Regardless of the business idea in mind, the first step before considering doing business in China is to check whether such business activity is allowed for foreign investment by the Chinese government.
Opening the RMB basic account and the capital account
An FIE usually needs, at minimum, two types of bank accounts: the Capital Account and the RMB Basic Account. Before the Capital Account can be set up, an FIE needs to go through Foreign Direct Investment Registration with the State Administration of Foreign Exchange (SAFE). However, the FIE does not need to contact SAFE directly for such registration. Since 2015, SAFE has already delegated its registration authority to the banks. That said, when an FIE applies for a Capital Account with an authorized bank, the bank will collect relevant information from the FIE and submit it to SAFE to get its approval.
Legal Representative and Financial Controller's real name authentication with the Tax Bureau
In Shenzhen, for the newly set up FIE, the Legal Representative, the Finance Person-in-charge, Tax operator/handler must all go through an identity verification process with the tax bureau called “Real Name Authentication Registration”. While local personnel can do the Real-Name Authentication Registration online, foreign personnel must appear in person at the tax bureau. The tax officer will register their identity document, contact number, and facial information.
Company Tax Registration at the Tax Bureau
In principle, an FIE must go through tax registration within 30 days after receiving its business license. After the tax registration, regardless of whether there is tax payable, the FIE must file tax returns within each tax period (monthly or quarterly).
Social Security and Housing Fund Registration
You must also observe the deadline to register with the local social security agency and the housing provident fund management center. Typically, it is expected that a newly set up company registers the social security and housing provident fund contribution within 30 days from the date of its establishment.
Apply for the industry licenses required before you start operating
If the FIE’s business scope involves activities that require other industry department’s approval, you should continue to go through the approval procedures with the relevant industry department before you conduct the activities. For example, import/export permit, food-operating license etc.
Apply for work permits and residence permits for foreign expatriates or employees working in China
If you intend to employ foreign nationals working in China, you must apply for both the work permits and resident permits for these foreign individuals. With the nationwide implementation of the “Permit System for Foreigners Working in China” in 2017, the standards and procedures have been unified across the country.
Contact us
More information for Shenzhen company registration,please contact my phone number: 18948304248, or landline phone: 0755-82143023 or visit our website: www.tannet-group.net.
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