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What is a Wholly Foreign Owned Enterprise ? ​ A Wholly Foreign Owned Enterprise is a limited liability company wholly owned by a foreign individual or a foreign enterprise in China. The three major characteristics of a WFOE could be summarized as “limited liability company”, “the foreign individual or the foreign enterprise fully controls the WFOE” and “the shareholder of the WFOE must be the foreign passport holder or overseas company (including Hong Kong and Macao)”. According to the business the WFOE engages in, China WFOE could be divided into Trading WFOE, Consulting WFOE, F&B WFOE, Manufacturing WFOE and etc. Based on the Free Trade Zone (FTZ) as the registered address, China WFOE could be split into Guangzhou FTZ WFOE, Shanghai FTZ WFOE, Shenzhen FTZ WFOE and etc. Advantages with a WFOE Shareholders merely undertake limited liability; Foreign investors enjoy the wholly control of the company; The business engagement in China enjoys the protection of China law;

Refund on No Win!  √ Over 99% success rate √ Zero Risk for you √ Fast and efficient √ Sound banking system √ No restriction on foreign exchange remittance, free transfer of funds √ Convenience in settlement of international trades √ Free conversion of currencies √ Convenient daily account operation and online bank transactions √ Convenience in getting trade financing from international banks √ Multilingual support team Company bank account in Hong Kong Banks Process After opening a Hong Kong corporate bank account, you need: ①Timely activation Activate the bank account in a required time. ②Ensure the capital source is legal Capital from high risk countries and zones will lead to account frozen. ③Maintain the daily account operation Leave enough balance in the account to pay management fees monthly. ④Timely Audit Make sure your HK company audit is timely and well arranged. To access if this offer could be applied to your case please contact us with the

Foshan City As a nearby city to Guangzhou, Foshan is located in the heart of the pearl river delta and adjacent to Hong Kong and Macao. Foshan is an industrial city, its competitive industries focus on household appliances, equipment manufacturing, metal material processing and products, ceramic building materials, textile and garment, food and beverage, plastic products, electronic information, fine chemical and pharmaceutical industry, household products manufacturing. How to Register a Foshan Company? Name-checking As a China company, the Foshan company name is composed of “the administrative division + company name + industry characteristics + organizational form”. The English version of the Foshan company can be put on the stamp and the name card, not one the license. Business Scope Confirmation Business scope refers to the business operation and industries you want to engage in with this China entity, which is quite Chinese characteristic in some way. Nevertheless,

Shanghai City In 2015, Shanghai's GDP dominated the city list in China, and ranked second only to second to Tokyo, Japan in Asian cities. Shanghai is one of the world's most famous financial centers, and one of the world's largest metropolitan areas. Shanghai port has the world's largest cargo throughput and container throughput with the reputed international port. Shanghai owns the first free trade zone in China - Shanghai pilot free trade zone, which brings more new vitality to the economic development. How to Start a Shanghai Company？ Unlimited Liability Company An unlimited liability company means the company’s shareholders bears unlimited liability for the debts of the company. Unlimited company is the initial form of the company's registration structure, it is available to make full use of the advantages of shareholders of personal credit to trade or borrowing. The major disadvantage is that shareholders undergo big risk and have difficulties in f

Shenzhen City As the window of China's reform and opening up, Shenzhen is the first special economic zone established by China's reform and opening-up policy. Shenzhen came in second as the most economically competitive cities in the world in 2016. As the seven strategic emerging industries, the Internet, new materials, biology, new energy, energy conservation and environmental protection, cultural creativity, new generation of information technology and the four future industries i.e. marine economy, aerospace, robot wearables and intelligent equipment and life health are gaining momentum. How to Register a Shenzhen Company? Representative Office(RO) Representative offices (RO) refer to the business liaison offices of the parent companies established by foreign companies in China. The business scope of the RO is restricted to the engagement of non-profit business activities related to foreign (regional) enterprises. In other words, representative office has no leg

