Procedures and Documents for WFOE
Documents Required
The documents required for setting up a WFOE are listed below:
1. An original copy of application letter signed by the Chairman of the Board (in printed form with company chop). a project proposal and feasibility study report ( in print and under the company seal) ;
2. Original copies of the application paper and the resolution by the Chairman of the Board of the foreign investor (in printed form signed by members of the Board and with company chop);
3. An original copy of leasing agreement with chop of the Housing Department;
4. Directors name list of board or management institution name list, importing equipment list.;
5. Copies of the business licenses or certificates of incorporation of the foreign investor (usually with the permission chop from the Industrial and Commercial Administrative Bureau);
6. An original copy of the corporate ratification paper (2 copies in duplicate);
7. Two original bank credibility letters for the foreign investors, stating a 7-digits bank balance, issued within 6 months in both English and Chinese language;
8. A copy of the approval paper for corporate formation and other papers for company alterations (the original are required for check-up);
9. Notice of enterprise's name confirmation appraised by the Industry & Commerce Administrative Bureau;
10. Contracts and charter versions (signed by legal representative or Bailor);
11. An application form for company alteration;
12. A copy of the stub of corporate certificate of approval;
13. Whole set of materials for application of project establishment and approval documents (original) for project establishment.
Set Up Procedures
Step 1
Drafting application papers, standard articles of association, standard feasibility study, and providing samples for necessary documents such as board resolution, bank reference letter, etc., The application papers and resolution should be signed by the Chairman of the Board (in printed form with company chop) ;
Step 2
Obtaining approval and relevant certificate by Foreign Economic and Trade Bureau;
Step 3
Researching and obtaining approval for the company name of WFOE from Industrial and commercial registration office;
Step 4
Obtaining approval or certificates from various authorities such as the Planning Bureau, the Foreign Economic and Trade Bureau, the Industrial And Commercial Registration Office, the Statistics Bureau, the National Taxation Administration Bureau, the Local Taxation Administration Bureau, the Public Security Department, the Environmental Protection Bureau, the foreign Exchange Administration Bureau and the Customs etc;
Step 5
Opening necessary bank accounts, obtaining a report of corporate capital verification issued by a Chinese certified public accountant (CPA). Be ready with the original copy for check-up;
Step 6
Obtaining the necessary work permits and resident permits for the legal representatives, etc.
WFOE Formation Costs |
