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Offshore account related

Most of SOHO group have this expectation: the existed 2 or 3 clients continuously place orders and what we do is to receive money by credit card payment or other methods and ship out goods. The most reluctant to see is one time deal, no further orders. In one word, let’s pay attention and energy on client.

The other thing is about offshore account with offshore company. Foreign trade SOHO unavoidably need to register offshore company and setup account. Since SOHO opened offshore account, the must to do is annual verification. Last year I did not go for annual verification in time due to the verification fee is too high, and it’s gotten delayed over 2 years. Currently the state administration of foreign exchange is enhancing the supervision over tax, when we go through the payment issue by foreign trade agent it has gotten tough. We have to turn to use the offshore account for payment issues.  But due to my HongKong company have not been done the annual verification for two years, the offshore account UK is not get to be updated, so it cannot be used. We have to fill up the past two years annual fee plus fine. So regret for  it.
Try to be proactive and do not get the procedure delayed. That will get you a lot of troubles and cost.