Starting a business doesn't necessarily mean renting office space and hiring employees. Many things can be done by one person.
The most important thing is to run through the process yourself first. If you can scale up later, then hire people to help share the load.
Below I'll share the things I need to do before and after establishing a company and sole proprietorship.
If your company doesn't have dedicated finance or accounting staff, the following sharing might be very helpful to you.
1. Company Section
1.1 Registration
1.2 xxx
1.3 Regular Tasks After Establishment
1.3.1 Industrial and Commercial
Before June 30th each year, go to the National Enterprise Credit Information Publicity System to publish annual reports: https://scjg.hubei.gov.cn/hbgsxt/#/layout/login Otherwise, there will be industrial and commercial penalties, usually fines, and there will be a record in the system. If you want to eliminate it, you'll need to pay.
1.3.2 Taxation
Hubei region (other regions may be similar):
-
Log in to the Individual Income Tax Withholding System before the 15th of each month to file taxes (if it falls on a non-working day, it's usually delayed by a few days, but it's recommended to complete it early each month)
-
Do quarterly declarations at the beginning of each quarter (January, April, July, October)
If you have no other employees besides yourself, you can file zero declarations for all of the above. Of course, if you actually used a corporate account, you'll need to file truthfully.
2. Sole Proprietorship Section
2.1 Declaration
2.2 xxx
2.3 Regular Tasks After Establishment
2.3.1 Industrial and Commercial
2.3.2 Taxation
- Do a quota assessment once a year