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Investing wfoe china

investing wfoe china

China's new Foreign Investment Law has changed the business landscape for WFOEs. PTL Group specializes in company registration in China. Read our comprehensive guide on how to set-up a WFOE (Wholly Foreign-Owned Enterprise) in China, including types, advantages, limitations, and requirements. It is the most favoured investment vehicle as it gives full autonomy and control to the foreign parent company. They also come in various forms. XTB FOREX SPREAD This past week functionality, everything you wait for one can easily communicate. Didn't know that a user friendly. For over twenty reading this ad files, along with to see how it turned out sectors, specializing in.

While the three structures share the same legal identity, they differ significantly in terms of configuration procedures, costs and the range of business activities in which they are allowed to participate. However, some service WFOEs may also carry out the business activities related to their services. Este sitio web utiliza cookies para que usted tenga la mejor experiencia de usuario. Determine if the foreign investor is an approved investor.

China especially welcomes investment that promotes the export of Chinese manufactured products. Chinese government approval for the project. In China approval of the project by the relevant government authority is an integral part of the incorporation process. It usually takes two to five months for governmental approval, depending on the location of the project and its size and scope.

Business Scope : description of the activities that the new company may engage in. Registered Address: The new company must be registered at an address where it will be incorporated. In some locations, semi-virtual addresses are available and accepted. Corporate Governance , which includes appointments of the following officers: Directors including one Chairman of the board, or one Executive Director ED ; one General Manager GM ; one Legal Representative LR which is either the Chairman, the ED, or the GM ; one or more Supervisors; one Financial Administrator After the information has been collected and materials have been received from above steps, an online application for preliminary examination to China's registration authority Administration for Market Regulation - AMR at the location where the company will be established will be filed.

After approval of the online application, the application documents some will be generated by the AMR system upon the approval of the online application will be signed by the investor's authorized representative. Signed and stamped application documents can then be submitted to the AMR for issuance of the Business License. Issuance of the Business License marks the formal establishment of the company. Dual adaption The first and most ideal option is dual adaptation. Phonetic adaptation The name sounds the same as the original name but conveys a different meaning.

Meaning adaption The third option is a name which conveys the same meaning as the original name but sounds different. No adaptation The last option is selecting a totally different name. In China, some activities continue to be closed or restricted to foreign investment.

Propose terminology for the business scope based on the proposed activities, in accordance with official, normative terminology accepted by the local authorities. Review and consider if the proposed terminology triggers any special licenses e. Food Business License. Faye Shen. Strategies to reduce risk with the right contract terms and conditions Holman Webb. Having appropriately worded terms and conditions can mean the difference between a successful recovery and a write off.

I am selling my business, but what about the employees? Clifford Gouldson Lawyers. Ensuring employees are properly managed in the purchase or sale of a business is critical to the success of the transaction. Common amendments in standard form contracts Coleman Greig Lawyers. Standard form contracts are used in the Australian building and construction industry, but with significant amendments.

If we delve into the statistics and business climate of India during the past few years, there is no doubt that the country has been riding an entrepreneurial wave. This write-up examines the concept of minority squeeze-out in India and the way forward by taking into consideration the provisions of the Companies Act, and the Rules connected therewith. The provisions regulating oppression and mismanagement in companies are an integral part of corporate governance.

They ensure that interests of a company are protected and that no shareholder or Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. Register For News Alerts. Article Tags. New legislation in China allows a company to register as dormant to allow companies to be maintained if no activity Acclime. JUN Effective Advocacy in Employment Mediation. More Webinars. International Arbitration. Merger Control. Mondaq Advice Centres.

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When the machinery and equipment contributed arrive at a port in China, the WFOE should report to the commodity inspection authority in China and apply for an inspection, and an inspection report should be issued. In should be noted, however, that any industrial property rights or know-how contributed should not exceed 20 percent of the registered capital. It must also be owned by that foreign investor and valuated in accordance with general international principles.

The payment schedule of the registered capital should be specified in the WFOE application for establishment and its articles of association. The foreign investor can pay the capital contribution by installments, but the final installment should be paid up within three years following the issuance of the business license. After payment of each installment of capital contribution, the WFOE should engage a certified public accountant in China to verify and issue a capital verification report.

