Officers in HK:                         Mdm A Dao Vo, Mdm. J. Le Roux, Mr. Normand Lemay

 

There are different applicants in this summary.  Each point reflects a situation/concern/issue for information only.

 

 

At the time of submission, the PA declared cash in his/her personal asset.  The update PNW showed properties, USD fixed deposits, RMB fixed deposits and RMB savings.  The officer was concerned about the permanence of the funds.  The officer wanted to have clear explanation with detailed breakdown of history of the change of assets supported by relevant bank documents.    

 

The spouse transferred shares to the PA but the PA never paid (RMB 6M) for those shares.  The officer wants to see official documents, e.g. shares transfer agreement with ABIC stamp (2004), declaration that the PA owes RMB 6M to the spouse and an update PNW form withdrawing RMB 6M from the personal asset and placing it as a debt.

 

 

The PA did not bring original chengbao contract, business license.  Some contracts were not translated.  Surprisingly, the officer decided to accept the source of funds for the chengbao period.

 

 

The officer did not ask any question on the figures in the financial reports.  It’s a relief to the PA.

 

One concern was how the CPA prepared the financial report for the chengbao period.  It was written in the financial reports that the reports were prepared with the accounting documentation provided by the PA but the PA said the CPA went to the company to analyze the financial documents.

 

 

The officer was interested in the business.  The PA gave good explanation about investment, company organization, training of employees.  It was like a conversation between the officer and the PA. 

 

 

The officer asked several questions about the tax exemption.  The officer stated he/she was satisfied about the answers.