Yiwu Company Incorporation

Yiwu Company Incorporation

There are several types of business setup in Yiwu, each serves different functions. We will be able to recommend the best company structure based on the requirements of the business owner.

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Common Types for Business Registration:

1. Wholly foreign owned enterprise (WFOE);

2. Representative office (RO);

3. Equity joint venture (EJV);

4. Foreign invested partnerships enterprise (FIPE).

 

Yiwu Company Incorporation -WFOE

The Wholly Foreign Owned Enterprise, abbreviated WFOE, is a common investment vehicle for mainland Yiwu-based business. The unique feature of a WFOE is that involvement of a mainland Chinese investor is not required, unlike most other investment vehicles. WFOEs are limited-liability corporations organized by foreign nationals and capitalized with foreign funds. This can give greater control over the business venture in mainland Yiwu and avoid a multitude of problematic issues which can potentially result from dealing with a domestic joint venture partner.

 

Yiwu Company Incorporation -RO

A Chinese representative office (RO) is an institute setup in Yiwu, representing its parent corporate for liaison with Chinese counterparts. A RO is not considered to be a separate legal entity. It can not directly engage in business operation. However, through which its parent corporate can enter into contracts with its supplier/customers in Yiwu in its own name, but not under the name of RO. A representative office is popular for those who are willing to enter Yiwu at the test period of business and investment.

 

Yiwu Company Incorporation -EJV

The corporate form of an EJV is the limited liability company, which possesses the status of a Chinese legal person. It involves joint investment and operation and the sharing of profits and losses, as well as risks in proportion to the partners’ respective shares in the registered capital.

 

Yiwu Company Incorporation -FIPE

The Foreign Invested Partnership Enterprise (FIPE) is an unlimited liability business entity without minimum requirements on registered capital. A partnership in the People’s Republic of China is a business entity governed by the Partnership Enterprise Law passed by order of the President of the People’s Republic of China to authorize and govern partnership enterprises. A partnership is a type of business entity in which partners share with each other the profits or losses of the business undertaking in which all have invested.

 

Contact us

If you have further queries, please contact Tannet

24 hours Malaysia hotline:603-21418908;

24 hours Hong Kong hotline:852-27837818;

24 hours Hong Kong hotline:86-755- 36990589;

Email: mytannet@gmail.com

TANNET GROUP : http://www.tannet-group.nethttp://en.tannet.com.my

Malaysia Work Permit

Malaysia Work Permit

Work permits generally last between six months and five years, depending on the duration of the work contract and the type of visa. Application forms are mostly in Bahasa Malaysia, and applications for Malaysian work permits are done within Malaysia.

 

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The Malaysian government generally issues three different types of work permits:

Professional Visit Pass

The Professional Visit Pass is issued to foreigners employed by an overseas company but working with a company in Malaysia. This pass is normally appropriate for technical experts and trainees, as well as volunteers. The Professional Pass is normally valid for short periods of around six months to a year.

 

Temporary Employment Pass

A Temporary Employment Pass is for unskilled or semi-skilled workers in the manufacturing, agriculture, construction and services fields. These are for jobs that pay less than RM5,000 per month. The pass is normally valid for three years, with extensions available on a yearly basis. Before the work permit can be issued, quota approval needs to be granted from the Local Centre of Approval, Ministry of Foreign Affairs.

 

Employment Pass

An Employment Pass applies to those wanting to work in Malaysia and who have specific skills, generally in technical or managerial positions. It is usually issued for a minimum period of two years. Before the Employment Pass can be issued, the employment of the foreign worker must be approved by the Expatriate Committee or the relevant regulatory agency.

 

Contact us
If you have further queries, please contact Tannet
24 hours Malaysia hotline603-21418908;
24 hours Hong Kong hotline852-27837818;
24 hours Hong Kong hotline86-755- 36990589;
Email: mytannet@gmail.com
TANNET GROUP : http://www.tannet-group.nethttp://en.tannet.com.my

Vietnam Company Registration

Vietnam Company Registration

Veitnam

 

 

Business and Investment in Vietnam is not only economically attractive, it can also rely on a modern legal framework. The practical business requires highly qualified management and understanding of legal and practical conditions.With the new provision of having more than one Legal Representative, the typical foreign invested Limited Liability Company can be organized according to international standards.

