc/  Lee & Lee Associates was founded in 2005 in Beijing of P.R. China, and also established offices in Shanghai and Yantai. We are a professional service firm dedicated to providing high quality services in accounting, auditing, tax, financial due diligence, investment consulting, and business establishment in China. Our services can cover most cities nation-wide. All key employees can work with fluent English and Chinese.Our clients represent foreign invested enterprises coming from Europe, North America and Asia, as well as private Chinese enterprises, and also VC/PEs and NGOs home and abroad.Lee & Lee Associates has always been supporting clients not merely as a bookkeeper or auditor, but also a reliable business partner to help them grow and succeed in China. Our clients, especially small and medium-sized foreign invested enterprises, think highly of our service quality and service value for money and appreciate our great contribution to their business success in China. Thanks to clientsâ trust and support, we have been steadily growing in China year by year.Our key partners come from the Big 4 accounting firms and hold international and domestic practicing professional licenses. Lee & Lee Associates became ACCAâs first approved employer in 2008. Since then, the work experience and training of ACCA members and students in Lee & Lee Associates are recognized by ACCA. We are also on the qualified service provider lists of a number of foreign embassies and chambers, and are often invited to hold seminars for foreign embassies and commercial chambers. Lee & Lee Associates was invited by CCH to chief edited and published 3-volumn âChina Accounting Practiceâ. In 2016, Lee & Lee Associates was invited to write the Section âTax System & Unseen Costsâ of the new China Business Handbook 2016 published by China-Britain Business Council (âCBBCâ).Furthermore, Lee & Lee Associates is the partner of NPI, a leading NGO in P.R.China. By providing public training and financial consulting to NPI, Lee & Lee Associates is dedicated to promoting the development of domestic public welfare undertakings in such aspects as social entretrenership, community construction, public consultation and social enterprises investment, etc.Lee & Lee Associates is a full member of the Alliott Group, one of leading international groups of accountants, auditors, tax advisers, lawyers and consultants. With more than 230 offices worldwide in 70 countries, the Alliott Group has been providing professional services in line with both the best international and local practices for multinational companies, public institutions, and fast-growing firms investing in regions across the world. Â
With the accession to WTO, China is becoming a more and more international market. Most of the Fortune 500 multinational companies have come to China and achieved significant growth as a result. Not limited to multinationals,, thousands of small and medium size companies have set up their presence in China as well.
 Our business service professionals are familiar with the procedures of setting up businesses in China, whether the business you intend to set up is a representative office, a joint venture or a wholly foreign owned enterprise. We can advise you on the suitable strategy to set up your business from the very first step in China.
If you want to showcase the potential and value of your project in order to persuade the investor or other stakeholder to invest or support it, it is essential for you to prepare a good business plan.
 Business plan can help you track, supervise, feedback or assess your business procedure and position your business to the right direction. It can also act as a tool for internal commitment and the base of motivation.
 The professionals of Lee & Lee Associates can help you prepare a customized business plan to achieve your finance and management goals.
There are a number of government bodies you need to go through if you want to deregister a business. The period to deregister a business generally would normally range from 3 months to half a year or even longer due to complicated procedures.
 Of these government bodies, the tax authority is most critical. The tax authority will go to your company to conduct a full tax audit from the date of inception of the company until its field work date. All vouchers, ledgers, financial statements, contracts, tax filings documents, tax payment receipts, etc., must be provided for its review. Any questions from the tax authority should be promptly explained. Any discrepancy from tax rules may result in repayments, fines or penalties due to your noncompliance.
 We can work with your accounting staff, handle liquidation committee, and coordinate various government relationships to smoothly withdraw you from a non-performing business.
Every year all FIEs are required to conduct business annual filings to different government bodies, including the Administration of Industry and Commerce (âAICâ), State Administration of Foreign Exchange (âSAFEâ) and Customs, etc.
 We can work independently or together with your accounting and business department to take care of these annual business filings.
Successful audits can best be achieved with an experienced audit team, dedicated audit management with years of expertise, strict quality control procedures, and the highest level of professional ethics. Lee & Lee Associates can provide you with a customized, high-quality audit service through our experienced audit team in a cost-effective manner.
 We are dedicated to providing you with not only an audit report in-line with international best practices but value-added services as well. We are committed to raising the issues noted during the course of our audit, including accounting, finance, tax, legal, internal control, business management, and so forth. Not merely an audit report writer, we are dedicated to working with you in order to solve any issues and initiate optimization changes to optimize the performance of your organization.
