(Yicai Global) Feb. 21 -- ByteDance has added a US tax residency declaration to its options management system for the first time, according to insiders.

Current and former ByteDance staff who still own the Beijing-based firm’s options received a text message yesterday inviting them to log into Feishu ESOP, the employee stock ownership platform, to fill out the tax residency declaration as soon as possible.

A ByteDance employee who received the prompt said the declaration included information such as whether he had a US permanent resident card, had US citizenship, or had stayed in the US for 31 days. The questions determine whether a person is classified as a US taxpayer or not, he said.

Some market insiders believe the development may be related to ByteDance’s listing plans and the fact that the ESOP was expanded to a global scale, including more staff worldwide. But sources close to the company told Yicai Global that the aim was simply to meet tax requirements and has nothing to do with a potential public offering.

ByteDance evaluates staff performances and determines year-end bonuses every April. During the month, the company also opens a new round of options redemptions for employees wanting to convert their bonuses into options. ByteDance’s remuneration packages usually have two parts: cash and options, with the latter enabling staff to enjoy dividends as the firm’s valuation grows.

Editor: Futura Costaglione