First, sit down and set your strategy out. Once your strategy is well defined, the decision to invest in China has been taken with the approval of investors, and all human and financial resources have been gathered, you are ready to register your company.
Foreign invested company registration process in China
The company registration period, including the initial investment, lasts from twelve weeks to five months (excluding registration of companies in encouraged and limited sectors).
The registration phase is critical to future development. It’s always better seeking professional advice to avoid costly delays resulting from the wrong model structure that do not take into consideration business scope, tax registration, environmental protection, public hygiene, food hygiene and location.
You may also work with a qualified lawyer to sort out the specific aspects of your new legal structure, as well as to draft various contracts.
Main Steps to Register a Foreign Invested Company in China
The standard procedures for the registration of a foreign invested enterprise in the P.R.C. are:
1. Submitting your Chinese name for pre-registration;
2. Registration and approval by the Ministry of Commerce (MOFCOM);
3. Opening a temporary account (optional);
4. Approval by relevant ministries for restricted activities (education, law, medical and other fields);
5. Submitting required documents, including the Article of Association, to the State Administration for Industry & Commerce (SAIC) to approve the registration;
6. Issuance of the Business License by SAIC;
7. Registration with the Public Security Bureau (PSB)
8. Production of company seal, finance and legal representative seals;
9. Registration with the Tax Bureau;
10. Tax invoice application & Tax machine set-up;
11. Opening of the basic RMB bank account;
12. Opening of the Foreign Currency Capital Account;
13. Capital injection;
14. Foreign Exchange Registration;
15. Issuance of Customs Registration Certificate for importing and exporting companies;
16. Registration with the social insurance institution,which will vary based on business scope, investment level and location.
Don’t hesitate to contact S. J. Grand Financial & Tax Advisory for any other information you might need when registering your company in China. We’re glad to successfully support new businesses enter the market.