Malaysia Hotline: +603-2141 8908
Yiwu is located in Jinhua and Quzhou Basin, in the geographical center of Zhejiang Province. It lies on the east of Dongyang, south of Yongkang and Wuyi, west of Jinhua and Lanxi, and north to Zhuji River. Far away from the provincial capital Hangzhou hundred meters, the City is surrounded by the mountains on east, south and north three sides. Yiwu, a pearl of China market, is striving to improve investment environment and to provide favorable conditions for foreign investors.
WFOE (wholly foreign owned enterprise) is a business entity formed in China entirely with foreign capital. It is totally under foreign control and does not have any formal Chinese ownership participation. For a foreign company to be able to issue receipts and export goods from China, it must be able to legally register as a local company or a WFOE. A WFOE is set up as limited liability entity and represents separate legal persons and is taxed according to local legislation.
Advantages of Yiwu WFOE Registration
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.
General Procedures for Yiwu WFOE Registration
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
6. State Tax Registration
7. Local Tax Registration
8. Foreign Exchange Registration
9. Bank account opening
10. Financial Registration for WFOE
11. Registration with local Customs
12. Registration with China E-Port
Estimated Time Frame for Yiwu WFOE Registration
For a China company incorporation, there is not a accurate time frame for incorporation as it involve complicated documents which needed to be translate and notarized if it's not in Chinese, different department for different application. As such we could only estimate the time frame upon completed documentation provided - around 65 - 85 working days!
Tannet Malaysia is an international consultant firm based in Hong Kong, Shenzhen. We do 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 to those who like to venture into China Market from Pre-set up to incorporation, management to operation, Pre-IPO and other commercial secretarial services as well. Kindly contact us for more information!
Contact us:
If you have further queries, please contact Tannet
24 hours Malaysia hotline：603-21418908;
24 hours Hong Kong hotline：852-27837818;
24 hours Shenzhen hotline：86-755- 36990589;
Email: mytannet@gmail.com
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