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China Company Formation

CHINA - WFOE
Type of Entity: Wholly Foreign Owned Enterprise (WFOE) There are three distinct WFOE set-ups:
  • Service (or consulting)
  • Trading (or foreign-invested commercial enterprise)
  • Manufacturing
Type of law: People’s republic of China company law and WFOE law
Shelf company availability: Not common
Incorporation time frame: 1 to 3 months depending on district
Minimum Government fees: USD 4,000
Regular Corporate Income Tax: 15% to 25%
Minimum issued share capital : Generally, RMB 1,000,000 (approximately US $157,000) varies depending on the type of industry and location of the business
Minimum paid up share capital on incorporation: 20% (can be in the form of land, plant and equipment, intellectual property, or any such asset)
Minimum number of Shareholders required: One
Bearer Shares: No
Nominee Shareholders Permitted: No
Minimum number of directors: One, This person is in charge of the overall management of the WFOE but not the day to day operations
Corporate directors permitted: Not advisable
Local directors required: No
Local meeting required : No
Company secretary required : No
General Meetings of Shareholders: Yes
Local Registered office required: Yes
Exchange Control: Exchange control regulations
Disclosure of beneficial owner to Company Registrar: Yes
Government register of directors: Yes
Annual return: Yes
Submission of accounts: Yes, Accounting records are required to be kept in Chinese or Chinese with English translation
Audit: Yes, annually by a local firm of certified public accountants
CHINA – Representative Office
Type of Entity: Representative Office
Type of law: PRC law
Shelf company availability: No
Incorporation time frame: 1.5 – 2 months to apply
Minimum Government fees: 2000
Regular Corporate Income Tax: 25%
Minimum issued share capital : NA
Minimum paid up share capital on incorporation: NA
Minimum number of Shareholders required: 1
Bearer Shares: No
Nominee Shareholders Permitted: No
Minimum number of directors: One Chief Representative
Corporate directors permitted: NA
Local directors required: No
Local meeting required : No
Company secretary required : No
General Meetings of Shareholders: NA
Local Registered office required: Yes
Exchange Control: Exchange control regulations
Disclosure of beneficial owner to Company Registrar: Yes
Government register of directors: Yes
Annual return: Yes
Submission of accounts: Yes
Audit: Yes

We do our best to monitor the compliance of this jurisdiction with the latest international regulations set by OECD and other international institutions and countries.

At any moment, Damalion may decline any customer demand about this jurisdiction, at its sole discretion and without any obligation to provide any reason.

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