Chengdu WFOE Formation
Chengdu WFOE Formation-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.
Chengdu WFOE Formation-General Procedures
1. WFOE company name reservation
2. Certificate of Approval Application
3. Business License Registration
4. Application and engraving of Company stamps
5. Organization Code License Application-1 work day
6. Tax Registration-
7. Foreign Exchange Registration
Chengdu WFOE Formation-Taxation
Tax rates can vary somewhat depending on the location of the WFOE, but generally, WFOE’s selling into Chengdu will be subject to business tax of about 5% on all revenues in Chengdu; profits tax of 15-33% depending on location and in come instances withholding tax and VAT may be applicable.
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