Shanghai WFOE cancellation, key points and practical experience regarding the early dissolution and liquidation process of wholly foreign invested companies, including foreign invested enterprises owned by one sole foreign investor and those jointly owned by foreign investors.
Process of WFOE Cancellation
As for WFOE, the general steps of the early dissolution and liquidation process will be as follows:
1. Preliminary preparations: such as preparing the shareholder resolutions, employee termination and compensation plan, appointment of liquidation committee members;
2. Obtaining the approval of the approval authority or filing with the approval authority;
3. Establishing the liquidation committee and filing with the company registration authority;
4. Notifying the creditors to declare their creditors’ rights and publish announcement on early termination and entry into liquidation process;
5. Examining assets of the company and preparing the list of assets;
6. Preparing the cancellation plan and obtaining the shareholders’ confirmation on the same;
7. Claiming creditor’s rights and paying off liquidation expenses and employees’ remuneration/severance/social insurance contributions etc, paying off taxes and debts;
8. Preparing the liquidation report and submitting the same for the shareholders to confirm;
9. Allocating the remaining company assets;
10. Tax cancellation;
11. Customs cancellation;
12. Cancellation of the approval certificate;
13. Cancellation with the company registration authority and conducting various others (foreign exchange, social insurance, public housing fund etc);
14. Cancellation of bank account(s);
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