One day, a textile product trading company received a phone call from one of its suppliers: the caller mentioned that their factory was relocated, and their bank account was changed. The supplier asked to wire the payable balance to their new bank account. The CFO of this trading company recalled that he read an article about a similar case in which the subject company was caught in trouble because they wired money into the trading partner’s new bank account. What should the CFO do in this case?
In Taiwan, if you have a chance to pay in a shop or restaurant, the cashier or waiter will ask you for your business' Government Uniform Invoice Number (GUIN統一編號) before he or she issues you a receipt with the restaurant's GUIN and your GUIN printed on it.
In North America and Western Europe, you seldom see a seal (or stamp, or chop) on an invoice. Yet this is a standard business practice in Taiwan. Legally, what does the seal mean? How many seals must a company have?
There is abundant perception about Chinese businesspeople not abiding by the contract. How true is it? Is there independent evidence to prove it?
Most multi-national corporations are stringent on compliance, yet few foreigners are aware that a signature on a Chinese contract has less enforcing power than a seal on it. Is this serious?
AIC should more correctly be referred as SAIC, the State Administration for Industry and Commerce (in Chinese: 国家工商行政管理总局). It is the authority in China responsible for advancing legislation concerning the administration of industry and commerce. What is SAIC responsible for?
In international markets, an invoice is sent to the customer and inform them to pay according to the agreed payment terms. It is then a voucher used to credit the revenue account and debit the receivable account in the general ledger.
When a businessperson comes to China, the meaning of invoice versus “Fapiao” (in Chinese: 发票, literally means invoice) normally generates some confusion. Knowing the difference is important because this is closely related to how you get paid by Chinese customers or handle payment to Chinese suppliers.
After considerable amount of effort, Happy Customers Faster Cash China edition has been published. This book is invaluable for people practicing credit management and collection in China. Statistics of the payment behavior of Chinese companies are provided by Atradius, Huaxia Dun & Bradstreet, and RMS to help you get the real picture in China.
For a Debt Collection Agency to operate in Hong Kong, does it need a license? If yes, to which Government department one has to apply?
In the West, a corporate purchase is normally initiated by issuing a purchase order. What is the common purchase procedure practiced in local Hong Kong companies?
Alexander has over 25 years of experience in Business Information Management and Information Technology. Previously, he has held leadership positions in the world’s leading Business Information providers, including Managing Director of Thomson Reuters Asia, and General Manager of Dun & Bradstreet (D&B), Hong Kong and Taiwan. In addition, he personally managed Hong Kong's Commercial Credit Bureau while working with D&B, and the Consumer Credit Bureau through his directorship at TransUnion Limited.