After the registered capital has been contributed, this amount cannot be wired out again freely. If a company wishes to expand its scope of business later on, there may be a requirement to increase the registered capital. The total investment quota is the total amount of funds planned to be contributed to the project over its lifespan. The difference between registered capital and total investment represents the debt of the investment and can be made up by loans from the investor or foreign banks.

The chart below shows the minimum registered capital amounts corresponding to the relevant total investment amounts. This allows companies to complete the business registration process without the need to actually inject any capital. Although this policy currently applies only to Chinese enterprises, it could be expanded to cover foreign-invested enterprises in the future.

The application process to create a company in China generally takes three to six months. The establishment process varies based on the WFOE form and the planned business scope. The application process can be divided into two parts:. Verification of feasibility of the proposed name by the AIC will take a few working days. Only the Chinese name will be legally binding — the English name is not legally relevant for Chinese authorities. Issuance of approval certificate and temporary business license The authorities will issue the approval certificate and temporary business license after assessing the following documentation:.

Upon issuance, there is a day limit for registering the company with the AIC, which then issues the temporary business license. Following the issuance of the temporary business license, the WFOE would need to perform a number of formal registrations at various Chinese government entities, including applying for carving various seals or chops in order to authorize documents on behalf of the company, as well as opening an RMB account for managing daily operating expenses and a foreign capital account for receiving foreign currency.

In this issue of China Briefing Magazine, we provide a detailed overview of the WFOE establishment procedures as well as outline the typical costs associated with running these entities in China. We hope that this information will give foreign investors contemplating entry into the Chinese market a better understanding of the time and costs involved.

For further details or to contact the firm, please email china dezshira. The China Tax Guide: Tax, Accounting and Audit Sixth Edition This edition of the China Tax Guide, updated for , offers a comprehensive overview of the major taxes foreign investors are likely to encounter when establishing or operating a business in China, as well as other tax-relevant obligations. This concise, detailed, yet pragmatic guide is ideal for CFOs, compliance officers and heads of accounting who need to be able to navigate the complex tax and accounting landscape in China in order to effectively manage and strategically plan their China operations.

Setting Up Wholly Foreign Owned Enterprises in China Third Edition This guide provides a practical overview for any business-minded individual to understand the rules, regulations and management issues regarding establishing and running a WFOE in China. Establishing a Trading Company in China.

With its team of lawyers, tax experts, auditors and Doing Business in China is designed to introduce the fundamentals of investing in China. As a legitimate tool for reasonable tax planning and cost saving, tax incentives play an important role. Companies also use tax incentives as a useful Over the last few months, China has been quickly expanding the pilot program on electronic special value-added tax VAT fapiao hereafter special VAT Benjamin: This refers to common practice, there is no specific law or regulation that details this restriction.

If you require assistance please contact us at china dezshira. Dear Sirs, We write to you from our Geneva office. We have been present in China for past 15 years with a Branch company in Beijing. Pls advise what is the Minimal capital permitted for such FICE enabling us to buy and to sell inside China and most importantly, to Export Chinese manufactured goods Tires to our international markets.

Thanking you in advance. Stay Ahead of the curve in Emerging Asia. Our subscription service offers regular regulatory updates, including the most recent legal, tax and accounting changes that affect your business. Upcoming Events On Demand library. Human Resources and Payroll in China By Eunice Ku Sept. Registration process The application process to create a company in China generally takes three to six months. The application process can be divided into two parts: Pre-registration — what happens before the company formally exists Post-registration — what happens after the company formally exists Pre-registration 1.

Issuance of approval certificate and temporary business license The authorities will issue the approval certificate and temporary business license after assessing the following documentation: From the investor: Business license certificate of incorporation — depending upon locations, this may need to be notarized in the investor country of origin, and then translated into Chinese ; Bank statement to demonstrate credit worthiness from relevant bank in country of origin and translated into Chinese ; and Photocopy of passport of the legal representative of the investor company.

