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Xiamen, as an important economic city Fujian Province, locates in the eastern coastal region of China. It enjoys natural advantages in developing its economy. It on the west coast of the Taiwan Straits, and is separated from Quemoy Island only by a narrow strip of water. Xiamen is a traditional trading port in southeast China and a famous tourist coastal city as well.
China - Xiamen WFOE Corporate Registration
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.
China – the Time Frame of registration for Xiamen WFOE Corporate Registration
1) For manufacturing enterprise: it takes 60-80 working days upon completion of required documents, especially the approval papers from the fire & environmental protection bureaus.
2) For the trading enterprise: it takes 60-100 working days upon completion of required documents.
3) For the Consulting and technology service: it takes 60-100 working days upon completion of required documents.
4) It takes longer time for the application of the import and export license or VAT qualification license.
China - Registered and paid-up capitals of Xiamen WFOE Corporate Registration
In Xiamen China, different business sectors are subject to different requirements. In general, the registered capital could be as low as RMB 30,000. In Xiamen, the registered capital is equal to the paid-up capital.
- For the trading enterprise, the registered capital is usually required RMB 500,000 or above.
- For the manufacturing enterprise, the registered capital is usually required RMB 1 million or above.
- For the service sector, such as consultancy, technology, market research and development, the registered capital is usually required RMB100, 000 or above.
All of the registered capital can be paid in one time (within 6 months after the date of the issuance of the Company's business license) or be paid for many times within two years (In the first 3 months, 20% of the registered capital is mandatory). The terms of payment is determined by the volume of registered capital.
China - Procedures of Xiamen WFOE Corporate Registration
1) Check the company name with local ICAB
2) Pre-approval for some special sectors
3) Go to Bureau of Trade and Industry for certificate of approval
4) 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 the registration licenses from National & Local Tax Bureau
8) Apply for the Certificate of Statistics from State Statistical Bureau
9) Apply for the permits for the bank account opening from bank authorities;
10) Apply for Foreign exchange IC card & registration license from National Administration of Foreign Exchange
11) Open the saving account with the bank (current account could be opened later);
12) Apply for the Import & Export registration license from local Customs (if needed);
13) Apply for Financial Registration for enterprises with Foreign Investment from Financial Department
Tannet Malaysia is an international consultant firm based in Hong Kong, Shenzhen. Tannet have over 10 branches located in China and we believe Tannet would be your best choice for your oversea investment. We provide one stop business solution such as onshore & offshore company registration, international trademark application and etc to those investor who like to venture into China Market. Kindly contact us for more information on other services if you are interested.
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