First-Month Checklist for a Newly Established Company
Author: Junanda ConsultingReviewed by: Junanda Service Team2026-09-19
Obtaining the business licence is only the first step. What really determines how smoothly things go afterwards is which tasks are completed, and completed correctly, during the first month after incorporation. This article sets out the actions to take in the first month in chronological order. It is written for business owners who have just registered a company, for finance staff who have just taken over the books of a new company, and for agency service providers who need a reference point when handing a client over.
The Order of Actions Once the Licence Is in Hand
It is advisable to work through the following sequence. The steps depend on one another, and taking them out of order usually means redoing work.
- Engrave the company seals. The company seal, the finance seal, the legal representative's name seal and the invoice seal, together with the corresponding electronic seals, which are used for online contract signing and for electronic tax bureau business.
- Open the basic deposit account at a bank. Bring the licence, seals and the legal representative's identity document; the exact list depends on the requirements of the account-opening bank. Opening times vary between banks, so allow as much time as possible.
- Complete tax registration and information confirmation. Complete the tax reporting-in process and confirm details such as the finance officer, the tax handler and the handler's mobile number.
- Have the tax categories assessed and confirmed. Confirm which taxes apply to the enterprise, how filing is done and by what deadlines.
- Complete invoice type assessment and activate fully digitalised electronic invoices (FDEI). Confirm the invoicing quota and the invoice items, and complete authorisation of the invoicing staff.
- Open social insurance and housing provident fund accounts. Where there are employees, complete the contribution registration promptly; otherwise the employees' social insurance and the individual income tax on wages easily fall out of step.
- Bind the finance officer and the tax handler. Designate people who can actually be contacted, to avoid the situation where someone has left the company but is still recorded in the system.
Many of these steps are interlinked. The tripartite agreement used for tax withholding, for example, can only be signed once the bank account is open, so the sooner the account is opened the better.
Points to Confirm on the Tax Side
Tax is the area with the greatest volume of information in the first month, and the easiest in which to overlook something. It is advisable to confirm each of the following.
- Whether the tax category assessment matches the actual business — for example, whether Value-Added Tax (VAT), Corporate Income Tax (CIT) and stamp duty apply.
- Filing deadlines: the filing frequency and filing period differ between small-scale taxpayers and general taxpayers, and the position shown in the electronic tax bureau governs.
- Whether the tripartite tax-bank agreement has been signed, so that payment can be deducted normally after filing.
- Whether the invoice types and quota are sufficient, and whether an adjustment needs to be applied for in advance.
- Whether real-name verification and authorisation have been completed for the invoicing staff.
The specific tax rates, levy rates, filing deadlines and quota standards involved here are subject to the latest position shown in the electronic tax bureau and the requirements of the competent tax authority. Local practice can differ in detail from one place to another.
Setting Up the Books and the Accounting Ledger
Bookkeeping is not something that starts once invoices appear. The framework should be settled in the first month.
- Choice of accounting system. Select an accounting system appropriate to the scale and industry of the enterprise, and keep it stable.
- Accounting year and functional currency. By default these are the calendar year and the RMB; any exceptional case is handled in accordance with the applicable rules.
- Account structure. Set up detailed accounts according to the actual business, particularly for accounts that are prone to confusion, such as current accounts, shareholder loans and inventory.
- Start date for the books. This is generally the start of operations after the business licence is obtained. Do not let it drift for several months and then backfill.
- Opening figures. A newly established enterprise usually opens at zero, but where there is shareholder capital contribution, paid-in capital or start-up expenditure, these should be recorded in dedicated accounts.
Once the ledger is settled, change it as little as possible afterwards. Frequently changing accounts or the accounting system makes the basis of the financial statements inconsistent from one period to the next.
Collecting First-Month Invoices and Bank Statements
Invoices are the thing most likely to become disorganised in the first month.
- Bank statements. Export and number them monthly, match them to the ledger transaction by transaction, and note the nature of each item.
- Input invoices. Verify and register invoices received promptly, to avoid a missed deduction or a wrongly recorded entry.
- Output invoices. Invoicing records must be consistent with the actual business and the contracts, and invoicing content should not diverge seriously from the business scope.
- Expense invoices. Rent, utilities, office supplies and similar items require attention to whether the payee name and the Taxpayer Identification Number (TIN) are correct, so as to avoid non-compliant documents.
- Wages and individual income tax. The amounts paid as wages, declared for individual income tax and contributed to social insurance must reconcile with one another.
Building the habit of clearing the current month's invoices within the month is much easier than hunting through them at the end of a quarter.
Archiving Contract Templates, the Articles of Association and Other Materials
In the first month the company's underlying documents should be archived once and for all, because they will be needed repeatedly later.
| Document category |
Specific contents |
| Formation documents |
Business licence, articles of association, register of shareholders, capital contribution certificates, formation resolutions |
| Seal documents |
Seal engraving registration information, seal issue and collection register |
| Banking documents |
Account opening information, tripartite agreement, records of internet banking and USB token issue |
| Tax documents |
Tax registration information, tax category assessment result, invoice type assessment result |
| Contract documents |
Standard templates for common business contracts, lease agreements, service agreements |
| Personnel documents |
Employment contract templates, staff register, social insurance participation information |
Standard contract templates are best settled in the first month, with clear payment terms, invoicing requirements and liability for breach. Avoid the pattern in which a deal is agreed over a messaging app first and the contract is written up afterwards.
A First Reminder About Filing Dates
The filing calendar should be set up in the first month, so that the very first filing period does not end in late filing.
- Note the cycle separately for each filing item, including VAT, surtaxes, CIT advance payments and withholding of individual income tax.
- Record the deadline for each item and set a reminder three to five days in advance.
- Confirm how late filing is handled and what the consequences are; better to be early than to cut it fine.
- Leave time for the first filing to become familiar with the system, rather than attempting it on the last day.
Specific filing deadlines are subject to the latest filing period arrangements published by the electronic tax bureau and the competent tax authority.
What Is Most Often Missed in the First Month
| Commonly missed item |
Consequence |
Suggested action |
| Opening social insurance and housing provident fund accounts |
Employees' social insurance lapses; there is no corresponding basis for individual income tax on wages |
Complete contribution registration before hiring |
| Signing the tripartite agreement |
Filing succeeds but payment fails |
Sign and verify the agreement immediately after opening the account |
| Authorising the tax handler |
Unable to issue invoices or log in online to handle tax matters |
Complete real-name verification and authorisation |
| Start date of the books |
Accounting records fall out of step with the licence date |
Complete the book set-up within the first month |
| Archiving opening documents |
Original documents have to be hunted for repeatedly afterwards |
Scan once and file by category |
Self-Check Checklist
This article is general business information prepared by Junanda Consulting. Specific policy positions, tax rates, deadlines and procedural requirements are subject to the latest official versions issued by the competent authorities. To understand how these requirements apply to your business, please contact Junanda Consulting for further information and support.