From the new company: About the new business — Name of the company, business scope, registered capital, business term, lease contract; About the legal representative — Photocopy of passport and passport-size photos; About the directors — CVs, photocopies of passports, and passport-size photos; Feasibility study report — Outlining the estimated cash flow for the next three years; Articles of association; and Environmental protection evaluation report if applicable. Post-registration Following the issuance of the temporary business license, the WFOE would need to perform a number of formal registrations at various Chinese government entities, including applying for carving various seals or chops in order to authorize documents on behalf of the company, as well as opening an RMB account for managing daily operating expenses and a foreign capital account for receiving foreign currency.

Related Reading The China Tax Guide: Tax, Accounting and Audit Sixth Edition This edition of the China Tax Guide, updated for , offers a comprehensive overview of the major taxes foreign investors are likely to encounter when establishing or operating a business in China, as well as other tax-relevant obligations. Related reading May 01, Besides, there are only a limited number of activities an RO is permitted to be engaged in.

ROs are generally. These are:. ROs acting in violation of their allowed activities will be fined, and their illegitimate income will be confiscated. An RO is an extension of a parent foreign enterprise and does not form its own separate legal entity. They are often used by foreign companies to facilitate activities in China, such as communicating and liaising with China-based agents and distributors.

In addition, as an RO is not a capitalized legal entity in China, it is limited in its hiring ability. An RO cannot directly hire Chinese employees. Instead, it is required to employ local staff through a qualified labor dispatch agency. The agency acts as the employer for legal purposes, and sends employees to work at the RO for a fee. An RO may directly hire up to four foreign nationals as the representatives, and these do not need to go through the agency.

Even though an RO does not earn revenue, it is still subject to Chinese tax. ROs are taxed as a permanent establishment in China, which usually amounts to a liability of approximately eight percent of the total expenses of the RO. RO is generally a good solution for companies that are procuring from China and want to keep staff on the ground for quality control, or for maintaining short communication lines with China-based suppliers, agents, and distributors.

A WFOE is a limited liability company wholly owned by one or more foreign investor s , which offers a very straightforward management structure. A WFOE can employ local staff directly, without any obligations to employ the services of an employment agency. And compared to a JV, a WFOE has better autonomy and flexibility to execute the company policies intended by the investors without considering the Chinese partner.

However, the set-up procedure of a WFOE is more complicated. In other words, incorporating a WFOE to engage in these sectors would not be permitted. Investors that try to do so will see their application denied. WFOEs that engage in these activities illegally after being incorporated face fines or even the cancellation of their business license. While all three structures share the same legal identity, they differ significantly in terms of their setup procedures, costs, and the range of commercial activities in which they are allowed to engage.

Trading WFOEs and manufacturing WFOEs must derive the majority of their revenue from their namesake business, but can also provide associated services. Service WFOEs are additionally permitted to conduct trading activities related to their services. A JV is formed by one or more foreign investor s , along with one or more Chinese party -ties. Previously, Chinese individuals are explicitly excluded to be the shareholders in a JV with few exceptions.

However, under the new FIL, which took effect from January 1, , this limitation was no longer existed. Chinese individuals could jointly invest with foreign investors, which offers more flexibility in choosing business partners. Before the FIL enacted, there were two types of JVs in China, and they differ primarily in terms of how profits and losses are distributed:. With the new FIL coming into force, the newly established JVs will be subject to the provisions of the Company Law , which implies changes in many aspects, such as governing structure and operating rules.

However, JVs established before January 1, following the old EJV Law or CJV Law will have a five-year transitional period to arrange relevant transitions to be compliant with the new requirements. A China joint venture is becoming the market-entry strategy of choice for many foreign investors since the COVID outbreak.

We list some best practices. The incorporation and structure of your investment define the early stages of your Asia expansion and impact your future success. A well-planned legal structure can help to make the difference. Learn More. Generally, a FICE is inexpensive to establish and can be of great assistance to foreign investors because it combines sourcing and quality control activities with purchasing and export facilities, thus providing more control and a quicker reaction time compared to sourcing exclusively via an overseas headquarters.

FICEs are also the ideal choice for foreign companies that need to source in China in order to resell to its domestic consumer market. Without a Chinese trading company, the alternative would be to buy from overseas, and have the goods shipped out of China before then reselling them back to China which would mean additional logistical costs, customs duties, and value-added tax. Comparison of Different Investment Options.

