Quanzhou Wholly Foreign Owned Enterprise (WFOE) Setup
Quanzhou Wholly Foreign Owned Enterprise (WFOE) Setup is also known as Quanzhou Wholly Owned Foreign Enterprise (WOFE). Quanzhou WFOE is a limited 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.
Quanzhou Wholly Foreign Owned Enterprise (WFOE) Setup is an investment vehicle often favored by foreign investors because it is (or is supposed to be) under their full control as there is no local partner. Furthermore, its preparation and establishment procedure does not involve all the lengthy negotiations that a sino-foreign joint venture usually takes.
Quanzhou Wholly Foreign Owned Enterprise (WFOE) Setup-Required Document
1. A project proposal and feasibility study report (in print and under the company seal);
2. Original copies of the application paper and the resolution by the Chairman of the Board of the foreign investor (in printed form signed by members of the Board and with company chop);
3. Copies of the business licenses of certificates of incorporation of the foreign investor (usually with the permission chop from the government department.)
4. An original copy of leasing agreement with chop of the Housing Department.
5. Directors name list of board or management.
6. An original copy of the corporate ratification paper (2 copies in duplicate).
7. Two original bank credibility letters for the foreign investors, stating 7-digits bank balances, issued within 6 months in both English and Chinese language.
8. A copy of the approval paper for corporate formation and other papers for company alterations (the original are required for check-up).
9. Notice of enterprise's name confirmation appraised by the Industry & Commerce Administrative Bureau.
10. 2 photos of the legal person of WFOE.
11.A copy of the stub of corporate certificate of approval
Quanzhou Wholly Foreign Owned Enterprise (WFOE) Setup-Advantages
1.Independence and freedom to implement the worldwide strategies of its parent company without having to consider the involvement of the Chinese partner;
2. Ability to formally carry on business rather than just a representative office function;
3. Issue invoices to their customers in RMB and receive RMB revenues. Convert RMB profits to US dollars for remittance to their parent company outside.
4. Cheap labor, which can lower your cost;
5. Not required to share profits with Chinese counterpart;
6. Greater efficiency in its operations, management and future development.
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