Foreign Invested Partnership Enterprise (FIPE)
The Foreign Invested Partnership Enterprise (FIPE) is an unlimited liability business entity which is governed by the Partnership Enterprise Law of China. A partnership is a type of business entity in which partners share with each other the profits or losses of the business undertaking in which all have invested.
The term Partnership Enterprise refers to general partnerships and limited partnerships which may be established within China by individuals, legal persons and other organisations. A state-funded company, state-owned company, listed company, public welfare-oriented public institution or social organisation may not become a general partner of a limited partnership.
You may choose to form a General Partnership Enterprise, a Limited Partnership Enterprise or a Special General Enterprise, depending on your business goals. Partnerships have both advantages and disadvantages and it is therefore vital that we discuss your goals in detail before recommending the best course of action.
Once your FIPE is officially registered its accounting records must be maintained in accordance with accounting standards in China. Taxes also need to be reported on a monthly (for business tax, individual income tax) basis. Late submissions will face a penalty and surcharges.
Our financial services cover:
(1) Bookkeeping in accordance with the Chinese accounting standards;
(2) Preparation of monthly financial statements for tax filing purposes and
submission, if applicable;
(3) Filing monthly Business Tax Return and Individual Income Tax Return, and;
(4) Audit of Financial Statements, if applicable.