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Beijing business setup (WFOE) is one kind of business incorporation in Beijing. WFOE refers to wholly foreign owned enterprise, which 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. A WFOE is set up as limited liability entity and represents separate legal persons and is taxed according to local legislation. The following are the basics of registering a WFOE in Beijing.
The Wholly Foreign Owned Enterprise, abbreviated WFOE, is a common investment vehicle for mainland Beijing -based business. The unique feature of a WFOE is that involvement of a mainland Chinese investor is not required, unlike most other investment vehicles. WFOEs are limited-liability corporations organized by foreign nationals and capitalized with foreign funds. This can give greater control over the business venture in mainland Beijing and avoid a multitude of problematic issues which can potentially result from dealing with a domestic joint venture partner.
1. Beijing, the capital of China, is the world's third most populous city proper, and most populous capital city.
2. Beijing is an important capital and global power city, and one of the world's leading centers for politics, economy and business, finance, education, culture, innovation and technology, architecture, language, and diplomacy.
3. Beijing is home to the headquarters of most of China's largest state-owned companies and houses the largest number of Fortune Global 500 companies in the world, as well as the world's four biggest financial institutions.
4. Beijing is an important transport hub in North China with five ring roads, nine expressways, eleven National Highways, nine conventional railways, and two high-speed railways converging on the city.
1. Setting up as an Individual
(1) A scan of your passport;
(2) A personal bank statement letter, only stating no lousy record;
(3) Choose a China name and English name for your China WFOE;
(4) Choose the location for your company in China;
(5) Application Form.
2. Setting up as a Foreign Company
(1) Certificate of Incorporation /Business Registration Certificate;
(2) Passport copy of legal representative and supervisor of China WFOE;
(3) Foreign Company Business Account Bank Statement;
(4) Application Form.
1. Obtain a notice of pre-approval of the company name;
2. Apply for registration certification "business license of enterprise legal person" with SAIC, the organization code certificate issued by the Quality and Technology Supervision Bureau and registration for both state and local tax with the tax bureau;
3. Obtain the approval to make a company seal from the police department;
4. Make a company seal;
5. Open a bank account;
6. Apply for the authorization to print or purchase financial invoices/receipts;
7. Purchase uniform invoices;
8. File for recruitment registration with the Ministry of Human Resources and Social Security;
9. Register with Social Welfare Insurance Center.
Yaxin's China Expats Service Center consists of fluent English speakers and tech experts with years of experience under their belt. We can help clients establish WFOEs in China with highly competitive rates and no hidden costs will be charged.
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