 

The new law states that all business lines not being prohibited or restricted are free. This is a major improvement; the implementation on the administrative level probably will take time and needs patient persuasion.
 

Types of Vietnam Companies available for foreign direct investment

(a) Representative Office;

(b) Branch Office;

(c) Limited Liability Company (“LLC”);

(d) Partnerships;

(e) Joint Stock Company (Shareholding Companies) (“JSC”).

 

Foreign Investment

A foreign investor can own up to 100 (one hundred) percent of the charter capital depending on the business lines and models of investment. A thorough examination of the business lines, legal framework, WTO commitments and regulations under Free Trade Agreements are necessary.

 

Registered Capital

For limited liability companies and joint stock companies, capital contribution must be fully paid within 90 days from the issuance day of Enterprise Registration Certificate.

For a LLC the law does not state a general required minimum Charter Capital. However, it has to be in a reasonable relationship to the intended business. For certain business lines the law does state a minimum Charter Capital.

 

Shareholders & Directors

A typical Vietnam company will require the following key persons:

  1. Director (General)
  2. Legal Representative
  3. Authorized representative

 

Registered Address

Taiwan address is required for registration purpose. Tannet will be able to provide registered address.

 

Business nature

Investment is currently not permitted in following sectors:

– Business in some of drugs1;

– Business in some chemicals and some mineral2;

– Business in specimens of wild fauna or flora according to the Convention on International Trade in Endangered Species;

– Business in specimens of species of endangered and rare wild fauna or flora3;

– Business in prostitution;

– Purchase or sale of humans, tissues or parts of human body;

– Activities relating to asexual reproduction.

 

Contact us

If you have further queries, please contact Tannet

24 hours Malaysia hotline:603-21418908;

24 hours Hong Kong hotline:852-27837818;

24 hours Hong Kong hotline:86-755- 36990589;

Email: mytannet@gmail.com

TANNET GROUP : http://www.tannet-group.nethttp://en.tannet.com.my

Annual Return of Malaysia Company

Annual Return of Malaysia Company

Annual return is a summary of a company profile consist of general information about a company. It signed by a director or by the manager or secretary of the company and shall be lodged with the Suruhanjaya Syarikat Malaysia (SSM) within one month from the date its AGM (Annual General Meeting ) held.

 

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Annual return consists of the company information as shown as following:

  • Business office address
  • Branch office address
  • Registered office address
  • Principal business activities
  • Total authorized capital
  • Total paid-up capital
  • Charges registered with SSM (i.e. company assets pledged)
  • Company directors
  • Company secretary
  • Shareholders

 

Annual General Meeting (AGM)

According to the CA, all the Malaysia companies are requires to hold its first AGM within 18 months of its incorporation. The subsequent AGM must be held once in every calendar year and not more than 15 months after the holding of the last preceding AGM.

 

AGM should be held to present important agenda as following :

  • Present the Financial Statements
  • Dividend declared by the directors agreed upon
  • Appointment of new directors
  • Appointment of auditor

 

Notes:

1) If fail to lodge in the annual return into SSM, the company will be cancelled / disbanded / strike off under the power of the Registrar. However, you still can lodge the annual return after the due date by paying penalty.

2) Dormant company are required to lodge Annual Returns to the SSM.

3) Even through you have applied for strike off the company / in the process of de-registration, you still required to lodge the annual return because the status of the company still exists.

 

Contact Us

If you have further queries, please contact Tannet

24 hours Malaysia hotline:603-21418908;

24 hours Hong Kong hotline:852-27837818;

24 hours China hotline:86-755- 36990589;

Email: mytannet@gmail.com

TANNET GROUP: http://www.tannet-group.nethttp://en.tannet.com.my

China Company De-registration

China Company De-registration

In China, the procedure for company de-registration is rather complicated, particularly in face of mainland customs and tax departments compare to register a new company.

