TCBC Announces to Offer WOFEs Setting Up ShenZhen, Set Up Wholly Foreign Owned Enterprise ShenZhen

SHENZHEN, China - June 25, 2015 - PRLog -- TCBC Announces to Offer WOFEs Setting Up Services  in Shenzhen China，Shenzhen 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

Shenzhen is the best choice for business-doing in China. Shenzhen is situated in the Pearl River Delta. It is the first Special Economic Zone since China carried out reform and open-door policy 30 years ago. Shenzhen has an area of 1953 square km2 and a population of more than 12 million. Shenzhen is the best city both for living and working in China the fastest growing city in the world. In Shenzhen you can enjoy sound infrastructure and nice industrial chain for trading, manufacturing and value investment. Since Shenzhen is bordering Hong Kong, you can take lots of advantages and opportunities from "one country, two systems" policy

COMPANY NAME OF Shenzhen COMPANY REGISTRATION
In Shenzhen China, only Chinese company names are officially used, while English company names are for reference only. Not every name will be accepted by the ICAB (Company Registry). For some sectors such as education, logistics, medicine and food industries, a special pre-approved license is needed. It is important that you know the wording of a company name should conform to the registered capital and business activities. The words "international" or "investment" or "industrial" within a company name suggest that the registered capital should be more than RMB 10 million, while a "group'' or "holding" should be more than RMB 30 and 50 million respectively.(The detailed information depends on the local stipulation). Your company name must be distinguished from the other registered names. If the word "China" is within the company name, it is required to be pre-approved by ICAB at national level in Beijing.


REGISTERED AND PAID-UP CAPITALS
In Shenzhen China, the registered capital could be as low as RMB 30,000. Different business sectors are subject to different requirements. In Shenzhen, 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 Shenzhen 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


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

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