Our collection of resources based on what we have learned on the ground
Resources
Q&A
What is the difference between transferring to a new tax district as opposed to ...
- January 2014
- Members Access
No tax officer wants to lose your company’s revenue by letting you relocate to another district and you should expect resistance in conducting the processes for tax closing. This resistance will crop up during the tax audit, which will s...
Q&A
What are the advantages in closing an old company in China and starting from scr...
- January 2014
- Members Access
To avoid the time lag involved in transferring a company to a new tax district, another relocation option is closing the old WFOE and establishing an entirely new WFOE. This “default” option has the following advantages: 1.&nbs...
Q&A
What are the disadvantages of closing an old company in China and starting from ...
- January 2014
- Members Access
The disadvantages of closing an old company in China and starting from scratch are: Larger Capital Needs: a larger amount of capital may be required than in a transfer between tax districts due to registered capital requirements in the ove...
Q&A
What is involved when establishing a new Wholly Foreign-Owned Enterprise (WFOE) ...
- January 2014
- Members Access
WFOE establishment involves acquiring a business license, then registering with all government bureaus and opening bank accounts. The WFOE establishment process has small variations based on the type of WFOE being established. For example, manufactu...
Q&A
What are the processes of liquidating the old Wholly Foreign-Owned Enterprise (W...
- January 2014
- Free Access
The processes of liquidating the old WFOE in China are: Submit Termination application for approval; Carry out liquidation obligations; Deregister with all other relevant authorities.
Q&A
What are the processes of liquidating the old WFOE in China in detail?
- January 2014
- Members Access
The processes of liquidating the old WFOE in China are: Submit termination application for approval: to initiate the liquidation process, the WFOE should apply for the termination of the WFOE to the original approval authority; upon issuan...
Q&A
What is a branch office in China?
- January 2014
- Free Access
A branch office is essentially an office of a wholly foreign-owned enterprise located somewhere other than the foreign-owned enterprise’s main office location. Branches are easier to set up and be maintained, but limited in many ways, such a...
Q&A
What are the alternatives to setting up another WFOE in China?
- January 2014
- Free Access
Foreign investors with an existing China WFOE that are willing to establish a presence in another destination, be it expansion or relocation, may wish to consider establishing a branch office, or another popular expansion option is the “conv...
Q&A
How do you set up a branch office in China?
- January 2014
- Members Access
The process of establishing a branch office is essentially an abbreviated WFOE setup. Establishing a branch does not require approval from the Ministry of Commerce, rather, the branch can be directly registered with the Administration of Indus...
Q&A
What can a representative office (RO) do in China?
- January 2014
- Free Access
An RO is only permitted to engage in the following activities: Market surveys, product or service displays and promotional activities related to the products or services of its head office; Liaison activities in connection with produ...
Q&A
What are the two types of fapiaos in China?
- January 2014
- Members Access
Fapiaos can mainly be sorted into two categories – general invoices and VAT invoices. Although the two are often used interchangeably, there are notable differences between the two that consumers should be aware of. Firstly, the latter can b...
Q&A
What are the internal control frameworks in China?
- January 2014
- Free Access
China has enacted a similar version of Sarbanes-Oxley Act of 2002 in 2008, namely the Basic Standard for Enterprise Internal Control (Caikuai [2008] No.7). The scope of the Basic Standard applies to: Companies that are concurrently listed in the d...
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