Shanghai WFOE Company registration
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Shanghai WFOE Company registration Time, that is the duration of the registration process.
About WFOE
The Wholly Foreign Owned Enterprise (WFOE or WOFE) is a Limited liability company wholly owned by the foreign investor(s). In China, WFOEs were originally conceived for encouraged manufacturing activities that were either export orientated or introduced advanced technology. However, after China's entried into the WTO, these conditions were gradually abolished and the WFOE is increasingly being used for service providers such as a variety of consulting and management services, software development and trading as well. With that, any enterprise in China which is 100% owned by a foreign company or companies can be called as WFOE.
Characteristics of a WFOE
Wholly Foreign Owned Enterprise (WFOE), also known as Wholly Owned Foreign Enterprise (WOFE), is a limited liability company, the establishment of which is governed both by the Company Law of PRC and Law of the PRC on Enterprises Operating Exclusively with Foreign Capital.
A WFOE can engage itself in approved business activities and issue tax invoices on its own. It is a corporation and a tax resident. All shareholders of WFOE should not be Chinese nationals.
Advantages of WFOE
Independence and freedom to implement the worldwide strategies of its parent company without having to consider the involvement of the Chinese partner;
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;
Capability of converting RMB profits to US dollars for remittance to its parent company outside of China;
Protection of intellectual know-how and technology;
Full control of human resources
Greater efficiency in operations, management and future development.
newInvestor's parent company does not have to be established for more than 2 years while for Representative Office, it's parent company is required to have been established for more than 2 years.
Name of a WFOE
The name of the WFOE is governed by “Regulations on the Management of name of Enterprises”. Since WFOE is a limited liability company, its name should be in the form of “Name of City + Name of the Enterprise +Industry+ Company Limited “. Accordingly, a company registered in Shanghai will normally bear a name like: USCorp Software Development (Shanghai) Limited.
Shanghai WFOE Company registration Time
All the documents are ready, service enterprise: 40-50 working days
All the documents are ready, trading enterprise: 60-90 working days
All the documents are ready, manufacturing enterprise: 60-90 working days after getting pre-approvals.
Shanghai registered foreign companies registration process
Power of Attorney - advance payment - check names (Commerce and Industry Bureau) - articles of association, the feasibility study report - investment approval and approval certificate (ECA) - business license (Commerce and Industry Bureau) - Registration and production of seals, financial seal, legal representative, signet - organization code certificate (technical supervision) - tax Registration Certificate (IRD) - Foreign Exchange Registration Certificate (SAFE) - statistics registration (Statistics Bureau) - Finance registration Certificate (Finance Bureau)
Contact Us
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