Guangzhou City ​Guangzhou, known as the "millennium commercial port" historically, has been one of the most important commercial centers in China. Guangzhou is close to the south China sea, neighboring the Hong Kong special administrative region and the Macao special administrative region. It is the south gate to the world. China's third big river, the pearl river, runs through the city of Guangzhou. As the international shipping hub, global aviation pivot and world science and technology innovation center, Guangzhou has attracted a total of 288 fortune 500 companies to invest nearly 800 projects in Guangzhou, of which 120 have headquarters or regional headquarters in Guangzhou. How to Register a Guangzhou Company? WFOE (Wholly Foreign Owned Enterprise) or WOFE (Wholly Owned Foreign Enterprise) is the most common vehicle for foreign investor to adopt in China company registration. As a limited liability company, WFOE can maximize the full control over the new es

Business China provides company formation in Hong Kong and guidance over opening a business bank account in Hong Kong. HSBC business bank account is suitable for international businessmen who need flexible 24/7 access to account services. As the largest registered bank in Hong Kong and one of the note-issuing bank in Hong Kong, HSBC has more than 700 branches globally. Bank Account Opening Checklist Certificate of Incorporation (CI) and subsequent certificate of Change of Name (if applicable) Valid Business Registration Certificate Memorandum and Articles of Association (M & A)/ Articles of Association and any amending resolutions Latest Notification of Change of Secretary and Director (Appointment/ Cessation) (form D2A/ND2A), Return of Allotment (Form SC1/NSC1) and/or Instrument of Transfer(if applicable) Government issued identification document and nationality proof of directors & Residential Address, all authorised signatories, all beneficial owners HKD chequ

How to open the Hong Kong business account after Hong Kong company incorporation ? Business China will introduce the Hang Seng Bank for you here. As the second largest listed bank in Hong Kong, Hang Seng Bank is established in the year of 1933. Hang Seng capital is a commercial bank focused on Hong Kong and mainland China. The main businesses include personal finance, commercial banks, business and financial institutions, financial services, and private banking services. ​ Hang Seng bank is also responsible for calculating the Hong Kong stock market reference index: Hang Seng index. Hang Seng bank is one of the 30 stocks in the hang seng index, an important indicator of Hong Kong's stock market. In addition, the shares of hang seng bank in Hong Kong are listed and traded on the London stock exchange and provide investors with a first-level sponsorship of the American depository plan in the United States. Required Documents of Business Account Opening Valid Business Re

Opening a business account in Hong Kong would top the priority list after the Hong Kong offshore company registered. Let's see how to easy your business expanding with a Hong Kong company plus with a Hong Kong bank account. DBS bank has been rated as the world's best digital bank, online banking Initiative of the 2016 Year, Safest bank in Asia and awarded the Retail Banking (Excellence) in 2015. ​  DBS was set up on the year of 1968 and have branches in Singapore, USA, UK, Japan, Taiwan, Hong Kong, India, Malaysia, China, Macao, Korean, Thailand and etc. Documents to Open a DBS Business Account by a Hong Kong Limited Company ID Card / Passport and Residential Address Proof (issued within 3 months) of (i) All Authorized Signers, (ii) 2 Directors, any 1 of the 2 must be Managing Director, (iii) Shareholders with 10% or more of the Voting Rights / Beneficial Owners. Copy of Business Registration Certificate (BRC) Copy of Certificate of Incorporation (CI) Memorand

Hong Kong company has been alluring to foreign investors as the easiest entry to start the international business. It has been commonly agreed that Hong Kong company equipped with the Hong Kong bank account can maximize the function of the Hong Kong company and the Hong Kong sound banking system. So how to maintain and use your Hong Kong Company bank account wisely after company formation in Hong Kong do closely connected with you. Business China is a licensed leading firm to provide the Hong Kong Limited Company registration service, Hong Kong company registered address, Hong Kong secretary service, guidance over Hong Kong company bank account opening. Guidance over the Do's and Don'ts over Hong Kong bank account maintenance. Please keep well of monthly bank statements, bank receipt, bills; Maintain well of your Hong Kong company related file; Make sure operators of the bank account is reachable by phone and email all the time; Timely accounting and auditing is r

