TCBC Announces to Offer WOFEs Setting Up Services in Xiamen China, Company Formation Services

SHENZHEN, China - April 21, 2015 - PRLog -- TCBC Announces to Offer WOFEs Setting Up Services  in Xiamen China，Xiamen Corporate Formation, Company Registration Services

WFOE stands for wholly foreign owned enterprise, which is a limited liability company wholly owned by either a foreign legal entity or a foreign natural person. The foreign investors may be foreign enterprises or individuals from Hong Kong, Macau, Taiwan or overseas.

Wholly owned foreign entities (WOFEs) are the vehicle of choice for most people and companies doing business in China. It is less complex than a joint venture (JV) and allows you to concentrate on what your employees are up to as opposed to your partners

Located in the southern part of Fujian Province and the west coast of the Taiwan Straits, separated from Quemoy Island only by a narrow stripe of water,  Xiamen is a traditional trading port in southeast China and a famous tourist coastal city as well. It covers an area of 1,565sq. Kilometers and has a population of 1,26 million. As the commercial center of the Fujian province, Xiamen is the annual host of the International Fair for Investment and Trade—China’s only international investment promotion event.

REGISTERED AND PAID-UP CAPITALS
In Xiamen China, the registered capital could be as low as RMB 30,000. Different business sectors are subject to different requirements. In Xiamen, the registered capital is equal to the paid-up capital. For the trading enterprise, the registered capital is usually required RMB 500,000 or above. For the manufacturing enterprise, the registered capital is usually required RMB 1 million or above. For the service sector, such as consultancy, technology, market research and development, the registered capital is usually required RMB100, 000 or above. All of the registered capital can be paid in one time (within 6 months after the date of the issuance of the Company's business license) or be paid for many times within two years (In the first 3 months, 20% of the registered capital is mandatory). The terms of payment is determined by the volume of registered capital. If the registered capital is paid in one time, the fee of paid-up capital verification can be reduced.

WORKING PROCEDURE OF XIAMEN CORPORATE FORMATION
Step 1: Fill out the application form (sign the agreement);
Step 2: Company name search & confirmation;
Step 3: Pay for the services;
Step 4: Submit the needed documents;
Step 5: Check the documents;
Step 6: Prepare for the statutory documents; Let the investors sign the documents personally, and then submit all the documents to the government
Step 7: Keep clients informed of the processing.
Step 8: Finish processing in 60-100 working days; (it depends on the registered address and business scope)
Step 9: Hand over all the company kit to clients;
Step 10: Sign the receipt.

DOCUMENTS REQUIRED FOR THE TRADING ENTERPRISES
1、Minutes or resolution from investors or board of directors
2、One proposed name (in Chinese), and provide two or more alternative names in case the first name is not available.
3、Detailed information about the business scope and intended registered capital;
4、Feasibility study report;
5、Four original articles of association signed by members of the Board and with company stamp;
6、Copy of the business license or certificate of incorporation of parent company;
7、The original and copy of identification documents (ID card, passport) of legal representative, and two color photos;
8、Two original bank reference letters (from investor's bank) indicating foreign investors' creditability, issued within 6 months in both English and Chinese version;
9、Lawyer's legalization or notarization which should be endorsed by local China Embassy or Consulate
10、The lease of commercial office between leaser and lessee needed to be endorsed by the Housing Management Authority. The lessee should be acted by shareholders, directors, legal representative, monitors or manager. The area is required no less than 30 m2 and for commercial use only with more than one year’s rent.

DOCUMENTS REQUIRED FOR MANUFACTURING ENTERPRISES
Step 1 - Step 9 the same as above
Step 10: Manufacturing address: house property certificate or the lease of industrial workshop (two original copies of lease with signature and endorsed by Housing Management Authority. The area is required no less than 200 m2 and for manufacturing use only with more than one year’s rent.)
Step 11: Project reports are necessary for the approval by the relevant government department, such as, business service, environmental and fire departments. The safety standard of manufacturing area should reach the required standard set out by the Fire Department and Environmental Protection Department

DOCUMENTS REQUIRED FOR  FOREIGN  INDIVIDUALS’  INVESTMENT
Step 1: Original document & copy of identification documents (ID card, passport) of Chinese company's legal representative, directors, monitors and managers.
Step 2: Local lawyer's legalization or notarization endorsed by the Chinese embassy or consulate in the investor’s country.
Step 3: Two color photos of the legal representative;
Step 4: Feasibility study report
Step 5: Two original bank reference letters (from investor's bank) indicating foreign investors' creditability, issued within 6 months in both English and Chinese version.

“Setting up WOFEs in China is a big project by itself, which requires financial and time commitments, business management knowledge and China expertise. Identifying a competent agent to manage the complex process will be a cost and time effective way to avoid potential pitfalls “  says, Tom Lee, CEO and Co-Founder of Tommy China Business Consulting.

About Tommy China Business Consulting

Having been in business for over 10 years, Tommy China Business Consulting is a leading business consulting firm, providing a variety of China business services such as joint venture negotiation, government relations, business setup consulting, legal, product sourcing and   visa services. TCBC also provide extensive China travel assistances to business travelers. In the past decade, TCBC has successfully negotiated a large number of business agreements between foreign firms and Chinese manufacturers and have set up many WFOEs in China.

For more information about it, please visit Http;//www.tommyconsulting.com