An often-overlooked option is the FIP, which was introduced in As the name suggests, this entity requires two. The option would therefore not work for foreign investors looking to set up an entity over which they have percent control. In addition, foreign investors cannot engage in sectors subject to equity limitations as provided in the negative lists via an FIP.

An FIP can be newly established by foreign investors contributing to the partnership, or by acquiring the equity interests in an existing domestic partnership. A partnership is not a separate legal entity, but a contractual arrangement between two or more parties to do business together under a common name, and is registered as such with the government.

Instead of having to stay within the boundaries of the Company Law , a partnership affords investors broad freedoms to make internal arrangements as they see fit. While the Partnership Enterprise Law says that, in principle, the unanimous approval of all other partners is needed when a partner sells their share in the partnership, investors are free to stipulate otherwise in the agreement.

In practice, FIPs sometimes are used by foreign private equity funds to manage money in China through limited partnerships. In addition to greenfield investment in which a company makes foreign direct investment FDI by building operations from the ground up, investors can also expand their business presence in China by acquiring existing assets or buying a controlling stake in an existing company, i. In general, acquiring an existing company can simplify a lot of the tedious details involved in entering a new market, such as the lengthy setup processes.

Also, it can help a company acquire capabilities it cannot or does not want to develop internally. More importantly, in the case where an existing company holds a significant market share in the sector that the investor plans to enter, the extended time to market and competition for a greenfield investment may not be worthwhile.

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investing wfoe china

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Professional advice on how to set up including company structure, shareholders benefits. The application form for business registration record filing. Letter of credit commitment for self-declaration of company name. The proof of incumbency for the directors, supervisors and managers. The copy of photos ID for legal representatives, directors, supervisors and managers. Original business license 2. Copy of business license 3. Notification of opening 4.

Company chop 5. Financial chop 6. Legal person chop 7. Certificate of seals company with record file. GEI have assisted more than clients to set up a company in Mainland China including individuals and cooperates in the past 2 years. Let professional expertise guide you to succeeding in China. We provide customers with the best service experience. F rom: M r. N ico Lesmana, Indonesia.

All those criteria found in GEI. They are very professional teams, and are quick to answer any questions for customers; also the general Nancy Wang is very lovely and sincere person. Yun Shou fitness Guangzhou CO. LTD, which is the agent of Taiwan for pilates in Canada. Since May , we have selected Guangzhou as base after making completely research on Pilates market in Guangdong.

In the beginning, we got the professional assistance from GEI Global eastern investment , especially the general manager Nancy Wang, who carefully assisted us to finish it so that we can contribute our efforts to the country with legal landing in Guangzhou. GEI Global eastern investment is a professional team, which is absolutely the best strategic partner for investors. F rom: Mr. Aaron Thomas SEO. Nancy and her team took our team step by step with each process required to open a WFOE company in China.

Not only that but she also helped introduce several potential customers to us. If you want something more than just an accountant but someone who will help develop your business Global Eastern Investment is your best choice. Room Wuyangxincheng Square, No.

An RO may directly hire up to four foreign nationals as the representatives, and these do not need to go through the agency. Even though an RO does not earn revenue, it is still subject to Chinese tax. ROs are taxed as a permanent establishment in China, which usually amounts to a liability of approximately eight percent of the total expenses of the RO.

RO is generally a good solution for companies that are procuring from China and want to keep staff on the ground for quality control, or for maintaining short communication lines with China-based suppliers, agents, and distributors. A WFOE is a limited liability company wholly owned by one or more foreign investor s , which offers a very straightforward management structure.

A WFOE can employ local staff directly, without any obligations to employ the services of an employment agency. And compared to a JV, a WFOE has better autonomy and flexibility to execute the company policies intended by the investors without considering the Chinese partner. However, the set-up procedure of a WFOE is more complicated. In other words, incorporating a WFOE to engage in these sectors would not be permitted. Investors that try to do so will see their application denied.

WFOEs that engage in these activities illegally after being incorporated face fines or even the cancellation of their business license. While all three structures share the same legal identity, they differ significantly in terms of their setup procedures, costs, and the range of commercial activities in which they are allowed to engage.

Trading WFOEs and manufacturing WFOEs must derive the majority of their revenue from their namesake business, but can also provide associated services. Service WFOEs are additionally permitted to conduct trading activities related to their services. A JV is formed by one or more foreign investor s , along with one or more Chinese party -ties.

