The Dream Factory of China

Source :Qianhai Communication Center

Certified auditors and accountants from Macao and tax accountants from Hong Kong are allowed to practice in Qianhai after registering with the Shenzhen tax authority, according to a policy recently released by the Qianhai authority.

Previously, they were required to take the Chinese mainland qualification examination before they could legally work in Shenzhen.

According to the policy, the tax-related professionals must be permanent residents of Hong Kong and Macao to be eligible to work in Shenzhen after registration, on the condition that they have obtained related qualifications in Hong Kong or Macao for three years and engaged in tax-related business for three consecutive years.

Those who have records of administrative or industry penalties for misconduct in Hong Kong or Macao in the past three years will not be allowed to practice in Qianhai in accordance with the policy.

After registration, the professionals need to join a Shenzhen-based tax-related professional service organization, or establish a tax accountant firm in Qianhai or Shekou. The new tax accountant firm is required to have at least one Hong Kong/Macao partner, a mainland accounting firm as its shareholder, and more than 50 percent of its partners and shareholders being tax accountants.

The new policy removes the limit on the number of Hong Kong/Macao partners in a newly registered tax accountant firm.

Previously, the number of Hong Kong/Macao partners in such a tax accountant firm was capped at 35 percent of the total number of partners. Hong Kong tax accountants, auditors and accountants from Macao in such a firm are no longer required to work at the Shenzhen firms for at least 180 days annually.

It is estimated that some 2,000 auditors and accountants from Macao and tax accountants from Hong Kong will be attracted to work in Qianhai after the loosened policy.