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After the WFOE is officially registered, you will need to apply for various certificates with the following government departments:

(a)        Application for Approval for making of Office Stamp (Office Seal)

(b)        Opening of bank accounts with chosen banks in China

(c)         Apply for registration with the State Tax Bureau

(d)        Apply for registration with Local Tax Bureau

(e)        Application for “Enterprise Code”

(f)          Apply for registration with Foreign Exchange Control Bureau

(g)        Finance registration with Finance Bureau

Within 30 days of obtaining the Approval Certificate, the foreign investor will need to register and apply for a business license for the WFOE from the local AIC.

What documents you will need to submit and when can I receive the business license?

For this purpose you will need to submit similar documentation to the approval documentation. This is just a procedure and the local AIC must issue the business license within 30 days. However, the AIC will usually issue the license within 5-10 days after receiving the necessary documentation.

According to the PRC WFOE Law and its Implementing Rules as amended in April 2011, there should be a Project Proposal Approval stage before the final examination and approval. In practice, however, these two stages are combined into one.

You should submit the following documents to the local Approval Authority for application for project approval:

–       a written application for the establishment of WFOE

–       a Feasibility Study Report (usually, a 10-20 page document)

–       The Articles of Association of the proposal WFOE

–       A list of the proposed chairpersons and the WFOE board of directors, as well as appointment letters

–       The legalized incorporation document of the WFOE investor

–       A credit certificate of the WFOE investor issued within 3 months

–       Lease agreement for the premises

–       Pre-approval certificate for the use of name, issued by AIC and

–       Other documents that may be required by the Approval Authority

How long will it take? Approval Authorities are required to make their decision within 45 days from the receipt of all documentation.

Lease of Office Space

The investor/owner will need to sign a lease agreement for an office space for a minimum of twelve months. The office must be located ion a commercial building.

Note: for a WFOE company who intend to conduct import/export business, the office space should be at least 80 square meters.

 Identifying documents

The investor is also required to have the identifying documents of the shareholders legalized by the Chinese Embassy in the country of residence. If the shareholder is a corporation – the identifying documents needed to be legalized are corporation documents. If the shareholder is an individual, the documents to be legalized are passport (foreign or identity card) or a Home  Return Permit for Hong Kong residents.

Centre O can help you with legalization procedures. Just drop us a line at sales@centreo.hk

 Bank’s Reference Letter

The investor needs to arrange with their bank to provide a bank reference letter. The banker’s reference letter is one of the documents needed for registration.

 Other documents

At the same time the investor must prepare other documents, such as passport copies, Hong Kong identity cards, Home Returning cards for shareholders, directors, legal representatives and general manager.