Steps lead to incorporate your WFOE in People Republic of China

Steps lead to incorporate your WFOE in People Republic of China

 

Business and Company registration process Wholy Foreign Owned Enterprise (WFOE)

1.  Name submission   

a.  The application to Beijing Administration for Industry and Commerce – 5 working days to get the approval on the company name

b.  The application to Chaoyang Bureau of Commerce – 21 working days to get the Certificate of Approval

2.  Registration with Beijing Administration for Industry and Commerce to obtain temporary Business License – 9 working days (here you can possibly start your business)

3.  Registration with Public Security Bureau and ordering of official rubber stamps – 6 working days

4.  Organizing initial Corporate Code License including IC Card – 5 working days

5.  Registration with Foreign Exchange Administration – 20 working days*

6.  Registration with Local Tax Bureau and obtain Taxation License – 7 working days*

7.  Registration with State Tax Bureau – 2 working days*

8.  Registration with Statistic Bureau – 2 working days*

* 5 – 8 can be applied at the same time, the rest have to be done step by step

9.  Opening of basic account and capital account including the application for relevant official administration documents, among others. (vary with different banks)

10.  Confirmation with bank about the capital amount – 1 working day**

11.  Confirmation with Foreign Exchange Administration about the capital amount – 5 working days**

12.  Capital Inspection Report arrangement – 2 working days (you can also get a help from accounting firm which is recommended)**

13.  Obtain Business License – 7 working days**

14.  Obtain the formal Corporate Code License including IC Card – 4 working days

**10-14 have to be done in order

15.  Registration with  Financial Bureau – 10 working days ***

16.  Registration with Customs Administration – 5 working days ***

***15-16 can be applied at the same time

Whole process of registration might take up to 3-4 months however once you receive “Business License”, you might start your business.