Guangzhou WFOE registry
The Concept of WFOE
The WFOE means the foreign investors (including Hong Kong and Macao investors) established the enterprises within Chinese territory, in accordance with the PRC Wholly Foreign Funded Enterprise’s Law, with capital provided solely by the foreign investor. The foreign investors could be the foreign enterprises, individuals or partners. (Including Hong Kong’s and Macao's).
COMPANY’S NAME of WFOE
In China, only Chinese company’s names are officially used, while English company’s names are for reference only. NOT every name will be accepted by the Industrial and Commercial Administrative Bureau (ICAB), known abroad as Company Registry. And in China some sectors need special license. It is important to know that the wording of a company’s name should be in conformity with the registered capital. If a company’s name is in the wording of “international”, “investment”, the registered capital could be as more as RMB 10 million. While “group’’ or “holding” should be more than RMB 30 million (The detailed information depends on the local stipulations). Your company’s name must be distinguished from the others’ if you want it to be accepted by the ICAB.
ADVANTAGES OF WFOE
Able to implement global strategy of its own parent company, without taking other factors from Chinese part into consideration;
Different from Representative office, it's able to operate its own business;
Accept RMB as profits and issue invoice;
Employ Chinese staff and transfer USD exchanged from RMB to parent company as profits;
Protect intellectual property right and patent technology;
Enjoy the profits on its own without sharing it with other co-operators;
More effective in business operation, management and its future development.
Consultancy Service WFOE.
Trading WFOE - Wholesale, Retail or Franchise in China
FICE (Foreign-Invested Commercial Enterprise)
Establishment of a talent agency with foreign investment Guangzhou business registration service provided by TIMELY. We will go to the relevant government departments for all formalities. TIMELY also gives you tailor-made professional and trustworthy service.
Overview of WFOE in Guangzhou
A China WFOE (or WFFE) is a business entity formed in China entirely with foreign capital and is under full foreign control and ownership. The WFOE/ WFFE is a Limited liability company wholly owned by the foreign investor(s). In Guangzhou China, WFFE was originally conceived for encouraging manufacturing activities that were either export orientated or introduced advanced technology. WFFE or WFOE gives greater control over the business venture in mainland China and avoid a multitude of problematic issues which can potentially result from dealing with a domestic joint venture partner. Such problems often include profit not being maximized, leakage of the foreign firm's intellectual property and the potential for joint venture partners to set up in competition against the foreign firm. However, with China's entry into WTO, these conditions were gradually abolished and the WFFE is increasingly being used for service providers such as a variety of consulting and management services, software development and trading as well.
Government Processing Procedure
Name registration with Guangzhou Administrative Bureau of Industry and Commerce
Approval application from the Fire and Environment Bureau for manufacturing industry
Pre-approval for some special industries
Certificate of Approval issued by Bureau of Foreign Trade and Economic Cooperation of Guangzhou Municipality
Business License issued by Guangzhou Administrative Bureau of Industry and Commerce (GZABIC).
Apply for stamps with the Public Security Bureau
Organization Code License issued by Quality and Technical Supervision Bureau
Tax Certificates issued by National & Local Tax Bureau
Foreign Exchange Registration Card issued by State Administration of Foreign Exchange (SAFE)
Apply for the permits for the bank account opening，open foreign currency and RMB account
Financial Registration Certificate issued by Finance Bureau
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