Blog Startupr - incorporate, register and form your company online

What is WFOE? – Wholly Foreign Owned Enterprise

What is WFOE? - Wholly Foreign Owned Enterprise

Wholly Foreign Owned Enterprise – WFOE is the vehicle for foreign companies decided to take the business activities in China. Further, Limited Liability corporation with the ability to manage and control within the limitations of the laws of the China.

Different Type of businesses under WFOE

Manufacturing – this was the first government inintention to support foreigner companies come over to China and launch the business.
Trading – as a second reason for foreign companies start in China (the easiest way to start trading company is in HK).
Retail & Wholesale – this particular business model has become in favor a few years ago for companies realizing the purchasing power of Chinese customers.
Consulting & Services – most common business type. Here we can include Law firms, Business consultants, Software developers, Product developers, Investment consulting, marketing and promotion consulting and many others services.

Advantage of WFOE
– you don’t need to involve Chinese partner
– you can invoice yours partner in RMB (this is one of the biggest reason for Consulting & Service firm incorporating in China)
– control of human resources
– you can structure and develop your company according to yours goal

Business license
Once you obtain the business license from the office of Industry and Commerce, you can start your business (you might get the temporary Business License which might speed up the launch before getting the permanent one). The business license is mostly given for 15 – 30 years depending on the type of business. For incorporation process visit this article.

Registered and Paid up Capital
There is a big burden in regards to registered and paid up capital, though. If you want to go smoothly there is recommended to put up 160,000 USD. This amount of paid up capital is more about to get approved from local government which might make you difficulties if you put the minimum registered capital.
The scope of registered capital is from 35,000 USD – 160,000 USD. It varies on the mature of your business you intent to do so. The lowest amount is for consulting firm where you don’t really need that much money to secure the run of business by registered/paid up capital. On the other hand, manufacturing needs more stability and to show up to government that you can withdraw a money once company needs. The paid up capital is mostly required to be paid up to 20% of the registered capital, the balance must be remitted within 2 years since the company has been founded.

Location is very important. Before you start with incorporation there is quite interesting and important reminder as an investor, you must rent an office in advance – it’s quite wired however this is the regulation and you need to follow up! The another thing is that the office can’t be residential building and can’t be virtual address either! For that reason, make a sure that the owner is clear on this point and the local government office allows to register business in this office. Ask the owner of the to put into the contract the note claiming that it has been checked with local authority approving the vacancy.

Before you decide to incorporate a company make sure that you really understand to the Chinese environment and your consultant (company helping you to incorporate WFOE) or solicitor understands you. There is quite a lot of interpretation in regards to company formation, please, make sure that you and yours management are aware of every situation applying for your venture in China.

If you wish to open up a company in HK or in UK, it will take 24 hours however China is different jurisdiction carrying a lot of burdens (and much less costly) which need to be followed – the incorporation process might be found here.

Why to set up company in Hong Kong and use it as holding for Chinese company? Read more here.

Incorporation, post-incorporation and accounting in UK

Incorporation, post-incorporation and accounting in UK

Hello! If you have thought about to open up a company in UK and have been scared about the accounting. Don’t worry, Startupr can secure whole process of incorporation, post-incorporation as well as accounting!


We can divide whole process of company formation into 4 parts:


Incorporation (company formation)
– formation of the company
– address registration (Startupr’s)


– maintenance of statutory book
– filling of annual returns
– apostille


– VAT Registration
– PAYE Registration
– EORI Registration (required for clients engaged in import and export of goods)
– Year end accounts and Corporation tax returns preparation
– Book keeping and VAT returns for businesses with up to £150,000 turnover


Additional services (e.g.)
– change of the company name
– Change of Company Name with update of original Mem & Arts
– Full review and update by adoption of new Mem & Arts
– Increase, Decrease, Sub-Division or Consolidation of Share Capital – One share class only
– Removal of a Director
– etc.


Please do not hesitate to contact us should you have any queries.

Incorporate International Business Company (IBC) in British Virgin Islands (BVI) and Open up an offshore bank account in Dubai

The Business International Company in BVI is one of the most widely used entity for offshore operations. The company is set up as private company limited by shares. The International Business Company Act 1984 has been amended past a few years (1990, 2003, 2004 and 2007) which cause changes in the following rules once you decide to incorporate the IBC in BVI: – Only one director and one shareholder are required;
– Shareholders, directors and officers – no need to be resident in the BVI
– no minimum capital requirement
– no need for accounts
– AGM – Annual General Meeting doesn’t have to be kept in BVI
– no need for annual returns
– IBC can hold shares in other BVI company
– IBC is exempt from the taxes
– statutory incorporation fees are 350 USD for capita up to 50,000 USD and 1,100 thereafter.

Bank account in Dubai – United Arab Emirates (UAE)

Once you decide to open up an International Business Company in BVI, Starupr has come up with the solution to open up a bank account in Barclays in UAE. Thanks to our relationship with local managers our customers have a choice to structure the bank account opening and a company incorporation. Barclays it’s just one of yours option to do so. Barclays is a global banking and financial services provider with company headquartered in London. It has branches in over 50 countries across Europe, Africa, South and North America.

