PracticeConsultingChina opens door to accountants

China opens door to accountants

British accountancy firms will be able to set up shop in China following agreement this week on the country's accession to the World Trade Organisation.

Under the deal, finalised after 15 years of negotiations, foreign accountants and other professional service providers will be able to hold majority control of businesses in China, the world’s most populous market.

While the main focus is likely to be on global accounting, the European Union has secured rights for foreign-owned firms to have entrustment relations with their Chinese counterparts, thus enabling practices to cover the domestic Chinese market.

European and other foreign banks will be allowed to conduct local currencybusiness with Chinese companies within three years of accession, and withprivate individuals all over China within five years of accession.

Fund management firms will be able to engage in joint ventures and underwritetrade debt and equity in foreign as well as domestic denominated securities.

Links

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