 2. PRC Statutory Audit
In China, statutory audits are required for all Foreign Invested Enterprises (âFIEsâ) each year. Compliance to all prevailing Chinese statutory requirements is a must. These requirements comprise laws and regulations on accounting, finance, tax, foreign exchange, social welfare, customs, administration of industry and commerce, etc.
 With extensive local expertise, we can ensure a smooth statutory audit and its compliance being successfully completed in a timely manner.
 3. IFRS Audit
International Financial Reporting Standards (âIFRSâ) became effective since 1 January 2005 for all listed companies in Europe. Furthermore, there is a trend of convergence of IFRS with local Generally Accepted Accounting Principles (âGAAPâ) in many countries.
 Preparation of accounts in accordance with IFRS will enhance the transparency, credibility and comparability of the financial statements. As a result, it should result in easier access to capital markets, higher credit ratings and corporate reputation, etc.
 Our experienced professionals can assist you in preparing financial statements by sorting out the differences between the PRC GAAP and IFRS and then propose GAAP adjustments on statutory accounts.
 4. US GAAP Audit
US GAAP represents a set of accounting rules used to prepare financial statements for publicly traded companies and many private companies in the United States. In order to cope with the sophisticated capital market over the past one hundred years, US GAAP has been evolved to one of the most comprehensive GAAPs in the world and is still being frequently updated. Yet, the complexity of US GAAP caused lots of difficulties for accountants in understanding and applying proper principles and accounting treatments.
 Further more, under the Sarbanes-Oxley Act of 2002, US public companies are now subject to new requirements for management and independent auditors to report on the effectiveness of internal control over financial reporting. One set of effective internal controls are fundamental to investor confidence in financial reporting because they help to deter fraud and to prevent inaccurate financial statements. However, many companies are experiencing the difficulties in compliance of the internal control requirements.
 We have experienced US CPAs who once worked with big 4 accounting firm over 10 years. We therefore can act either as an advisor to help you prepare your 10K or 10Q financial statements and notes in compliance with the rules of SEC and Sarbanes-Oxley Act 404, or as an auditor to audit your financial statements for your consolidation purpose or filing purpose.
If you do not feel comfortable for your companyâs tax accruals and payments, if you are facing a tax audit by local tax authority, or if you want to establish a joint venture with a local partner, you may need to do a health check on you or the local partner to see whether you or the partner has been accruing and paying taxes timely and accurately. Since any underpaid taxes will be subject to a late interest penalty of 0.05% per day and a once-off fine ranging from 50% to 500%, the contingent tax liabilities would be prohibitively high.
 You may find it necessary to ask experienced independent professionals to conduct a tax due diligence on all aspects of your tax affairs, not only covering all tax categories, but also accrual and payment status, i.e., to conduct a âhealth checkâ.
 Our tax professionals can interview your company or your partnersâ employees to understand their business activities, as well as accounting and tax treatments on the activities to unveil any irregularities and propose corrective measures.
More and more enterprises are choosing to outsource their payroll function to maintain their competitive edge. Outsourcing your payroll function can enable you to focus on your core business activities, access to external expertise on labor and tax laws and regulations, reduce your risks and cost, and keep your compensation system confidential.
 To ensure your payroll function being timely, accurately, and legally completed, our experienced professionals can
 a) coordinate with your HR manager or other contact person,
 b) collect all relevant information on basic salary, bonus, time records, social welfares, etc., for each of your employees,
 c) calculate IIT payable, net salary, welfare payable, etc.
 d) coordinate with relevant governmental bodies and pay various social welfares on your behalf,
 e) make payment of IIT to tax authority and obtain tax payment certificates
 f) make payment to each of your employees
 g) update your top management with any latest laws and regulations on social welfares or tax, and
 h) provide HR and individual income tax advisory where necessary.
You may have an employment contract template at your head office. However, you can expect many differences between it and a âshould-beâ employment contract as required by Chinese law. A well-structured employment contract can not only protect you and your employeeâs interests, but also avoid any unnecessary penalties due to failure of compliance of prevailing Chinese labor laws and regulations.
 Our experts who are versed in Chinese labor and tax laws can either draft an employment contract for you from scratch or review your employment contract template and update it to a customized version for your company and employee to sign.
There are lots of different treatments between the prevailing accounting system and tax system in China. The objective of the accounting system is to present financial statements on a true and fair basis, while the tax system represents state sovereignty. Many foreign investors are confused and put off by the differences between the two systems.
 Chinese tax authorities require all Foreign Invested Enterprises (âFIEsâ) perform a tax reconciliation by the end of April each year. By tax reconciliation, tax authorities require additional payment for under-paid Corporate Income Tax (âCITâ) or refund over-paid CIT during the prior year.
