Search Results for: business

CHINA | Invoking Force Majeure in Commercial Contracts

In Shanghai, the citywide lockdown from 1 April has continued into May and more cities are experiencing epidemic control and prevention measures. As a result, companies may face difficulties rendering contractual obligations, for example inability to continue manufacturing goods or performing services under terms agreed in commercial contracts signed before the lockdown. Under such cases, the circumstances in which the contracts were originally signed under have significantly changed and invoking force majeure could be used.

What is Force Majeure?

A force majeure […]

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CHINA | Rent Exemption for Small and Micro Enterprises

The State Government has released several policies to support businesses especially small and micro enterprises during this period

The recent wave of COVID-19 in China has severely impacted many business operations. With area or city-wide lockdowns and confirmed cases rapidly increasing per day, businesses are facing cash-flow and staff shortage challenges. The State Government has released several policies to support businesses especially small and micro enterprises during this period. Namely, applicable enterprises can be granted rent exemption between 3-6 months. We […]

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CHINA | Mandatory Company Collection Payment Codes from 1 March 2022

The Notice on Strengthening the Management of Payment Acceptance Terminals and Related Business No. 259 (“Notice 259”) on October 13, 2021. Issued by the People’s Bank of China and effective from 1 March 2022, this is the first legislation to regulate quick response (“QR”) code payments (Company Collection Payment Codes).

Notice 259 require QR code payments prohibits Alipay or Wechat personal accounts to be used for the sale of goods and services. Companies shall register a company account with Wechat and/ […]

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