Shenyang wholly foreign owned enterprise registration is a good way to set up a business. Wholly Foreign Owned Enterprise (WFOE or WOFE) has known as the most common and acceptable company structure for significant business industries in China. It refers to the company set up in China with shares entirely owned by foreign investor(s).
WFOE is adopted and welcomed in significant industries by foreign investors. If the WFOE trades, wholesales, retails or franchises, we call it a Trading WFOE; if it manufactures, a manufacturing WFOE. If the WFOE implements are consulting and advisory business, it is called a Consulting WFOE. If it involves food and beverage, an F&B WFOE.
Advantages of a WFOE
(1) Independence and freedom to implement the worldwide strategies of its parent company without having to consider the involvement of a Chinese partner.
(2) Ability to formally carry out business rather than just function as a representative office and being able to issue invoices to customers in RMB and receive revenues in RMB.
(3) Capability of converting RMB profits to US dollars for remittance to its parent company outside of China.
(4) Protection of intellectual know-how and technology.
(5) No requirement for Import / Export License for its own products.
(6) Full control of human resources.
(7) Greater efficiency in operations, management and future development.
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Required Information
If you are going to set up a WFOE as an Individual, then you need to provide:
(1) A scan of your passport;
(2) A personal bank statement letter, only stating no lousy record (in some cases, no need to provide);
(3) Choose a China name and English name for your China WFOE;
(4) Choose the location for your company in China;
(5) Application Form.
Basic Process for Registration
The establishment process of a WFOE can vary somewhat depending on the chosen structure, namely a service WFOE, manufacturing WFOE, or trading WFOE, and its associated business scope. Basically, the registration process includes the following steps.
Step 1: Name Available Search and Reservation;
Step 2: Examination and Approval;
Step 3: Registration for Business License;
Step 4: Carving of Company Seal and Chops;
Step 5: Opening of bank accounts;
Step 6: Import and export registration procedures (only for trading WFOE);
Step 7: General VAT taxpayer related procedures.
Contact Us
If you have further inquires, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website www.tannet-group.net, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143422, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.
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