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Shenzhen Company Incorporation (FICE)

Updated:2018-5-17 15:42:16    Source:www.tannet-group.comViews:338

Shenzhen company incorporation (FICE) is one kind of business setup in Shenzhen. The FICE is a Limited liability company set up for foreign investors to conduct trading business in China. FICE is shorted for Foreign Investment Commercial Enterprise.

When a foreign investor (both corporations and individuals) intend to carry out trading business in China, including distribution/wholesaling/retailing and import/export business, he needs to set up a trading company, in the form of limited liability company (or company limited by shares where a minimum of two shareholders is required).

1. Definition of a Foreign Invested Commercial Enterprise (FICE)
A foreign invested commercial enterprise means a foreign invested enterprise, which engages in following areas:
A. Agency with commission: selling other owned goods and providing related services by sales agency of goods, broker, or auctioneer or other wholesaler on the basis of contractual relationship.
B. Wholesale business: selling goods and providing related services to retailer, industrial user, commercial user, organizational user and other wholesaler.
C. Retail business: selling goods and providing related services to individual or collective consumer in fixed locations or by means of television, telephone, internet and automat.
D. Franchise business: licensing of trademark, trade name and business mode by entering into a contract with others for the purpose of returns and license fee.

2. Business scope of a FICE
A. A FICE in retail can engage in following businesses upon approval: Retail/Import of self-operation goods/Purchase and export of domestic goods/other related services.
B. A FICE in wholesale can engage in following businesses upon approval: Wholesale/Agency with commission/Import and Export/ other related services.
C. The business scope of a FICE cannot be involved with any special products or materials which are not allowed for foreign invested enterprises.

3. Requirements for establishing a FICE
A. Registered capital shall be able to cover the company costs and expenses for the trading business before the FICE makes profit. Though Shenzhen government now has NO requirement about the minimum amount of registered capital, being a trading company, the registered capital of a Shenzhen FICE should be reasonable considering the company needs to purchase products.

B. Once the import or export business is involved, the FICE is required to apply for the Import and Export License. Without the Import and Export License, the FICE is not allowed to conduct the import or export business by its own company name.

C. The general period of operation of a Shenzhen FICE shall not exceed 30 years.

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