To further standardize the VAT invoice management, optimize the tax service and meet the needs of the taxpayers, notice on the Management of VAT General invoices hereby announced as follows: First, Adjust VAT general invoice's (folding invoice) invoice code The invoice code for the general VAT invoice (folding invoice) is adjusted to 12 digits with encoding rules: 1 to 0, 2-5 stands for the provinces, autonomous regions and municipalities directly under the central government and cities under separate state planning, 6-7 stands for the year, 8-10 stands for the batch, 11-12 stands for invoice types and sheets, including 04 stands for two-sheets general VAT invoices (folding invoice), 05 stands for five-sheets general VAT invoices (folding invoice). The VAT general invoices (folding invoice) of 10 digits invoice code that in tax authority's inventory or with the taxpayer can continue to use. Second, General VAT invoices printed with the name of the company (folding in

Business China is a licensed leading firm in China specializes in China company registration . To better navigate the competitive China market entry and penetrating, Business China provides efficient services and service process. ​ 7 frequently asked questions about setting up a limited company in China, please check below. Am I required to go to China to get my China company started? 99% could be settled through email, the legal representative of the China company will need to come to open the bank account once the company has been established. So, you are not required to come to China physically to start China company registration. What is the capital injection requirements? China introduced “registered capital” concept for several years to better attract high-quality foreign investment. In other words, no injected capital needed in the first 15-25 years for the foreign-invested companies. What is the fastest way to set up a wholly foreign owned limited liability compa

Based on PRC Company Law and PRC Accounting Law, each foreign-invested company, such as China Wholly Foreign Owned Enterprise (China WFOE or China WOFE) , Joint Venture (JV), Representative Office (RO or Rep Office) all required to do China company's accounting and bookkeeping on time. When to Apply for Tax Registration? Please note it that although China company’s business license, local tax certificate and national tax certificate have been combined into one. China companies should apply for tax registration within one month after the issue of the business license. When to Apply for General VAT Taxpayer or Small-scale VAT Taxpayer? Chinese enterprises shall apply for the general vat taxpayer or small-scale vat taxpayer application within one month from the date of applying for the tax registration. When to Start Filling Taxes? In the month of tax registration and taxpayer application. When to Do Company Annual Renew? Chinese companies should take part in the an

What is Company Annual Report in China? As a means to corporate regulatory, one of the obligation that company in China must bear after registration is the submission of company annual report within a specific period. China brings in the corporate credit system which means all the annual reports are available to the public. What if Fails to Submit Company Annual Report ? A lifetime record of “Poorly Preforming Company List” Have difficulties to do company alternation and cancellation. The company will eliminate the qualification for working visa application, renew or cancellation. Legal representative of the company cannot even buy air tickets, train tickets within China. Legal representative cannot serve as the management position in other company. Have a possibility to face fines. Why Should Prepare the Annual Report in Advance? The numbers of company registered in China is increasing each day. The end of a year is always busy for companies. Plus, with the non-st

One inevitable license should be applied for your trading company in China is the China Import Export License. ​ The most common investing vehicle foreign investors in trading industry adopts in China is the Trading WFOE (Wholly Foreign Owned Enterprise) . Import export license refers to the qualification of import and export enterprises to carry out the import and export business. The application for import and export right needs to pass a complicated examination and approval process. Certificate of Approval  When a foreign-invested enterprise is established, it shall be examined and approved by the business department. The Certificate of Approval is the first license should be issued as part of the Import Export License. Customs Declaration Unit Registration Certificate Trading WFOE must apply for the qualification of customs clearance. Registering with the customs is the precondition for the customs declaration. Entry and Exit Inspection and Quarantine Inspect

An enterprise name shall be clearly marked on the business license in China. Enterprises shall choose their own names according to China Company Law and apply for China company formation . The enterprise enjoys the right of name since its establishment. ​ Rules for picking china company's name The name of the enterprise shall not be the same with the name of other companies; The name of the enterprise shall be in accordance with the Chinese characters conforming to the national standard, and shall not be used in alphabetical or Arabic numerals. China company’s name shall be translated into foreign language and shall be translated and used by the enterprise according to the principle of literal translation. The name of an enterprise shall be composed of administrative divisions, names, industries and organizational forms. In addition to the enterprises established by the state council, the names of enterprises shall not be labeled as "China", "China",

