The governors of China’s provinces and autonomous regions and mayors of its centrally controlled municipalities are appointed by the central government in Beijing after receiving the nominal consent of the National People’s Congress. Therefore, doing business in China is based on the provincial laws and regulations.
Types of China Companies
|a) Holdings Company||d) Joint-Venture||g) Unlimited Company|
|b) Limited Company||e) Foreign-owned Enterprise||h) Representative Office|
|c) Partnership||f) Domestic Enterprise||i) Self-employed|
Application Conditions for China Companies
At least two shareholders aged above 18 years old and one local director, local registered address and registered local secretary. The authorized capital depends on the nature of business and must be paid up with a particular period, different company is given a different particular period.
Scope of Business for China Company
The scope of business for China company is restricted to its nature of the business and authorized capital. The scope of business is stated in the business license, the size of authorized capital determines the scope of the business. China government is gradually releasing the scope of business as long as the business is recognized by the laws and regulations in China. For any special businesses, must be conduct a prior pre-approval.
Special businesses included:-
Petrol Station, Oil Storage, Slaughtering, Educational, Auction Industry, Seals Industry,, Laws, Accounting Services, Employment Agency, Construction, Publishing and Printing, Cosmetics, Pharmaceuticals, Travel Agency, Medical Institution, Food Production, Insurance and Banking Industries, etc.
Procedures of China Company Formation
Company name search → Verification → Business license application → Organisation code certificate →
Tax registration certificate → Bank account opening → Tax account registration → Taxes approved →
Stamp duty Submission → Taxpayer verification → Tax agent verification → Payment for tax registration
Company name search – 5-7 working days
Authorized capital verification – 1 working day
Business license application – 15-20 working days
Supervision Quality Bureau – 10-14 working days
Inland tax department – 15-20 working days
Tannet has 10 branch offices in China to assist you in forming China companies. Our branch offices in:-
We have more services than the above mentioned such as Hong Kong Company Formation, Offshore Company Formation, Trading & Warehousing Services and China Contract Drafting, etc.