Yiwu Wholly Foreign Owned Enterprise formation
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Overview of Yiwu
Yiwu is located in Jinhua and Quzhou Basin, at east longitude 119 degrees 49 minutes to 120 degrees 17 minutes and north latitude 29 degrees 02 minutes 13" to 29 degrees 33 minutes 40", and in the geographical center of Zhejiang Province.
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It lies on the east of Dongyang, south of Yongkang and Wuyi, west of Jinhua and Lanxi, and north to Zhuji River. Far away from the provincial capital Hangzhou hundred meters, the City is surrounded by the mountains on east, south and north three sides. The length from north to south is 58.15 kilometers and from east to west is 44.41 kilometers wide. Yiwu, a pearl of China market, is striving to improve investment environment and to provide favorable conditions for foreign investers.
Yiwu City Foreign Trade and Economic Cooperation Bureau has also drawn up "a Guide to Yiwu Investment Promotion Projects", and actively promoting the industrialization of investment.
WFOE (wholly foreign owned enterprise) is a business entity formed in China entirely with foreign capital. It is totally under foreign control and does not have any formal Chinese ownership participation. For a foreign company to be able to issue receipts and export goods from China, it must be able to legally registered as a local company or a WFOE. A WFOE is set up as limited liability entity and represents separate legal persons and is taxed according to local legislation.
Yiwu Wholly Foreign Owned Enterprise formation is also called Yiwu Wholly Foreign Owned Enterprise setup, Yiwu Wholly Foreign Owned Enterprise Registry, Yiwu Wholly Foreign Owned Enterprise incorporation and Yiwu Wholly Foreign Owned Enterprise establishment.
Yiwu Wholly Foreign Owned Enterprise formation -Advantages of WFOE in Yiwu
1. Independence and freedom to implement the worldwide strategies of its parent company without having to consider the involvement of the Chinese partner;
2. Ability to formally carry on business rather than just a representative office function;
3. Issue invoices to their customers in RMB and receive RMB revenues. Convert RMB profits to US dollars for remittance to their parent company outside.
4. Cheap labor, which can lower your cost;
5. Not required to share profits with Chinese counterpart;
6. Greater efficiency in its operations, management and future development.
Yiwu Wholly Foreign Owned Enterprise formation -Application Documents for WFOE in Yiwu invested by company
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 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 corporate certificate of approval
Yiwu Wholly Foreign Owned Enterprise formation -Application Documents for WFOE in Yiwu invested by individual
1. Investors’ copy of passports (usually with the permission chop from the government department and China embssay.)
2. Two original bank credibility letters for the foreign investors, stating 7-digits bank balances, issued within 6 months in both English and Chinese language.
3. 2 photos of the legal person of WFOE.
4. An original copy of leasing agreement with chop of the Housing Department.
Yiwu Wholly Foreign Owned Enterprise formation -General Procedures and Estimated Time Frame
1. WFOE company name reservation-1 work day
2. Certificate of Approval Application-7 work days
3. Business License Registration-5-7 work days
4. Application and engraving of Company stamps-1work day
5. Organization Code License Application-1 work day
6. State Tax Registration-1 work day
7. Local Tax Registration-1 work day
8. Foreign Exchange Registration-1 work day
9. Bank account opening-10 work days
10. Financial Registration for WFOE-3 work days
11. Registration with local Customs-3 work days
12. Registration with China E-Port-3 work days
Total Time required-7~8 weeks
Yiwu Wholly Foreign Owned Enterprise formation -Taxation of WFOE in Yiwu
Tax rates can vary somewhat depending on the location of the WFOE, but generally, WFOEs selling into Shenzhen will be subject to business tax of about 5% on all revenues in Shenzhen; profits tax of 15-33% depending on location and in come instances withholding tax and VAT may be applicable.
Contact Us
If you have further queries, don’t hesitate to contact ATAHK anytime, anywhere by simply visiting ATAHK’s website www.3737580.net , or calling Hong Kong hotline at 852-27826888 or China hotline at 86-579-85206707, or emailing to 2355725105@qq.com.
Yiwu address: R.1906,Block A,FuTian Building,North ChouZhou Road, YiWu,ZheJiang,China