 

Closing Down 1

According to China’s new company law, a company may have to be dissolved when one of the following conditions is met:

1. The business operation term as agreed in the company’s Articles of Association becomes expired or other condition for dissolution as agreed in the Articles of Association for dissolution occurs;

2. Resolution of dissolution is made by the meeting of shareholders;

3. The company is merged or separated and the company will not exist any more;

4. The business license is revoked by government, or the company is ordered to be closed or cancelled;

5. There is serious difficulty in company’s operation and management and the shareholder’s interest may suffer great loss if the company continues to operate. Shareholders who holding ten percent or above voting right may file to the court for dissolution if negotiation among shareholders fails.

 

China Company De-registration Procedure

1) Shareholders decide to liquidate Company

2) Company selects a professional firm to assist with the process of de-registration

3) Preparation of related documentation such as resolution for termination of the Articles Of Association (‘AOA”), application letter, liquidation committee list, resolution of shareholder for company de-registration and the liquidation team and other sort of document required by relevant authorities.

4) Application for liquidation with the Bureau of Commerce (“BOC”) and Administration of Industry & Commerce (“AIC”)

5) Formation of a Liquidation Commitee

6) Public announcement issued in local newspapers

7) Employees should be laid off

8) Valuation and sale of company assets

9) Creditors paid off

10) Final Audit conducted (including all liquidation transactions)

11) Businesses trading, importing / exporting across borders must de-register from China Customs

12) Deregistration from the local governing Tax Authority

13) Destruction of company chops and seals

 

Note: Before file the de-registration application, corporate bank account should be closed and make sure that there is no outstanding accounts receivable.

 

Contact Us

If you have further queries, please contact Tannet

24 hours Malaysia hotline:603-21418908;

24 hours Hong Kong hotline:852-27837818;

24 hours China hotline:86-755- 36990589;

Email: mytannet@gmail.com

TANNET GROUP: http://www.tannet-group.net , http://en.tannet.com.my

Singapore Tax Rate

Singapore Tax Rate

Singapore is often cited as the leading example of countries that continues to reduce corporate income tax rates and introduce various tax incentives to attract and keep global investments. With effect from Year of Assessment 2010, a company is taxed at a flat rate of 17% on its chargeable income regardless of whether it is a local or foreign company. For YA 2018 to YA 2019, all companies will be granted a 20% Corporate Income Tax Rebate capped at $10,000 per YA.

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Singapore Income Tax System

1. Singapore follows a territorial basis of taxation. In other words, companies and individuals are taxed mainly on Singapore sourced income. Foreign sourced income will be taxed when it is remitted or deemed remitted into Singapore unless the income was already subjected to taxes in a jurisdiction with headline tax rates of at least 15%.

2. Singapore corporate tax rate is capped at 17% on its chargeable income.

3. Singapore personal tax rates start at 0% and are capped at 22% (above S$320,000) for residents and a flat rate of 15% for non-residents.

4. Singapore does have GST and the current rate is 7%.

5. Interest, royalties, rentals from movable properties, management and technical fees, and director’s fees paid to non-residents (individuals or companies) are subject to withholding tax in Singapore.

Singapore Offshore Companies Taxation

1. This type of companies is referring to non-resident companies.

2. Company is legally tax exempted if certain criteria are met as show in the following:

a. The Company has no office in Singapore (Registered address is not belong company office). The management office is outside of country.

b. No employee is in Singapore.

c. The company has no bank account in Singapore. No any income remitted in Singapore.

d. Revenue incurred outside of Singapore.

e. Suppliers and customers are foreign companies. No business conduct in Singapore

** Kindly consult us for more detail on Singapore Offshore Companies taxation.

Contact Us

If you have further queries, please contact Tannet

Malaysia hotline:603-21418908;

Email: mytannet@gmail.com

TANNET GROUP: http://www.tannet-group.net , http://en.tannet.com.my