By Chris Devonshire-Ellis, Andy Scott, Sam Woollard
Do you need to manufacture or exchange in China? while you're making an investment in a China production or provider operation in China, then this ebook is for you. This advisor is a realistic evaluate for the overseas businessman to appreciate the principles, laws and administration matters relating to constructing totally international owned firms in China. we'll assist you to appreciate the results of what can first and foremost look be a classy and contradictory topic. This publication tells you the fundamentals of what you must understand, and element you on the buildings you can use in addition to a number of the pitfalls. This publication is the second one in our new sequence of books on doing enterprise in China, with a purpose to gradually hide such issues as establishing joint ventures, tax, IP and plenty of different very important concerns for overseas traders during this fascinating market.
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Extra info for Setting Up Wholly Foreign Owned Enterprises in China
The minute book shall be kept at the company’s legal address unless otherwise required by the investor. The language of record shall be in Chinese or Chinese and English. The other issues that need to be discussed between sessions may be decided by appropriate means of communication and in writing. The resolution shall be valid. Chapter 5 The Supervisor Article 23 Companies established after January 1, 2006, shall have at least one Supervisor appointed by a meeting of the shareholders for a 3-year, (renewable) term of office.
2. 3. 4. Approval for making chops issued by Public Security Bureau Enterprise Code registration with the Technical Supervision Bureau Office inspection by the tax bureau and tax registration Applying for a RMB bank account opening permit from the People’s Bank and opening RMB bank account 6 The Application Process: Manufacturing WFOE 5. 6. 7. 8. Customs registration Commodity inspection with Commodity Inspection Bureau Registration with the State Administration of Foreign Exchange Opening foreign capital bank account 43 44 9.
Summary Most of the problems encountered with conversion are inadequate provisions catering for this in the original articles. These of course can be amended but will need to be done beforehand to allow a smooth transition. A review is a prerequisite. 3 Relocating WFOEs WFOEs can be relocated, and occasionally are under some M&A structures.
Setting Up Wholly Foreign Owned Enterprises in China by Chris Devonshire-Ellis, Andy Scott, Sam Woollard