How to Register A WFOE Company in Shanghai
Shanghai WFOE Formation Service
Hotline: 86-21-68877368 Email: email@example.com
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I. The Overview of Shanghai
Shanghai lies on the west bank of the Huangpujiang River, which flows into the Changjiang (Yangtze) 28 km farther upstream. The northern part of Shanghai is separated from the rest of the city by the Wusong Jiang River. Shanghai is a special city in every respect. Only 50 years ago, it was still considered one of the most important metropolises of the world, as the trading and banking center of Asia. Foreigners lent Shanghai its appearance, making it more western than Chinese. Twenty-story-high buildings reach skyward; there are vast hotel complexes, villas and palaces that a visitor from the West can more easily identify than a temple, for they were built according to Western architectural style by former business and military men. The colonialists have gone, but their buildings remain, and the bustling life and activities of a large Chinese city prevail around them. A special kind of people lives there, brisk, smart, flexible and makes more of their appearance than other Chinese.
II. The Concept of Shanghai WFOE
A WFOE stands for wholly foreign owned enterprise, which is a limited liability company wholly owned by either a foreign legal entity or a foreign natural person. The foreign investors may be foreign enterprises or individuals from Hong Kong, Macau, Taiwan or overseas.
III. Material Should be Prepared by Clients
1、Choose One proposed name (in Chinese) for company registration, and provide two or more alternative names in case the first name is not available. In Shanghai China, only Chinese company names are officially used, while English company names are for reference only. Not every name will be accepted by the ICAB (Company Registry). For some sectors such as education, logistics, medicine and food industries, a special pre-approved license is needed. It is important that you know the wording of a company name should conform to the registered capital and business activities. The words "international" or "investment" or "industrial" within a company name suggest that the registered capital should be more than RMB 10 million, while a "group'' or "holding" should be more than RMB 30 and 50 million respectively (The detailed information depends on the local stipulation). Your company name should be distinguished from the other registered names. If the word “China” is within the company name, it is required to be pre-approved by ICAB at national level in Beijing;
2、Choose Business Scope
The WFOE can doing business within its approved business activities described on the business license. TANNET will help you for more business activities during the application. Amending the business scope requires further application and approval. Generally speaking, different business activities are confined according to different business sectors;
3、Find the registration address for the company;
4、Confirm who will hold the listed position, such as Shareholders, the legal representative, director, supervisor etc;
A shareholder could be a legal person (foreign company) or a natural person (individual);
A legal representative is a person in charge of corporate operation, management and development, responsible for all the legal affairs arising from the running of the business. The position could also be held by non-shareholder or non-director;
A director could be acted by a foreign person or a Chinese person;
A supervisor should be appointed to supervise the company’s operation and management. A monitor could be acted by a foreign person or a Chinese person;
5、Prepare ID or passport copies of the legal representative, director, manager and supervisor;
6、Prepare the notarized and authenticated documents (first the business license or certificate of incorporation copy should be notarized in the local state secretary or notary public, then the Chinese embassy should confirm the notarized document is a true one);
7、Prepare bank proof (issued by the bank to prove that the person or the company has opend an or many accounts there and untill the date to issue the letter, the account has been managed in a good manner or the account is satisfactory).
IV. Government Processing Procedure
1、Check the company name with local ICAB;
2、Pre-approval for some special sectors;
3、Apply for the business license from ICAB;
5、Apply for stamps from the Public Security Bureau;
6、Apply for the Organization Code License from Bureau of Quality and Technical Supervision;
7、Apply for Foreign exchange IC card & registration license from National Administration of Foreign Exchange;
8、Apply for the registration licenses from Tax Bureau;
9、Apply for Financial Registration for enterprises with Foreign Investment from Financial Department ;
10、Apply for the Certificate of Statistics from State Statistical Bureau;
11、Apply for the permits for the bank account opening from bank authorities;
12、Open the saving account with the bank (current account could be opened later);
13、Apply for the Import & Export registration license from local Customs (if needed).
If you have further queries, don’t hesitate to contact Tannet anytime, anywhere by simply visiting Tannet’s website www.tannet-group.net , or calling Shanghai hotline at 86-021-68877368 021-31397142 021-58822399, or emailing to firstname.lastname@example.org.
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