Beijing Company Registration/Beijing Business Services
Hotline: 86-10-58694559, Email: beijing.tannet@qq.com
Accompanied with China's deepening reform and opening-up across the board, a Wholly Foreign-owned Enterprise (WFOE), a business entity formed in China entirely controlled by foreign investors, has become the preferred entry mode for global investors to access the Chinese market and make a profit. However, before making the right decision, it is important to understand and do research on the local industry and commerce, taxation, law, management, and operation. For example, it is important to remain a good relationship with government bureaucracies. If you follow just the exact rules rather than the Chinese way while founding the company, the formation can take a long time.
Advantages of Beijing WFOE Formation
1. The authorities have shortened the online registration process from the previous 15+ days to five days after submitting an online application. An estimated 10,000 enterprises have obtained electronic business licenses in Beijing.
2. 2. Personal savings: The Beijing government is now offering free official chops for newly-established enterprises. Enterprises in Beijing are expected to save a total of RMB 60 million annually after reducing setup costs.
3. 3. The authorities are now able to provide approval for automatic import and export licenses within one day, compared to the old five-day processing time.
4. 4. Intellectual property: The government has enacted the Foreign Investment Law on January 1, 2020 to ensure the enforcement of intellectual property rights and other fair treatment to foreign investors.
5. 5. To attract foreign investors and global talents, the authorities will help their family members to obtain medical and endowment insurance and local school placement for children.
Application Documents for WFOE in Beijing
1. A project proposal and feasibility study report (in print and under the company seal);
2. Original copies of the application paper and the resolution by the Chairman of the Board of the foreign investor (in a printed form signed by members of the Board and with company chop);
3. Copies of the business licenses of certificates of incorporation of the foreign investor (usually with the permission chop from the government department);
4. An original copy of leasing agreement with chop of the Housing Department;
5. Directors' name list of board or management;
6. An original copy of the corporate ratification paper (2 copies in duplicate);
7. Two original bank credibility letters for the foreign investors, stating 7-digits bank balances, issued within 6 months in both English and Chinese language;
8. A copy of the approval paper for corporate formation and other papers for company alterations (the original are required for check-up);
9. Notice of enterprise's name confirmation appraised by the Industry & Commerce Administrative Bureau;
10. 2 photos of the legal person of WFOE;
11. A copy of the stub of the corporate certificate of approval.
General Procedures for Beijing WFOE Formation
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.
Contact Us
If you have further queries, don’t hesitate to contact Beijing Tannet anytime, anywhere by simply visiting Beijing Tannet’s website www.beijing-company.net, or calling Beijing hotline at 86-10-58694559 or Beijing Tel 86-13717945838(WeChat) or emailing to beijing.tannet@qq.com.
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