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A GUIDE TO YIWU WFOE REGISTRATION

更新时间:2016-12-16 9:07:34 来源:www.onobbb.com 浏览次数:2022
全国统一咨询热线: 400-880-8199

义乌公司注册服务0755-82143181

http://www.onobbb.com/1. OVERVIEW OF YIWU
Yiwu is located in Jinhua and Quzhou Basin, at east longitude 119 degrees 49 minutes to 120 degrees 17 minutes and north latitude 29 degrees 02 minutes 13" to 29 degrees 33 minutes 40", and in the geographical center of Zhejiang Province. It lies on the east of Dongyang, south of Yongkang and Wuyi, west of Jinhua and Lanxi, and north to Zhuji River. Far away from the provincial capital Hangzhou hundred meters, the City is surrounded by the mountains on east, south and north three sides. The length from north to south is 58.15 kilometers and from east to west is 44.41 kilometers wide. Yiwu, a pearl of China market, is striving to improve investment environment and to provide favorable conditions for foreign investers. Yiwu City Foreign Trade and Economic Cooperation Bureau has also drawn up "a Guide to Yiwu Investment Promotion Projects", and actively promoting the industrialization of investment.

2. THE CONCEPT OF WFOE
WFOE stands for wholly foreign owned enterprise, which is a Limited liability company wholly owned by the foreign investor(s). The foreign investors refer to the foreign enterprise, individual or partner. (Including Hong Kong, Macau and Taiwan).

3. COMPANY NAME
The Yiwu government has a name format for anyone who wants to setup a WFOE in China, the format is: Yiwu + trade name + business scope+ limited. In China, only Chinese company names are officially used, while English names are for reference only. Any names are subject to the approval of relevant authority.

4. SHAREHOLDER, DIRECTOR, MONITOR AND LEGAL REPRESENTATIIVE
A shareholder could be acted by legal person( foreign company) or natural person (individual), a director or a monitor could be acted by foreign person or Chinese person. A monitor is appointed to supervise the company’s operation and management. A legal Representative is a person in charge of corporate operation and management and development, responsible for all the legal affairs arising from the business running, the position could also be held by non-shareholder or non-director.

5. REGISTERED CAPITAL AND PAID-UP CAPITAL
1. In China, the registered capital is different from varied situations and sectors. For the manufacturing enterprise, the registered capital of RMB 1 million or above is usually required. for the trading and wholesaling RMB500,000 or above; for retailing, as low as RMB300,000; for the service sectors, such as consultancy, technology, market research and development, the registered capital is around RMB100, 000 or above; for domestic companies, as low as RMB30,000.
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2. The capital to be subscribed in lump sum as contemplated in the Articles of Association shall be paid up within six months from the date of issue of Business License. The capital to be subscribed by installment as contemplated in the Articles of Association shall be paid up within three months from the date of issue of Business License, with the first installment not to be less than 20% of the amount of capital subscription.
The capital injection report issued by the CPA is required for the paid-up capitals subscription. The fee of paid-up capital injection will be reduced if the registered capital can be paid in one time.

6. BUSINESS SCOPE
One of the most important issues is to define the business activities of the WFOE. Business scope is narrowly defined based on many factors, such as trade names, registered capital and business scope.  WFOE can only conduct business within its approved business scope on the business license. Amending the business scope need further application and approval if the name reserve is not successful. For some sectors such as education, logistics, medicine and food industries, pre-approval license is needed before we enter into normal processes..

7. WORKING PROCESS
Proxy(sign an agreement)Check the namePay in advanceSubmit the documentsAudit the data-->Submit to relevant government departmentsInform client the processNotice client to get the dataPay the balanceSign the receipt.

