Shenyang company registration (WFOE) refers to establish a wholly foreign owned enterprise in Shenyang. Shenyang is an important industrial center in China and is the core city of Shenyang Economic Zone, a New Special Reform Zone. It has been focused on heavy industry, particularly aerospace, machine tools, heavy equipment and defence, and recently on software, automotive and electronics. The economy of the city has revived significantly in recent years.
Advantages of a WFOE
WFOEs are among the most popular corporate models for non-PRC investors due to their versatility and structural advantages of a representative office or joint venture. The advantages include but are not limited to:
(1) a new, independent legal personality;
(2) total management control within the limitations of the laws of the PRC;
(3) the ability to both receive and remit RMB to the investor company overseas;
(4) increased protection of trademarks, patents and other intellectual property, in accordance with international law;
(5) easier to terminate than an Equity Joint Venture;
(6) simpler establishment than a Joint Venture;
(7) full control of human resources.
Types of WFOEs
Typically, WOFEs will fall under one of three categories:
(1) Manufacturing WFOE;
(2) Trading WFOE;
(3) Consulting WFOE;
The scope of your proposed business will determine which kind of WOFE you must open. Although each type of WOFE may be allowed to engage in business not strictly suggested by its category, it is not possible to make a change and start doing a completely different kind of unrelated business with re-application.
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Procedures for establishing a WFOE in Shenyang
The establishment process of a WFOE can vary somewhat depending on the chosen structure, namely a service WFOE, manufacturing WFOE, or trading WFOE, and its associated business scope. Generally, the procedures for establishing a WFOE are as follows:
Step 1: Name approval;
Step 2: Office space leasing;
Step 3: Environment impact assessment (for manufacturing WFOE);
Step 4: MOFCOM approval or record-filing;
Step 5: Business license application;
Step 6: Company chops carving;
Step 7: Foreign exchange and RMB bank account opening;
Step 8: Import and export registration procedures (for trading WFOE);
Step 9: General VAT taxpayer related procedures.
Making sure you have all the required materials ready when registering a WOFE will help you to plan in advance and keep track of everything. Alternatively, working with a local partner like Tannet to open your company will save you a lot of time and money.
Contact Us
If you have further inquires, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website english.tannet-group.com, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143512, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.
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