If you plan to register a company in Zhejiang, consider Wenzhou Prefecture. This is the city in China with a population of over 8 million people, located in the highlands on the Wujiang River. It borders Taizhou and Lishui. The official language is Chinese. Wenzhou belongs to the FTA (a free trade zone) of Zhejiang.
KEY AREAS OF INVESTMENT IN THIS JURISDICTIONWenzhou is the economic, an industrial, a transport and a cultural center of East China (South Zhejiang) and the center for the production of consumer goods. Thanks to this, entrepreneurs, who decide to register food production in Wenzhou or invest in Wenzhou tourism, can count on good profits. To set up a company in China is profitable in related industries: services, restaurant and hotel business. There are many small and medium-sized factories in the district.
The main export products are:
- textile products;
- leather and sports shoes (up to 4000 leading companies in China, among them - Aima, an exporter of products in more than thirty countries of the world);
- lighters (about 70% of the shares worldwide);
- frames for glasses (one of the most important production sites in the world);
- a paper;
- porcelain and earthenware industries;
- simple electronic goods.
Other priority industries for registering a business in Wenzhou:
- It is advantageous to open a commercial firm in Wenzhou in the construction industry: the city is being actively built in depth (under construction) and outside: while the tallest building is the 68-story skyscraper Wenzhou Shopping Center. As a result, real estate transactions are also a good area to establish a company in Wenzhou.
- A consulting.
- To register a commercial enterprise in Wenzhou is also profitable in the field of mining and processing of minerals, which are in demand in the production of electronics.
- The agriculture is developed in the region; most of the farms are run by private entrepreneurs.
- A transport and the logistic.
Замена: Since wages in this district are high by Chinese standards, almost every company in Wenzhou is trying to open branches in China as well as in Africa, where production can be cheaper. In Wenzhou, new design solutions are also being developed and implemented in the area of footwear and clothing (previously the predominance of western designs).
The jurisdiction is characterized by a developed banking sector, a flexible taxation and the absence of requirements for submitting financial reports for non-resident investors, who want to open an enterprise in Wenzhou.
A tax system in Wenzhou
A corporate income tax
To register an IT company and software production in Wenzhou
To register an investment company in Wenzhou for public benefit purposes
12,5% (up to 3 years)
To register a company in the service sector in Wenzhou
12,5% (up to 3 years)
The income (for individuals)
WITH A LEGAL ASSISTANCE OF YB CASE SPECIALISTS, YOU CAN
- register a company in Wenzhou without a personal visit in about a month;
- register with the Trade and Industrial Administration of the PRC;
- obtain a registration certificate from the Tax Service;
- obtain a form for a quality control, the access to the system of customs authorities “E-Port”;
- we will also provide you with legal advice on preparing all the necessary documents to get a registration certificate from the Ministry of Commerce, to obtain a license with an apostilled translation into Chinese, to open an account with a Chinese bank (remotely or with some banks on a visit);
- our specialist will also provide legal assistance in order-making for the company;
- we will assist in obtaining a license for doing business in Wenzhou and to get an identification number in China;
- for permission of export-import operations and activities in foreign trade, you need to register in the Ministry of Commerce, in the Office of Currency Regulation;
The main legal forms in which you can set up an enterprise in Wenzhou:
- a representation;
- a branch of a foreign company;
- a Joint Venture (or a joint venture with a limited liability);
- WFOE (an international company with completely foreign capital).
If you are interested in registering WFOE in Wenzhou, please note, that a registration procedure is simplified. Investors are also attracted to the convenience of managing this form of company.
- For statutory documentation, you must provide a unique name for the company in China;
- A director is at least 1 (of any residency);
- 1 or more founders of any nationality;
- A secretary is one;
- The office is required;
- The minimum size of the authorized (paid) capital is 30 thousand CNY;
- Accounting, auditing, and annual reporting are required.
In what currency can I open a corporate account in China?Wenzhou uses the yuan (CNY). You can also open an account in other convertible currencies.
If you are interested in obtaining a business license in Wanzhou, we recommend you to order legal advice on the registration of a company in China.
Please, check with our specialists for possible solutions for your business.