Event details

With the seemingly unstoppable progress of digitisation across all areas of business and society in recent years, regulatory compliance is a perennial hot topic. In China, two areas in particular stand out at the moment:

Digitisation in the accounting sphere

China has effectively completed its digital transition in the area of VAT invoice (fapiao) issuance, with most companies, retail outlets and even train tickets being issued in digital form now. With this system in place, the Chinese tax bureau is pushing companies to adopt similarly advanced platforms to manage their accounting work. Not only will such platforms create efficiencies for internal processing and reporting, they can be leveraged to entirely eliminate the maintenance and storage of paper records. Chinese authorities have stipulated that electronic archiving is a fundamental requirement for such systems and a precondition for companies to discontinue their paper-based accounting books.

Dezan Shira's corporate accounting and IT / IS managers will introduce our system for digitising the accounting process, and explain how we maintain compliance with important government regulations covering such financial accounting systems.

Ensuring online corporate tools / apps utilised in China are legally compliant

Many multinational companies develop apps that gather and store various information in digital form, or they use ERP systems that are hosted overseas but include information on Chinese citizens. If these apps are hosted outside of China the compliance challenge relates to Cross-Border Data Compliance (CBDT). Chinese regulations that become effective in May of this year are bringing extra requirements in this area.

Alternatively, compliance challenges usually relate to Multi-Level Protection Scheme (MLPS) certification for any app or system hosted inside of China. This is a standardised certification system that requires companies to take strong measures to protect their systems in China from security breaches, and imposes heavy penalties for failing to do so. The accounting system we introduce in the above-mentioned section falls into the latter category here for compliance purposes.

Dezan Shira's data security specialists will introduce what companies need to do in order to ensure the apps they are using (whether hosted inside or outside of China) maintain compliance with relevant Chinese laws.

<Showcase Session> is a service that BritCham Shanghai offers to business members. Through the <Showcase Session>, member companies will have the opportunity to introduce and promote their services and products to interested Chamber members and non-members. 

The Speakers

Agenda

• 3:30-4:00 PM – Registration and networking
• 4:00-4:25 PM – Presentation: Digitising the accounting process, our system, and maintaining compliance with key government regulations
• 4:25-4:50 PM – Presentation: Ensuring compliance with Chinese regulations for apps used inside and outside China
• 4:50 PM and Beyond – Q&A Session and networking

*BritCham Shanghai reserves the right to alter the above agenda at any time.

Note:

In case of cancellation, please kindly note you must email the BritCham Shanghai Event staff Stephanie.Feng@britishchambershanghai.cn before 6 pm, 13 May.