According to the Xinhua News Agency, Beijing’s business environment remained the top among other Chinese cities’ in 2019. The Foreign Investment Law enacted on January 1, 2020 further eased the restrictions put on the foreign investors before and offer them access to extending their business scope in China.
Advantages of Beijing Corporate Setup
1. The authorities have shortened the online registration process from previous 15+ days to five days after submitting an online application. An estimated 10,000 enterprises have obtained electronic business licenses in Beijing.
2. Personal savings: The Beijing government is now offering free official chops for newly-established enterprises. Enterprises in Beijing are expected to save a total of RMB 60 million annually after reducing setup costs.
3. The authorities are now able to provide approval for automatic import and export licenses within one day, compared to the old five day processing time.
4. Intellectual property: The government has enacted the Foreign Investment Law on January 1, 2020 to ensure the enforcement of intellectual property rights and other fair treatment to foreign investors.
5. To attract foreign investors and global talents, the authorities will help their family members to obtain medical and endowment insurance and local school placement for children.
Advantages of WFOE Setup in China
The differences in the business structure among the WFOE, Representative Office(RO), Joint Venture (JV), or the Branch are as follows:
Compared with other business entry modes, the WFOE allows foreign investors to have 100% control over its business equity. On top of that, foreign investors enjoy independence regarding HR, operational management, and strategic planning. WFOEs are also allowed to conduct a broad range of business activities within the specific business scope in China. Moreover, a WFOE is allowed to issue‘fapiao’official invoices to increase your credibility in transactions and increase the rate of foreign staff work permit applications in the future. Last but not least, a WFOE can hire both foreigners and local Chinese directly without the limitation on the number of foreign employees.
Tannet Group Limited was established in Hong Kong by Carlson Chan in 1999. Over 22 years of development, Tannet has assisted international investors through the whole business process. With the help of tax and accounting specialists, we are here to help you navigate China's legal and regulatory system.
1.Beijing/Shanghai/Hongkong/Guangzhou/Shenzhen/Dongguan/Hainan/Quanzhou/Yiwu/Xiamen/Chengdu/Nanchang/Horgos WFOE Registration
2. China Work Permit Application & Z Visa
3. Intellectual Property-Brand/Trademark/Copyright/Patent Registration
4. China Payroll Compliance & Tax Service
5. One-Stop Service-China Services, China Investment, China Solutions
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