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Post# A384589

Company Annual Report, What Should We Do ?

Posted On: Friday, 13 March, 2020
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As usual,January to June is the declaring season of the annual report. Have you recently received calls or text messages from the market supervision department, and requested to declare the annual report as soon as possible? You may ask what is the annual report? I must declare? what are the consequences of not declaring? Here are your answers.

1.What is the meaning of company’s annual report?
The industrial and commercial administration know better about your company’s business situation from the annual report your provided,as as to ensure the security of the transaction. That’s why every self-employed household and enterprise must prepare and provide annual reports on time. Through the annual reports, enterprises can show to other people the strength and honesty of the company's business, which is good for the company's long-term development.

2. Which companies need to carry out annual reports?
Any market entity which registered in the industrial and commercial department need to do the annual report, including self-employed households and enterprises.

3. Annual report declare time
January 1, 2020 to June 30, 2020

4.What are the main consequences of not submitting on time ?
A)Can’t cancel company easily
If you do not do the annual report or postpone it, the industry and commerce department will list your company in the abnormal business list, and you will not be able to cancel it easily in the future.
B)The company is included in the dishonesty list
If more than 3 years fail to do the annual report, the industry and commerce authorities will permanently put the company on the "blacklist" of seriously illegal enterprises.

C)Affect the development of legal person and companies
If you have been included in the list of serious illegal and dishonest companies, then the company will not be able to lend, invest, exit and enter, participate in bidding, government procurement, etc., which will seriously affect personal development; Enterprise legal persons will be restricted in registering new companies, operating, and employment qualifications; after being included in the list of dishonesty list, the credit will be questioned when the enterprise cooperates with others, which will seriously affect the long-term development of the company.
D)Have the risk of fines
According to the "Regulations on Commercial Registration of Guangdong Province" and relevant documents:
(1) Once failure to publicize the annual report in accordance with regulations or failing to publicize relevant information within the time limit ordered by the registration authority shall impose a fine of 5,000 yuan to 30,000 yuan.
If an self-employed household fails to submit the annual report in accordance with relevant state regulations, the registration authority shall order it to make corrections; if it fails to make corrections, it shall impose a fine of 100 yuan to 1,000 yuan.
(2)Where the public information conceals the true situation and falsifies, the registration authority shall make corrections within a time limit and may impose a fine of 10,000 to 30,000 yuan on the illegal enterprises and a fine of 500 to 5,000 yuan on the illegal self-employed households.

In conclude, every company much do the annual report, if not submit or delay, which is disadvantageous to individuals and businesses. For more details about the annual report, please contact GZ Timely, save your time and no worries. Our hotline: 020-83652006.

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