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Wholly Foreign Owned Enterprise (WFOE) in Yiwu

If you want to invest in China, you don't just turn to the relevant government departments for so many certificates and formalities, but turn to ATA. At ATA we don't just give you tailor-made service for your need, but for your satisfaction. ATA—serving the world of business, professional and worldwide.

1. Overview of YIWU

YIWU, the capital of Sichuan province, sits in the heart of YIWU plain in southwestern China.YIWU, at 540 meters above the sea level, embracing the sub-tropical moist monsoon climate with distinctive four seasons, enjoys mild summer and winter. The annual average temperature stays between 15.2~16.6 with the annual average rainfall hovering around 945.6 MM and more than 337 days free from frost.The population of 10.59 million people scattering on the total region of 12,400 square km makes out the density of 854 people per square km.Endowed with a history longer than 2,300 years and abundant historical heritages, YIWU is long being served as an important outpost in southwest China and the center of Gu Shu (Ancient Sichuan) culture showing its distinctive humanity, custom, and the culture of diet and leisure.The coverage of afforestation and greenbelt are 32.9% and 30.4%; the urban noise all year around stays under 54.6 decibels; the pollution index of the urban air stays under API 100; and the water quality reaches the standard of EEC (98).

 

2. The Concept Of WFOE
WFOE stands for wholly foreign owned enterprise, which is a Limited liability company wholly owned by the foreign investor(s). WFOE means the foreign investors(including Hong Kong, Macau, Taiwan) established the enterprise within Chinese territory, in accordance with
PRC Wholly Foreign Owned Enterprise Law, with capital provided solely by the foreign investor. The foreign investors refer to the foreign enterprise, individual or partner. (Including Hong Kong, Macau and Taiwan).

In YIWU China, WFOE were originally conceived for encouraged manufacturing activities that were either export orientated or introduced advanced technology. However, with China's entry into the WTO, these conditions were gradually abolished and the WFOE is increasingly being used for service providers such as a variety of consulting and management services, software development and trading as well.

3. Company Name
In China, only Chinese company names are officially used, while English company names for reference only. Not every name will be accepted by the Company Registry. For some sectors such as education, logistics, medicine and food industries, pre-approval special license is needed, it is important for you to know the wording of a company name should be in conformity with the registered capital and business activities, such as with the words "international" or "investment" or "industrial" within a company name.

The registered capital should be more than RMB 10 millions, while "group'' or "holding" more than RMB 30 and 50 millions accordingly.(The detailed information depends on the local stipulation) Your company name must be distinguished from the others registered name before. If the word “China” within the company name, must do pre-approval by CICB at national level in Beijing.

4. Shareholder, Director, Monitor And Legal Representative
A shareholder could be foreign company or individual.
A director could be acted by foreign person or Chinese person.
A monitor should be appointed to supervise the company’s operation and management. A monitor could be acted by foreign person or Chinese person.
Legal Representative is a person in charge of corporate operation and management and development, responsible for all the legal affairs arising from the business running.

5. Business Scope
One of the most important issues covered in the project documentation is the business scope of the WFOE. Business scope is narrowly defined for all businesses in YIWU China and the WFOE can only conduct business within its approved business scope on the business license. Amending the business scope requires further application and approval if it is not available. General business scope usually includes, investment consulting, international economic consulting, trade information consulting, marketing and promotion consulting, corporate management consulting, science and technology , manufacturing, etc.

6. Registered And Paid-up Capitals
In China, the registered capital is related to the business sector. For the manufacturing enterprise, the registered capital is usually required RMB 1 million or above. For the trading enterprises, the registered capital is usually required as much as RMB 500,000 or above (the lowest capital is RMB 30,000). For the service sectors, 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) and can also be paid for many times in 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. The fee of paid-up capital confirmation will be reduced if the registered capital can be paid in one time.

7. ATA Service Procedure:
Step1: Fill in the application form (sign the agreement);
Step2: Confirm the company name;
Step3: Pay for the service;
Step4: Submit the needed documents;
Step5: Check the documents;
Step6: Prepare for the statutory documents. Let the investors sign the documents personally;  Submit all the documents to the government
Step7: Keep our clients informed of processing.
Step8: Finish processing in 20-35 working days;
Step9: Inform the customer to take the documents
Step10: Sign the receipt.

8.Government Processing Procedure
Step 1: Check the company name with local CICB (Company Registry)
Step 2: Achieving an approval from the Fire and Environment Bureau for manufacturing sector
Step 3: Pre-approval for some special sectors
Step 4: Go to Bureau of Trade and Industry for certificate of approval
Step 5: Apply for the business license from CICB
Step 6: Apply for chops from the Public Security Bureau;
Step 7: Apply for the Organization Code License from Bureau of Quality and Technical Supervision;
Step 8: Apply for the registration licenses from National & Local Administration of Taxation;
Step 9: Apply for the permits for the bank account opening from bank authorities;
Step10: Apply for Foreign exchange registration license from National Administration of Foreign Exchange
Step11: Open the basic account in the bank;
Step12: Apply for the IMPORT&EXPORT registration license from local Customs (if needed); Step13: Apply for Financial Registration For Enterprises With Foreign Investment from Financial Department

