FIPE Registration in Chengdu
FIPE Registration in Chengdu is also called Chengdu FIPE registration, Chengdu FIPE setup, or Chengdu FIPE incorporation. Chengdu FIPE formation is establishing an unlimited liability business entity without minimum requirements on registered capital. A partnership is a type of business entity in which partners share with each other the profits or losses of the business undertaking in which all have invested. A partnership in the People's Republic of China is a business entity governed by the Partnership Enterprise Law passed by order of the President of the People's Republic of China to authorize and govern partnership enterprises. The term FIPE refers to general partnerships and limited partnerships which may be established within China by individuals, legal persons and other organizations. A state-funded company, state-owned company, listed company, public welfare-oriented public institution or social organization may not become a general partner of a limited partnership.
Why not Start Your Own Business by Setting up a Chengdu FIPE?
Partnership Enterprise has been available only to Chinese citizens for nearly 15 years since August 1, 1997 when the Partnership Enterprise Law of PR China took effect. However, since March 1, 2010, according to the Administrative Measures for the Establishment of Partnership Enterprise in China by Foreign Enterprises or Individuals, FIPE is newly available for foreign investors who intend to start their own business here in China.
Compared with WFOE, RO and JV, FIPE is the most convenient way for foreign investors to set up business in China. It is especially tailored for professionals, like architect, fashion designer, private equity investor, who are highly motivated to establish business presence in Chinese market. Unlike WOFE, foreign partners in FIPE are relieved of doubly levied capital income tax; also there is no additional process of application for pre-approval from Chinese Ministry of Commerce, no compulsory minimum registered capital. The daily maintaining expenses of a FIPE is much lower than WFOE or RO. When foreign investors finally want to stop their business in a FIPE, they can simply quit it by signing agreement with other partners. By the way, the process to close a FIPE is very flexible and convenient as well.
Chengdu FIPE Establishing Steps
FIPE can apply for business license directly to local State Administration for Industry and Commerce (SAIC) without application for Certificate of Approval by local Ministry Of Commerce. However, if a FIPE’s business scope falls into some special category, for instance, manufacturing, finance, it needs to obtain a pre-approval as well.
1. Name Registration with local State Administration for Industry and Commerce (SAIC)
2. Pre-approval from local government authorities concerned if business scope entails such pre-approval.
3. Apply for temporary Business License with local SAIC
4. Chops made by Public Security Bureau (PSB)
5. Organization Code License by local Bureau of Quality and Technical Supervision (BQTS)
6. Tax Certificate by Taxation Bureau
7. Registration and Approval with State Administration of Foreign Exchange (SAFE)
8. Open Foreign Currency and RMB bank account
9. Inject Capital from investor’s overseas bank account
10. Capital Verification Report by Certified Public Accountant (CPA)
11. Applying for Permanent Business License with SAIC
12. Financial certificate Registration with Ministry of Finance
13. Statistics license Registration with local National Bureau of Statistics
Chengdu FIPE Checklist for clients
1. Five optional company names and business scope description
2. 2x investor's ID certified by Chinese Embassy
For corporate investor as partner, the certified document including:
Authorization resolution on signing representative
The photocopy of the signing representative’s ID
For individual investor who is living in China need not fulfill ID certification
1. 2x Bank Reference Letters from investor’s bank to declare a good standing
2. Investors using RMB as capital contribution need to provide a letter of approval from SAFE
3. FIPE legal representative's CV and 8 photos
4. Registered office address
For individual landlord, 2x photocopy of lease, ownership certificate and landlord ID
1.Additional documents when business scope entails approval of government authorities concerned
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