8.DOCUMENTS REQUIRED FOR WFOE REGISTRATION
Documents needed to be prepared from abroad as follows:
1)Register WFOE by foreign COMPANIES
1. Two copies of the business license or certificate of incorporation of parent company should be endorsed by local China Embassy or Consulate;
2. The article of parent company should under official seal;
3. Latest annual auditing report if the parent company has been set up for more than one year. And the balance sheet if the company less than one year
4. Senior management institution and list of its members;
5. The qualification certificate of parent company’s legal person should be endorsed by local China Embassy or Consulate;
6. The copy of passport of parent company’s legal person.
7. Two appointment letters from the general manager and the copy of his passport.
8. Two accreditations from director, executive director, chairman and supervisor and their copies of passport.
9. Appointment documents for legal representative and the copy of his passport. the copy of his passport should be endorsed by local China Embassy or Consulate;
10. Letter of power of attorney for serving legal documents;
11. Two original bank reference letters (from investor's bank) indicating foreign investors' creditability, issued within 6 months in either English or Chinese version;

2  Register WFOE by foreign INDIVIDUALS
1.Registered capital is no less than RMB500,000,Pay attention that the paid-up capital should paid in your name from oversea.
2.At least 5 company names for check;
3.Determine the business scope, special industries need pre-approval;
4.Original document & copy of identification documents (ID card, passport) of Chinese company's legal representative, directors, monitors and managers.
5.Two local lawyer's legalizations or notarizations of the investor’s passport endorsed by the Chinese embassy or consulate in the investor’s country.
6.Two original bank reference letters (from investor's bank) indicating foreign investors' creditability, issued within 6 months in either English or Chinese version.

9.TANNET SERVICES,TIME NEEDED AND FEE
1)TANNET services include:
foreign investment approval certificate; both original and duplicate copy of business license; both original and duplicate copy of Organization Code License & card; both original and duplicate copy of tax administration license; official seal; legal person seal; finance seal.
2)Time needed:
For manufacturing enterprise: it takes 50-60 working days to finish the processing before we get required documents ready, especially the approval papers from the fire service department & human environment committee.
For the trading and service enterprise: it takes 30-40 working days to finish the processing before we get required documents ready.
3)Service charge:
RMB16000.TANNET provides one-stop and tailor-made services for foreign companies which would like to set up WFOE in Yiwu China.

10.BUSINESS FOLLOW-UP
TANNET can provide a series of follow-up services to customers, such as bank account opening, CPA report, bookkeeping, auditing, monthly tax return and tax layout, annual return services, financial planning and China market study, Other services include domain name registration, webpage design, website promotion, China trademark registration, Work Permit, Residence Permit, etc.

11. TANNET ADVANTAGES
1. TANNET has established a global service system with 38 branches and 3000 cooperators worldwide, as well as in excess of 20,000 reliant clients globally. You can find one TANNET always beside you.
2. TANNET is staffed with a strong professional team of lawyers, accountants, engineers, designers and consultants providing tailor-made and all-in-one service.
3. There is a B2B business platform available for the international buyers and sellers of SMEs, www.ono-bbb.com.
4.. TANNET is the best partner with international banks, financial institutes. TANNET also provide PIPO service.
5. TANNET is in conformity of the standard of ISO9001/2008. That means the service quality is guaranteed.

12. IMPORTANT HINTS
1. Because of language difference, all the documents submitted to the Chinese government should be translated into Chinese and endorsed by the appointed translation agency.
2. TANNET is responsible to inform the clients for the collection of the company kit at the designated office. If the clients fails to collect the company kit within the mandatory three month period without reasonable excuse, the client will be regarded as forfeiting the right to the registered company, TANNET can dispose the company as it wishes.
3. Make sure to get the formal invoice from the lessor after office leasing is done.
4. The follow-up business services are not included in the service package, and are subject to further charge according to the clients’ requirements.


13.义乌公司注册 CONTACT US
If you need further information, it’s welcome to call Tannet for consultation:
Yiwu Tel: 86-579-85206707 Fax: 86-579-85206709; Hong Kong Tel: 852-27826888 Fax: 852-34262391; Shenzhen Tel: 86-755-82143181 Fax: 86-755-82143182;
E-mail: ata_yiwu@163.com <mailto:ata_yiwu@163.com> MSN: tannet-source1@hotmail.com 
Yiwu service website: www.for-yiwu.com   Tannet Group website: www.tannet-group.com
Yiwu Address: No.1906 room, Futian Building, No.1121 North Chouzhou Road in Yiwu.

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