Foreigners Set Up Company in Guangzhou (Guangzhou)
Thursday, 02 April, 2020 Updated On:
Thursday, 02 April, 2020 Reply to:
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Doing business in Guangzhou, you might have requests in setup a company. GZ Timely provide a professional service to help you set up your business in consideration of subsequent tax and work visa issues.
Advantages of Establishing a Guangzhou WFOE
1. Ability to formally carry out business rather than just function as a representative office which is restricted in many ways.
2. Protect Intellectual property and Independent technological patents
3. Greater efficiency in management, operations and future development
4. Ability to receive RMB revenues and issue official invoices.
5. Legal profits, lawfully-earned income and funds after liquidation can be remitted abroad.
6.It is more easier to apply for a working visa in Guangzhou city,what’s more, your immediate relatives(parents,wife,children) could apply for family visa to stay with you in Guangzhou.
7.Recruit Chinese employees to support your business legally.
Concept of Guangzhou WFOE
Guangzhou WFOE stands for Guangzhou Wholly Foreign Owned Enterprise, is a limited liability company wholly owned by either a foreign individual a or foreign legal entity. Hong Kong-, Macao-, Taiwan-, investors is also included.
Company name must in Chinese, but you can add an English name.
WFOE consists of four parts which are administrative division, name, Industry expression and limited. For example, 广州（administrative division）+name+贸易（Industry expression）+有限公司（limited）.
Company Business Scope
Business scope needs to be defined and the WFOE can only conduct business within its approved business scope, which ultimately appears on the business license. Any amendments to the business scope require further application and approval.
Registered capital is the amount that it’s required to run the business, but now don’t ask to pay up.
Shareholder, Legal Representative, Supervisor, Director and Manager
A shareholder could be a nature person (foreign individual) or a legal entity (foreign company)
Please note that the manager and financial officers shall not serve concurrently as supervisors，while the director, the manager and legal representative could be the same person.
The office should be for commercial use, and better 30 square meters or above if need to apply work visa.
The owner should provide office lease contract and record paper or property ownership certificate relate documents.
Processing Time for WFOE
For business license, takes 1-3 working days, for the whole process, takes about one month.
General Tax Information
All enterprises are required to report to the Tax Administration Department monthly, quarterly and annually.
Annual Audit report
Any limited companies in China should summit annual audit report to the relevant authorities. Any company will be subject be to a fine if the Annual Audit Report is not submitted in a timely manner.
1-Import and export license application
2-General tax payer application
4-Monthly bookkeeping and tax return, Social security Registration for staffs
5-Trademark Registration in China: Protecting your Trademark and business in China；Global trademark registration
6-Visa services: Apply work & residence permit in Guangzhou or around city
7-Company cancellation services
8-Business license alteration