9. Documents Required For The Trading Enterprises
Step 1: Minutes or resolution from investors board of directors
Step 2: One proposed name (in Chinese), and provide two alternative names in case the first name is not available.
Step 3: Detailed information about the business scope and registered capital;
Step 4: Feasibility study report;
Step 5: Four original articles of association signed by members of the Board and with company chop;
Step 6: Copy of the business license, certificate of incorporation of parent company;
Step 7: The original and copy of identity certification of legal representative, and two color photos;
Step 8: Two original bank reference letters (from investor's bank) indicating foreign investors' creditability, issued within 6 months in both English and Chinese translation;
Step 9: Lawyer's legalization or notarization and endorsed by local China Embassy or Consulate
Step 10: The lease of commercial office between leaser and lessee needed to be endorsed by the Housing Management Authority. The lease should be signed personally by shareholders, directors and legal representative.

10. Documents Required For The  Manufacturing Enterprises
Step 1 - Step 9 the same as above
Step 10: Production address: your own house property or the rented commercial workshop (two original copies of lease with signature and endorsed by Housing Management Authority. The signing party of lessee should be qualified for and on behalf of WFOE, such as its legal representative; shareholder, director or monitor. The area is required no less than 200 m2 and for manufacturing use only.
Step 11: Project reports are necessary for the approval by the relevant government department, such as, business service, environmental and fire departments. The manufacturing area should reach the required standard set out by the Fire Department and Environmental Protection Department

11. Documents Required For The Foreign Individuals' Enterprises
Step 1: Chinese company's Legal representative, directors, monitors and manager's holding original document &the copy of identity certification;
Step 2: Lawyer's legalization or notarization; (Notarized by the local notarization department and approved by the Chinese embassy or consulate In their country)
Step 3: Two color photos of the legal representative;
Step 4: Feasibility study report;
Step 5: Two original bank reference letters (from investor's bank) indicating foreign investors' creditability, issued within 6 months in both English and Chinese language.

12. Our Services
ATA provides one-stop and tailor-made services for foreign companies which would like to set up WFOE in YIWU China. 7 copies of Approval document; 2 copies of original articles of association signed by members of the Board and with company chop; 2 copies of certificate of approval; Both original and duplicate copy of business license; 4 chops for different use; Seal carving registration card; Bank account documents; Both original and duplicate copy of Organization Code License & card; Registration license and form of National &Local Administration of Taxation; Foreign exchange registration license and approval certificate; Customs declaration registration certification; Financial Registration For Enterprises With Foreign Investment.

13. Follow-up
ATA can provide a series of follow-up services to customers, such as bank account opening, bookkeeping, auditing, monthly tax return and tax layout, annual return services, financial planning and China market study, Other services include domain name registration, webpage design, website promotion, China trademark registration, Work Permit, Residence Permit, etc.

14. Duration
For manufacturing enterprise: it takes 20-35 working days to finish the processing before we get required documents ready, especially the approval papers from the fire & environmental protection bureaus.
For the trading and service enterprise: it takes 20-30 working days to finish the processing before we get required documents ready.

15. ATA Advantages
1. ATA is a global business solution provider, professional and trustworthy.
2. ATA means a faithful, professional, good qualified and classic brand.
3. With ten years’ development, ATA has built up a business interactive network and industrial chain of more than 20,000 clients.
4. ATA has established a global service system with 38 branches and 3000 cooperators worldwide, you can find one ATA always beside you.
5. ATA is staffed with a strong professional team of lawyers, accountants, engineers, designers and consultants providing tailor-made and all-in-one service.
6. If you have any queries anytime anywhere, don’t hesitate to call our hotline 852-27837818(HK) and 86-755-82143272(CN) since ATA provides 365 days 24 hours service.
7. There is a B2B business platform available for the international buyers and sellers of SMEs, working together with domestic enterprises, promoting their products to the world market and enhancing competitive strength.
8. ATA helps enterprises join in the Global Chinese SME Association, let them make use of its resources, in order to expand market share.
9. ATA is the best partner with international banks, financial institutes, investment inviting bureau.
10. Compared with our competitors, ATA has outstanding follow-up service such as Hong Kong logistic centre, information technology centre.
11. ATA has a professional customer service department satisfied to customers’ needs.

Note:
1. Hand over of such as for non- Chinese document, need the translation organization that China specifies a translation
Chinese, hand over together.
2.Carry out time to hand over a well-found day by consigning down payment and data since start computing.

16. Contact Us 
For further queries, you are welcome to visit ATA website www.3737580.net or email to atahkhk@21cn.com / ata-cfmp@hotmail.com or contact any of the following branches, thank you.
HONGKONG TEL:852-27837818     YIWU TEL: 86-579-85206707 85206708


ATA——Global Corporate Solution Provider, Value Investment & Strategic Developmen

 
Source:ATAHK Group Author:cindy Time:2009-1-21
 
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