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Outsource your China accounting, bookkeeping, and tax filing
China accounting for a foreign-invested entity is not the same exercise as your home-country accounts — it’s a parallel set of books in Chinese, on the local chart of accounts, kept under Chinese Accounting Standards (CAS), filed monthly with the tax bureau and reconciled annually to your IFRS or US GAAP group reporting. Most foreign companies underestimate how much of their China problems start at the bookkeeping level — bad VAT classifications, missing fapiao, a chart of accounts no one in HQ understands.
MSA Asia has run accounting and tax filing for foreign-invested entities since 2011 — 1,500+ entities across 9 jurisdictions, backed by 56 local experts in 11 offices and trusted by Siemens, LVMH and Bosch. CAS bookkeeping, monthly VAT and CIT filings, fapiao management, payroll integration, IFRS/GAAP reconciliation, group consolidation packs — that’s where MSA Asia turns China numbers into something HQ can actually rely on.
Our team smoothly connects Chinese accounting regulations with international management expectations. We use our knowledge of both Chinese accounting standards and international best practices to ensure full compliance and transparency.
By outsourcing your China accounting needs to us, you gain access to a team of qualified professionals, including China CPAs, licensed tax advisors, and experienced accountants. This allows you to reduce your workload and frees up your time and resources. You also receive in-depth advice on all aspects of accounting in China.
Including setup of payment cycles, design of checks and balance process, timely processing of scheduled and ad-hoc payments to third-parties and operational communication with the bank.
Handling of Inward and Outward International Payments
We create transparency understanding China’s foreign exchange regulations, declaring and clearing funds received from abroad or payments made to an entity abroad, processing currency conversions and advising on tax impact of inbound and outbound transactions.
Custody of Company Chops
Maintaining of custody of company chops and safeguarding essential company documentation (incl. business license(s) and statutory records), design of control and approval processes, processing of chopping requests.
VAT Invoicing (Fapiao)
Issuing and verification of official VAT invoices (fapiaos), purchasing of VAT invoices with local authorities and advisory on tax consequences.
Expense reimbursements
Design of reimbursement processes, collecting of supporting documentation and processing of reimbursements following approval.
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Benefits of our China Accounting Services
Quality Assurance: A senior reviewer carefully examines each account, ensuring adherence to the highest professional standards and full compliance with all relevant financial reporting regulations.
Stability: Experience consistent support from your dedicated team throughout your entire engagement. This includes your Account Manager, CPA, and Reviewer, providing ongoing guidance and expertise. We maintain complete in-house operations, eliminating any risk of sub-delegation or outsourcing, ensuring accountability and seamless service delivery.
Communication: As a truly international firm, MSA Asia connects Chinese accounting standards with international best practices. Our team includes both highly qualified Chinese CPAs and experienced foreign specialists, ensuring your financial reporting aligns with global expectations.
Personalized Service: We value each client as a unique partner. As a mid-sized firm, we focus on providing personalized attention, treating your business with the utmost care and dedication. You’re not just a number; you’re a valued member of the MSA Asia network.
China’s accounting standards for foreign multinational corporations (MNCs) can present unique challenges. While generally aligned with International Financial Reporting Standards (IFRS), there are key differences. These include variations in inventory valuation methods, revenue recognition rules, and the treatment of foreign exchange transactions. Additionally, the Chinese government mandates specific accounting practices and reporting requirements for foreign-invested enterprises (FIEs), such as the need for both local GAAP (Chinese Accounting Standards) and IFRS compliant financial statements. Meeting these requirements demands specialized expertise to ensure compliance with all relevant regulations and maintain accurate financial records for both local and global reporting purposes.
Our local team of Chinese professionals under the guidance of European management ensures that your business is compliant with the most recent Chinese law and regulations, and through transparent financial reporting we safeguard the foreign investment in the local enterprise.
Frequently Asked Questions
Have questions about managing accounting in China? Below are the most common queries we receive from finance teams and foreign parent companies.
Must my China entity keep accounting books in Chinese?
Yes. Chinese law requires all statutory accounting records, vouchers and financial statements to be kept in Chinese (Mandarin). Bilingual books are acceptable as long as the Chinese version is complete and used as the legal record.
Does China use IFRS or a local accounting standard?
China uses Chinese Accounting Standards (CAS, also called PRC GAAP), which are substantially converged with IFRS but retain important local differences in revenue recognition, tax treatment and related-party transactions. Most foreign groups keep CAS for local filing and a reconciled ledger in the parent's GAAP.
Which reports do I need to file regularly?
At a minimum: monthly bookkeeping and tax returns (VAT, surcharges, IIT withholding), quarterly CIT prepayment, the annual CIT settlement by 31 May, the annual statutory audit for most foreign-invested enterprises, and the Annual Report to the authorities.
Can I run my China accounting from abroad or must it be local?
The legal books must reside in China and be accessible to the tax authorities. You can still connect your overseas ERP to a local China system, and MSA can act as your outsourced accounting team — handling all local compliance while you keep oversight through your group reporting tools.
How long must accounting records be retained in China?
General accounting vouchers and books must be retained for 30 years. Financial statements are retained permanently. Fapiao (official invoices) have their own retention rules under the Golden Tax System.
What happens during a tax audit or inspection?
Tax authorities can request books, contracts, related-party transaction documentation and supporting invoices going back several years. Clean bookkeeping, reliable fapiao management and proper transfer pricing files are the best defence. MSA supports clients end-to-end during audits and bureau visits.
MSA is one of the most customer friendly incorporation firms in China. They took the time to understand our business and key objectives, then tailored the whole incorporation process accordingly.
VU
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Verified on G2
5/5
EOR & HR
Can Highly Recommend MSA!
MSA has been outstanding in providing comprehensive EOR services. Their team is incredibly knowledgeable about local employment laws and regulations, ensuring full compliance at all times.
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Rick H.
Verified on G2
5/5
Incorporation
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JD
Jim D.
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5/5
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Lisa N.
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Katherine B.
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5/5
Tax & Accounting
Excellent Experience with MSA, 100% Recommended
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4.5/5
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Tom G.
Verified on G2
5/5
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Sinan S.
Verified on G2
5/5
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Dennis K.
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5/5
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Victoria C.
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Chris Y.
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5/5
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5/5
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4.5/5
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Dedicated Service Solving Issues
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5/5
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MSA's tax optimization strategies saved our company a significant amount in our China operations. Their team identified several tax incentives we were eligible for but hadn't been claiming.
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Wilson H.
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4.5/5
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Edouardo S.
Verified on G2
5/5
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4.5/5
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5/5
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5/5
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5/5
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5/5
Incorporation
Great Support Setting Up WFOE in Beijing
Ability to speak Dutch, clear and fast communication, and guidance and advice along the way made the process smooth.
VU
Verified User
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5/5
Advisory
Great Backoffice Support
They require very little input from our side, but if we need some clarifications, they are quick to respond.
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5/5
Advisory
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Communication was very fast and easy, services clearly communicated. MSA made our market entry straightforward.
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5/5
Incorporation
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5/5
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Great Assistance During Company Incorporation in China!
Professional expertise and English proficiency made the entire incorporation process smooth and efficient.
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5/5
Advisory
Great Support in China
They cover also smaller cities in China, providing excellent support regardless of location.
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