Previously, Chinese individuals are explicitly excluded to be the shareholders in a JV with few exceptions. However, under the new FIL, which took effect from January 1, , this limitation was no longer existed. Chinese individuals could jointly invest with foreign investors, which offers more flexibility in choosing business partners. Before the FIL enacted, there were two types of JVs in China, and they differ primarily in terms of how profits and losses are distributed:.

With the new FIL coming into force, the newly established JVs will be subject to the provisions of the Company Law , which implies changes in many aspects, such as governing structure and operating rules. However, JVs established before January 1, following the old EJV Law or CJV Law will have a five-year transitional period to arrange relevant transitions to be compliant with the new requirements. A China joint venture is becoming the market-entry strategy of choice for many foreign investors since the COVID outbreak.

We list some best practices. The incorporation and structure of your investment define the early stages of your Asia expansion and impact your future success. A well-planned legal structure can help to make the difference. Learn More. Generally, a FICE is inexpensive to establish and can be of great assistance to foreign investors because it combines sourcing and quality control activities with purchasing and export facilities, thus providing more control and a quicker reaction time compared to sourcing exclusively via an overseas headquarters.

FICEs are also the ideal choice for foreign companies that need to source in China in order to resell to its domestic consumer market. Without a Chinese trading company, the alternative would be to buy from overseas, and have the goods shipped out of China before then reselling them back to China which would mean additional logistical costs, customs duties, and value-added tax.

Comparison of Different Investment Options. An often-overlooked option is the FIP, which was introduced in As the name suggests, this entity requires two. The option would therefore not work for foreign investors looking to set up an entity over which they have percent control. In addition, foreign investors cannot engage in sectors subject to equity limitations as provided in the negative lists via an FIP.

An FIP can be newly established by foreign investors contributing to the partnership, or by acquiring the equity interests in an existing domestic partnership. A partnership is not a separate legal entity, but a contractual arrangement between two or more parties to do business together under a common name, and is registered as such with the government. Instead of having to stay within the boundaries of the Company Law , a partnership affords investors broad freedoms to make internal arrangements as they see fit.

While the Partnership Enterprise Law says that, in principle, the unanimous approval of all other partners is needed when a partner sells their share in the partnership, investors are free to stipulate otherwise in the agreement. In practice, FIPs sometimes are used by foreign private equity funds to manage money in China through limited partnerships. In addition to greenfield investment in which a company makes foreign direct investment FDI by building operations from the ground up, investors can also expand their business presence in China by acquiring existing assets or buying a controlling stake in an existing company, i.

In general, acquiring an existing company can simplify a lot of the tedious details involved in entering a new market, such as the lengthy setup processes. Also, it can help a company acquire capabilities it cannot or does not want to develop internally. More importantly, in the case where an existing company holds a significant market share in the sector that the investor plans to enter, the extended time to market and competition for a greenfield investment may not be worthwhile.

However, the effectiveness of such an arrangement is largely dependent on the makeup of both the acquiring company and the acquired company. Companies have different work cultures, management styles, and operational procedures. The acquiring company can only gain a quick and strong foothold in the target market — when the two parties are compatible with each other.

For this reason, it is imperative that thorough due diligence of both companies is done beforehand on the assets, contracts, credit and debt, employment relationships, and management of both firms, to expose sensitive areas, disputes, and weaknesses so that the transaction is made on the basis of fair, transparent, and reasonable evaluations. Another factor to be noted is that the definition of foreign investment under the FIL includes a foreign investor acquiring shares and assets of a Chinese enterprise.

Consequently, all FDI rules and regulations must be observed, including restrictions on investment, qualifications of investors, and scope of business. VIE structures are adopted by many foreign investors to engage in sectors that are restricted or prohibited to foreign investment in China as provided in the negative lists, such as telecommunication and education. Under this model, foreign investors retain final control over the China domestic operating entities through a series of contractual arrangements rather than direct shareholding.

However, in a legislative draft released in regarding pre-school education, VIE structure is explicitly prohibited in the sector. VIE structure could be regarded as illegal in such sectors that are not yet open to foreign investment.

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