Guangdong Financial Supervisory Authority had just released a notice on 1 September 2020, which announced that the financial leasing companies registered in Guangdong Province will be screened from September 2020 in accordance with the Interim Measures for Supervision and Administration of Financial Leasing Companies (hereinafter referred to as the Measures) to sort out companies that lost contact, shell companies and companies operating against the law.

The targets of the screening are the financial leasing companies and their branches, subsidiaries and special project companies that are registered in Guangdong Province and whose registered name or business scope contains the word of “financial leasing”, other branches, subsidiaries and special project companies that are registered in Guangdong Province by the financial leasing companies outside of Guangdong.

The screening will be carried out in stages and specific arrangements are as follows:

1. Information Reporting shall be Completed before 30 November 2020
   
   Financial leasing companies that are registered in Guangdong Province shall log in Guangdong Financial Data Reporting System (hereinafter referred to as the System, website: https://fdrs.gzclearing.com:8088) to report their basic information, operating data, tax filing records, social insurance records etc. and upload the business license, articles of association, shareholder list, list and resume of the senior management, annual reporting information, audited financial statement for 2018 and 2019 etc.  
   
   For those branches, subsidiaries and special project companies that are registered in Guangdong Province by the financial leasing companies outside of Guangdong, the head office shall filled in a statistics form and send it to the designated email address (dfjrjgj_jgec@gd.gov.cn).
   
   
2. Classification shall be Competed before 15 March 2021
   
   Local financial supervision and regulation bureaus shall verify the materials uploaded by the enterprises. Enterprises that had submitted materials truthfully and completely and meet the basic requirements of the Measures may be classified as normal operating enterprises. Others may be classified as abnormal enterprises. Due to the impact of the epidemic, the requirement of tax and social insurance payment records of enterprises can be appropriately relaxed. An enterprise that fails to report and submit materials through the System or whose leased assets are zero may be treated as an abnormal enterprise.

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