Shanghai Corporation Formation-WOFE in Free Trade Zone
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Wholly Foreign Owned Enterprise (WFOE), also known as Wholly Owned Foreign Enterprise (WOFE), is a limited liability company, the establishment of which is governed both by the Company Law of PRC and Law of the PRC on Enterprises Operating Exclusively with Foreign Capital.
WOFE in Free Trade Zone-Procedures
1.Step one: Application for approval of intended investment activities (project proposal) The examination and approval authority shall reply within 20 days on receipt of the proposal.
2. Step two: Application for intended name to be used by the WFOE with the Shanghai Administrative Bureau for industry and Commerce
3. Step three: Application for the approval of feasibility study, constitution (memorandum and articles of association)A feasibility study will be prepared covering financing, site selection, technological process, equipment, raw material supply, market survey, economic results, foreign exchange, infrastructure facilities, etc.Articles of Association should be prepared and submitted to the examination and approval authority. The examination and approval authority shall reply within 30 days on receipt of the feasibility study report and articles of association.After the feasibility study report and articles of association have been approved, the applicant shall apply to the examination and approval authority, which shall issue the Approval Certificate within 3 days after receiving the application.
4. Step four: Registration with the Administration for Industry and Commerce.
The company may then register with Shanghai Administrative Bureau for Industry and Commerce within 30 days after receiving the Approval Certificate and apply for the business license. Shanghai Administrative Bureau for Industry and Commerce shall issue the business license within 10 working days to those projects approved by the examination and approval authority of Shanghai. The enterprise is deemed as established on the date when the business license is issued.The foreign enterprise may engage an agent authorized by Shanghai Municipal Foreign Economic Relations and Trade Committee to handle its application on its behalf.
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