China: registering a company and opening an account in 2023

Asian markets are especially attractive for entrepreneurs, who want to expand boundaries of their business. To do this, you can register a company in China. But, is it so easy to do? Today we’ll talk about how difficult it is to set up a company in China or open a corporate account in a Chinese bank.

To establish a company in China is quite realistic today.YB Case specialists will help you in all stages of this procedure.

First, you need to collect a package of documents, as well as rent an office space in China. It is known, that China is a member of the World Trade Organization. This means, that foreign investors and enterprises with 100% foreign capital can enter the Chinese market. Previously, it was only possible to register representative offices or joint ventures in China.

China is a country, that is rapidly growing economic growth. That is why many businessmen want to open a corporate account in China or to register an enterprise in China.

To set up a company in the Republic of China - you must select and approve the name. The name cannot coincide with those companies, that are already registered in the country. You also need an accreditation to register a company in China. The Bureau for Foreign Economic Cooperation is engaged in this.

The next step will be to obtain a “Certificate of the right to conduct economic activities”. It is necessary to make seals, to register with the Office of Statistics, the Tax Office and more.

Opening a corporate account in the Republic of China

Another important step will be to open a corporate account with Chinese banks. Among the banks we work with: ABC CHINA MERCHANT, BANK OF CHINA, AGRICULTURAL BANK OF CHINA, Ping An Bank, Shanghai Pudong and Development Bank. Our staff will help you quickly and efficiently open a bank account with Shanghai Pudong and other banks, listed above.

These banks provide a wide range of services and are reliable and trusted financial institutions. To open a corporate account in BANK OF CHINA, you need to contact our staff and get all necessary information. An invoice for a non-resident company ABC CHINA MERCHANT and other banks in China can be issued only with a personal visit.

Nuances of registering a company in China

It should be noted, that the Charter of a Chinese company must necessarily indicate the scope of the company in China. An activity, that does not coincide with declared activities, is considered illegal. If you want to export/import, then you need to register at customs and issue an electronic port, even if you have already received this right by filling out documents for the establishment of the company.

After opening a company in China, you need to deposit the authorized capital to the account of a company in China. The size of the authorized capital depends on the activities of the company. It can be paid in installments for 30 years (the duration of the company).

Company advantages in China

Having decided to register a company in the Republic of China, you should familiarize yourself with all details of its registration and contents:

  • To conduct a legal economic activity in China;
  • Carry out import and export activities in China on behalf of the company;
  • Carry out any commercial activity;
  • Carry out international currency transactions, in which you can use the account of a Chinese company, as well as receive payments to an account with a bank in China (in RMB, dollars, etc.);
  • To return a value added tax by exporting;
  • To hire employees (residents of China and other countries);
  • To get a visa for foreign staff to work and live in China.

In addition, you will receive a financial and economic stability, normal working conditions.

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Company owners should consider:

  • An income tax is 25%;
  • It is necessary to keep accounting.

A list of documents for those, who wish to register a Chinese company:

  • A passport (if the founder is an individual).
  • Documents on a registration, registering with tax authorities, a lease contract (for a period of at least 1 year) + documents of the lessor (if the founder is a foreign company). Documents must be legalized.
  • A photo - 2 inches/blue background (8pcs), a passport (a copy of the main page, a page with the last visa + the entry mark is indicated), a confirmation of residence in China (the address, if any), a profile of the company director.
  • The types of activities, that you plan to carry out and the list of goods, if you want to engage in export/import.

If the company exists for more than 1 year, then you need to provide a financial report for the last year.

Terms of a company registration from 40 days. Registering a work visa for foreign employees - 35 days.

If you decide to expand your business and are aimed at the Chinese market, then our company will help you to register a company in China and open a bank account with a non-resident company at Ping An Bank and other banks in China.

Recall, that in order to open a corporate account with Development Bank or any other Chinese bank, a personal presence is required.

You can find out more details, by contacting us right now. By choosing us as partners, you will receive quality services and qualified assistance in opening the international business.

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