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How to Form a Company in China
One of the most important issue of doing business in China concerns the creation of a Chinese entity with which legally carry out business activities. Given the particular nature of the country and its special reulations, the registration process of a company in China is quite different from that required in other jurisdictions. Each phase must be planned and executed with the utmost care in order to avoid errors that could expose later to serious responsibilities.
Updated Negative Lists for Foreign Investments in China
As every year, the Chinese regulatory authorities have released the updated lists of prohibited or limited foreign investments. In the wake of the past years it is clearly visible a continuation of the gradual openings that we had seen in recent years and these are all good news for foreign investors.
A Comparison between WFOE and Representative Office
One of the most frequently asked questions by those willing to start a business in China: should I choose a WFOE or a representative office?
In this guide we have highlighted the major differences between the two types of structure, and clarified the major doubts. What are the main differences between these two types of structures? Why choose one over the other? Which is the most suitable for my situation?
Set Up a Company in Shanghai: the Right Location
Deciding where to register a company in China is not an easy thing. Each city and even each neighborhood are very different from each other with requirements, benefits and downsides that can confuse foreign investors.
In this guide we have analyzed one of the most popular areas for the registration of foreign companies, the city of Shanghai and its districts.
Taxpayers Classification in China
Agile and essential, this guide was created to give quick clarifications on the different classifications of taxpayers in China.
This topic is particularly important for those wishing to set up a company in China: in fact we know from our experience that it is better to have a complete picture of the different tax regulations before starting the venture in the Chinese market, in order to avoid future mistakes or costly misunderstandings.
Doing Business in China: Over the Misconceptions and Illusions
In hot times like the ones we are experiencing, talking about China and the kind of approach to have with it can be quite confusing and conflicting. In this field there is an abundance of myths, false illusions, misunderstandings and misconceptions that end up only to confuse ideas without providing any concrete support to the decision makers.
With this article, we want to clarify some common misconceptions and dispel some myths about doing business in the Chinese market, hoping to be useful to those who are wondering whether to start a business venture in China.
CHINALYSE'S PARTNERSHIP PROGRAM
With the aim of becoming a reference point for all those who want to start doing business in China, and eager to share our knowledge and resources, we have created an interesting partnership program suitable for both individuals and companies.
WFOE FREQUENTLY ASKED QUESTIONS
A WFOE (acronym of Wholly Foreign-Owned Enterprise) is a limited liability company with legal personality, wholly owned by a foreign investor.
WIth a WFOE is possible to directly sell goods and services in China, invoicing customers and receiving revenues in RMB. With this kind of entity is possible to convert the profits in RMB into US dollars to remit them to the Parent Company (PC) outside of China.
A WFOE can be used to protect intellectual know-how and technology of a company, and to fully hire and control human resources, having a great efficiency in operations, management and future development.
There are three different types of WFOE: they can be registered as Service WFOE, Trading WFOE or Manufacturing WFOE. Usually the Trading WFOE (also called FICE) and the Manufacturing WFOE are expected to generate the majority of their income from import / export and manufacturing respectively.
To register a WFOE it takes approximately 2 months from the date of application if the documents provided are in good order.
The WFOE can have individual or corporate ownership and the owner can be any foreign individual or corporation. The Parent Company does not need to be 2 years old and its obejct matter is mostly irrelevant. Ownership of a WFOE can be transferred with a procedure that takes almost as long as creating a new one.
It is officially required, but in reality there are no minimum requirements stated. For a Consulting WFOE we suggest funding around 60,000 USD, while for a Trading WFOE might be better go for 100,000 USD. You can choose to pay initially only a part of the capital and then send the rest at a later time.
You can learn more about the complete WFOE registration process by clicking HERE to access our complete guide we prepared for you.
A WFOE can directly hire as many employees as it wants.
WFOE is a commercial company subject to VAT. Additionally, a corporate income tax of 25% also applies, although there are solutions to keep those taxable amounts to a minimum.
Yes, a WFOE can open a corporate bank account through which it can access and receive money, pay bills, issue cheques, withdraw cash in China, pay and receive payments to and from any country.