As a foreign traveler in China, you will find it is quite convenient to have your own personal bank account opened in China especially you can add your personal bank card to the Alipay or WeChat payment. As a foreign investor, you will have legitimate rights and obligations to open a business account after your china company registration . There are a lot of China local banks and international banks layout in China for you to choose from. Due to the convenience of E-document signing, and quick response between the bank and the tax burau, the significant Big Four state-owned banks are recommended for business account opening. The Big Four (Four large state-owned Banks):  ICBC (Industrial and Commercial Bank of China) ABC (Agricultural Bank of China) BOC (Bank of China) CCB (China Construction Bank) Firstly, prepare documents for business bank account opening. Business account types are RMB Basic Account and Foreign Currency Account. The RMB basic account is the accou

Business China offers china company registration services including China Wholly Foreign Owned Enterprise (China WFOE or China WOFE) , Joint Venture (JV), Representative Office (RO or Rep Office). The first thing comes across after the China company registration is to open business bank account. Business China summarizes 7 frequently asked questions regarding China corporation bank account opening. How many times legal representative should present in China for bank opening? ONLY ONE TIME is required. If the legal representative cannot make the trip, please contact us for legal representative nominee service. What information I should give to my client if I need to collect money from them? We will email you all needed information when the account is ready. Please feel free to contact us if you need any assistance. My client request for official invoice from me after he wired money to my account. Can you help? Yes, as long as your Chinese client wired money to your busi

What is Business Scope? ​Business scope is an indispensable part of China company formation , which is not the same for western countries in most cases. Business Scope is the scope of business products and services you can engage in. It is a legal boundary for the enterprise to conduct business inside China legally. Once the scope of business is approved and registered, the enterprise shall have the right capacity within this scope, and the enterprise shall also assume the obligation of not exceeding the scope of operation. To sum up, the approved business scope of the enterprise is the legal limit to distinguish the lawful operation and illegal operation of the enterprise. The Significance of Business Scope It is unfamiliar for many foreign investors that the business scope of your China company is closely related to invoices issue. In other words, the enterprises can only apply for the invoices under the specific business scope content. That is why to having a business p

On your way to form a Wholly Foreign Owned Enterprise(WFOE) in China, you will be requested to name one legal representative to be listed on the business license. We will elaborate the legal concept, the appointed requirement and the legal liabilities of the legal representative in China company registration. The Legal Concept of Legal Representative According to the Provisions of the General Provisions of the Civil Law of PRC, in accordance with the provisions of the Articles of Association of the law, the legal representative is the person who represents the company to take in charge of the exercise of the establishment's functions (article 38). The legal representative system is a kind of legal representative system which is derived from the traditional leadership system of China's state-owned enterprises. China adopts and implements a single legal representative system. Generally, the legal representative and the enterprise do not need to sign labor contract, th

Registration address has long been the indispensable part of the China company registration. As a foreign investor, if you want to have your China WFOE (Wholly Foreign Owned Enterprise) established and maintained with the management cost as low as possible to reduce start-up costs, our registration address could be a suitable selection. It is important to note that the registration address we provide is not the virtual address, but a physical office address project to suit the market to help our clients to easy their business expanding within China. Advantages of Registration Address Quick Company Formation Substantial Cost Cutting Save Legal Representative's Trip to China Real Time Saving Available Cities for China WFOE's Registration Address Guangzhou Shenzhen Shanghai Foshan Relative Documentation Provided by Business China Lease Contract Property Ownership Certificate Record Certificate & Others Facts We adhere to the global insig

When setting up a wholly foreign-owned enterprise (WFOE or WOFE) , you need to choose the right supervisor or the board of supervisors for your business. In order to prevent the board of directors and managers from abusing their power and damaging the interests of the company and shareholders, it is necessary to elect such the special supervisory organ – supervisor or the board of supervisors to exercise supervision functions on behalf of shareholders. Supervisor or the board of supervisors  Article 51 of the company law stipulates that limited liability company shall have the board of supervisors, and its members shall not be less than three. A limited liability company with a small number of shareholders or a smaller company may set up one or two supervisors without a board of supervisors. Supervisors shouldn't be the legal representative, manager or other senior management person). The term of the supervisor is three years. The term of the supervisor shall expire, and