The Big different between the Big consulting firm and Startupr


I was trying to reach one of the consultant of XoXo Big firm. My email was about the particular case in Singapore the request is not that important how the last answer (I couldn’t believe that!):


Hi Tomas


Thanks for your reply and for reaching out to us with your request.
However, as you are presently not a XoXo client, we regret that we are unable to assist.                                                                                            
I wish you all the best and a nice day ahead.
Best regards




We do really care about our customers and we are NOT presently regret that you contact us :-)! If you are not sure where to start your company, consider the following questions:
1) Where are you located (your company) now?
2) The company you intend to open up is it separate entity or it’s a branch?
3) Purpose of company?
4) Where the company is going to operate (the main source of income)?
5) Yours tax residency (for double tax agreement). e.g. Ff you are British and would you like to incorporate comp in HK – there is double tax agreement between governments.


Your Startupr team.

Online bank account opening platform

How to chose the offshore bank

Hi, our Singapore, Hong Kong and Los Angeles offices are working to launch an online bank account opening platform which is going to cut down all the ridiculous prices for all of our customers and customers of our competitors. There will be a few services which will help you to apply for a bank account than a small introduction of the bank products and first of all the registration online form! This should help you to save your time! We can see how many emails are necessary in order to open up bank account. Don’t worry we will try to work on it and bring you solution and make it smooth for all of us!

How is going to work?


Startupr has a partnership with a few banks which handl the account opening differently. Most of our clients don’t really know which kind of documents need to be applied and informations fill in. This platform is going to provide the exchange information tool which is going to fasten the whole process!


We can’t wait any longer to launch it!


Your’s Startupr team.

Offshore Banking with CIM Bank based in Switzerland

Offshore Banking with CIM Bank based in Switzerland

Starupr is happy to announce you that we have started a cooperation with CIM Bank based in Switzerland, with headquarters in Geneva. CIM Bank has a multilingual team, speaking more than 18 languages. Bank’s services include:


  •     Account openings for onshore and offshore clients / companies
  •     Possibility to open accounts online, via a webcam
  •     Fast account opening (around 5-7 working days)
  •     Minimum initial deposit CHF 5’000 or equivalent for physical persons, and CHF 20’000 for companies
  •     Minimum  required balance to be remained on the account at all times CHF 1’000
  •     Credit cards and debit cards (including anonymous Travel Cash cards & Internet Cash cards)
  •     Online access & Mobile banking
  •     Financial consulting & Investment advise
  •     Savings accounts
  •     Trading online (Futures, CFD’s, Options, Shares, Bonds)
  •     White label with the Interactive Brokers platform & FXCM

In order to open a corporate account we will need the following documents by post:
·         Certificate of Incorporation
·         Certificate of Good Standing (If the company is older than 12 months)
·         Memorandum & Articles of Association
·         Nomination of Director
·         Director’s passport
·         Power of Attorney (from the director to the shareholder—applicable only if the director is not the same person as the shareholder)
·         Share Certificate
·         Share Nominee Agreement (if the shares are detained by someone other than the shareholder)

If you would like to open up a bank account with CIM Bank contact us: tomas[at]

Hong Kong – bank account opening

What documents are needed for HSBC bank account - Hong Kong

Past a few days, we have been receiving an emails in regards whether we are able to open up a bank account without yours present in  Hong Kong HSBC.
The answer is yes/no. Our clients were referring to the other incorporation porviders which claim that they can do it. According to HK law there is no way to avoid a duty of being present once opening the business bank account with any bank in Hong Kong.




Here is the statement from HSBC commercial center: “Please be advised that face to face meeting with the director(s) or ultimate beneficiary owner(s) of the applicant company is/are required for HK account opening”.


you can open up a business bank account without being in Hong Kong however you need to visit the nearest HSBC business center in order to sign and verify documents. For that purpose please contact us and we will discuss this possibility with HSBC relationship manager who will provide us with relevant information.


Yours Startupr!

Singapore – Tax resident or non-resident?

Singapore - Tax resident or non-resident?

If you think about to start your new company and enjoy the tax exemption  in Singapore one of the most important matter is to be recognized by local authority as a Singapore resident (see the another criteria)  or Foreigner living in SG and the shareholder can’t be corporate body.


Indicate whether you are tax resident or not
In order to enjoy the Singapore tax exemption status you need to:
– be recognized as Singaporean citizen; or
– Singapore Permanent Resident (SPR) if your home is in Singapore
– Foreigner who is currently working or staying in Singapore for at least 183 days or more in previous year.

When and How to register for VAT in UK

Singapore - Tax resident or non-resident?

What is VAT?
VAT – Value Added Tax is a tax business charge between supplier and customer when supplier supply his goods and services in UK.


When to register for VAT
There are a few section which will help you to distinguish which category you suit to. For each of the case there is different rules.
Please kindly chose one of those and find our more on HRMC webpage.
– You are doing business in the UK, or intend to
– You supply goods or services to the UK from abroad, or intend to start
– You supply goods or services from the UK to other countries
– You supply goods or services from another country to another country through UK


How to register for VAT
You have several choices one of them is to use our service once you opening the company or visit HMRC webpage for further information.
Which form you use and the number of forms you will need to complete will depend on a few particular circumstances. Online HMRC Service.


VAT and International Trade
Visit HMRC webpage for further information on VAT and International trade here.


VAT and Internet services
Visit HMRC webpage for further information on VAT and Internet services here.


Rates of VAT

Rate of VAT Another term Taxable Supplies
17.50% Standard Rate most of the goods and services
5% Reduced Rate renovation and alteration of dwellings etc.
0% Zero Rate newspaper, books, most food(not meals) etc.*

*Click here to find out more about exempt goods and services.


For more information on When to register for UK VAT visit HM Revenue & Customs here.
For more information on Where to register for UK VAT visit HM Revenue & Customs here.