 Based on our statutory financial statement audit or tax audit, we can propose relevant tax adjustments, prepare complicated tax filing documents, and do tax filing for you on a timely, accurate and legal basis.
According to Chinese law, all Foreign Invested Enterprises (âFIEsâ) should provide capital verification reports to the Administration of Industry and Commerce (âAICâ), State Administration of Foreign Exchange (âSAFEâ), Tax Authority, etc., after their registered capital are injected. The injected capital can be in form of cash, tangible assets, or intangible assets.
 Our practicing certified public accountants can interview your finance personnel, coach them in providing necessary documents and issuing high quality capital verification reports.
There are a number of government bodies you need to go through if you want to deregister a business. The period to deregister a business generally would normally range from 3 months to half a year or even longer due to complicated procedures.
 Of these government bodies, the tax authority is most critical. The tax authority will go to your company to conduct a full tax audit from the date of inception of the company until its field work date. All vouchers, ledgers, financial statements, contracts, tax filings documents, tax payment receipts, etc., must be provided for its review. Any questions from the tax authority should be promptly explained. Any discrepancy from tax rules may result in repayments, fines or penalties due to your noncompliance.
 We can work with your accounting staff, handle liquidation committee, and coordinate various government relationships to smoothly withdraw you from a non-performing business.
If you do not feel comfortable for your companyâs tax accruals and payments, if you are facing a tax audit by local tax authority, or if you want to establish a joint venture with a local partner, you may need to do a health check on you or the local partner to see whether you or the partner has been accruing and paying taxes timely and accurately. Since any underpaid taxes will be subject to a late interest penalty of 0.05% per day and a once-off fine ranging from 50% to 500%, the contingent tax liabilities would be prohibitively high.
 You may find it necessary to ask experienced independent professionals to conduct a tax due diligence on all aspects of your tax affairs, not only covering all tax categories, but also accrual and payment status, i.e., to conduct a âhealth checkâ.
 Our tax professionals can interview your company or your partnersâ employees to understand their business activities, as well as accounting and tax treatments on the activities to unveil any irregularities and propose corrective measures.
More and more enterprises are choosing to outsource their payroll function to maintain their competitive edge. Outsourcing your payroll function can enable you to focus on your core business activities, access to external expertise on labor and tax laws and regulations, reduce your risks and cost, and keep your compensation system confidential.
 To ensure your payroll function being timely, accurately, and legally completed, our experienced professionals can
 a) coordinate with your HR manager or other contact person,
 b) collect all relevant information on basic salary, bonus, time records, social welfares, etc., for each of your employees,
 c) calculate IIT payable, net salary, welfare payable, etc.
 d) coordinate with relevant governmental bodies and pay various social welfares on your behalf,
 e) make payment of IIT to tax authority and obtain tax payment certificates
 f) make payment to each of your employees
 g) update your top management with any latest laws and regulations on social welfares or tax, and
 h) provide HR and individual income tax advisory where necessary.
To cope with a rapidly changing environment, the role of a finance function is shifting more and more from a historical data provider to a management decision supporter. This support can be provided through the fulfillment of the following assignments:
You may have an employment contract template at your head office. However, you can expect many differences between it and a âshould-beâ employment contract as required by Chinese law. A well-structured employment contract can not only protect you and your employeeâs interests, but also avoid any unnecessary penalties due to failure of compliance of prevailing Chinese labor laws and regulations.
 Our experts who are versed in Chinese labor and tax laws can either draft an employment contract for you from scratch or review your employment contract template and update it to a customized version for your company and employee to sign.
There are lots of different treatments between the prevailing accounting system and tax system in China. The objective of the accounting system is to present financial statements on a true and fair basis, while the tax system represents state sovereignty. Many foreign investors are confused and put off by the differences between the two systems.
 Chinese tax authorities require all Foreign Invested Enterprises (âFIEsâ) perform a tax reconciliation by the end of April each year. By tax reconciliation, tax authorities require additional payment for under-paid Corporate Income Tax (âCITâ) or refund over-paid CIT during the prior year.
 Based on our statutory financial statement audit or tax audit, we can propose relevant tax adjustments, prepare complicated tax filing documents, and do tax filing for you on a timely, accurate and legal basis.
According to Chinese law, all Foreign Invested Enterprises (âFIEsâ) should provide capital verification reports to the Administration of Industry and Commerce (âAICâ), State Administration of Foreign Exchange (âSAFEâ), Tax Authority, etc., after their registered capital are injected. The injected capital can be in form of cash, tangible assets, or intangible assets.
 Our practicing certified public accountants can interview your finance personnel, coach them in providing necessary documents and issuing high quality capital verification reports.
